Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-10-24
TRADE CONFERENCE
INF|NAL SESSIONS
international Organization of
Business Men Will Become
Reality Today.
U. S. CREDIT DEPENDED ON

| BY the Associated frebb.
| ATLANTIC CITY. n. j.. October IT
The international trade conference,
(which for five days has been consider
ing the financial and industrial prob
liens of Great Britain. France. Italy
and Belgium and attempting to de-
wise methods by which the United
States might aid them. entered its
final stage today Before the confer
tence adjourns tonight q permanent In
| ternational organization OF business
men will be reality. The tentative
plans of this organization already
have been unanimously accepted ny
tforty subcommittee and its accept
ance by the conference as whole is
| considered a mere Formally.
Look to U. S. for Credit.
! Virtually every problem considered
| by the conference has been closely
associated with, if not altogether de-
pendent upon, the question OF hnanc-
| ing the war-stricken countries. Dele
gates of France, Italy and Belgium
England alone excepted-asked Ameri-
can business men to provide special
credit arrangements during the period
| of reconstruction and for That reason
the report to be submitted today by
the American committee on credit and
delegates.
The sterilization Of foreign ex-
change, regarded by foreign business
men at the conference as one OF the
most difficult problems confronting
them depends. they said. upon the &C
ton to be taken by American bust
ness men on the question of extending
foreign credits.
Re-establishment of international
trade upon private rather than gov
eminent credit was urged by Norman
Davis. New York banker. the first
speaker of the morning session. Con-
fidence, he said is based on credit
and credit will be restored only
when private initiative and efficiency
have been restored and the principal
operate in the maintenance Of stabil-
ity and the freedom of commerce."
Reviews Financial Needs.
Baron Du Marais. reviewing the
financial needs of France, declared
that the advancement by France OF
funds to hasten the restoration OF
the devastated regions makes 1t
necessary for FER to secure American
credit to- pay for merchandise which
she should obtain in return for ex-
ports under normal conditions.
ITO issue French security on the
American market" he said. would
be the best method of providing
she needs These securities could be
issued either straight to the public
or through the intermediary OF Amer
lean corporations that could issue
their own bonds against foreign Sc
curity, which they should keep as col
lateral" He strongly advised against
artificial remedies, such as the crea-
ton of an international currency,
which has been suggested as one
means of attempting to stabilize ex-
change.
Prof. Jansen, discussing the finan-
cial condition of Belgium, said that
since the armistice Belgium has con
tracted an external debt OF $260.-
0OO, 900, for which its allies will be
ton payments The unpaid debt of
pre-war expenses and forced war
contributions will remain. he added:
which must be covered by loans OF
which the greater part already nave
been raised What Belgium must have
in the future, he explained. was long
term credit of from ten to twenty
years.
Mr.. Redfeld's Recommendations.
Formation in this country Of q credit
granting organization to purchase secur-
tiles Of foreign nations , was ur re o Sy
sanization. which could be SUPERVISED
BY the Federal Reserve Board. WOULD
be capitalized at between $eoO,oov,oVo
and 81 900 100000 and would Issue
bonds of small denomination and low
interest to be sold here
The Secretary said that several BILL
lion dollars would be needed by strug~
Cling nations in the next rev years
To mace themselves on q Arm footage
Il hope and believe" he added. that
we shall open our doors much more free
" than we do now to receive goods
from abroad. We cannot sell II we do
not buy. We cannot get along by SELL
ing goods and asking cash In return.
hope that the time will como when
the higsest men of this country will
ret SO much vision that the system OF
selling goods abroad and demanding
cash will not be respected"