New-York tribune., 1919-07-29
Finds Conditions
In Europe Better
Than Reported
ReturningBanker NotAfraid
Bolshevism Will Spread;
Predicts Rapid Recovery
if America Supplies Credit

AlDeTC breton, Vlce-prcSldenC anC
manager Of the foreign department of
the Guaranty Trust Company, back
yesterday from a six weeks stay in
France, estimated roughly the COM
bined credit needs of France, Italy and
Belgium for the next year for the pur-
chase Of raw materials and machinery
at $1,1OO,0OO 900. These credits, he
said, would have to be obtained in the
United States. Mr.. Breton divided the
requirements of the three countries
thus:
Italy $5O0,O0O 900
France Observation-Disclosures. 100000 900
Belgium ................ 200,000,000
Considering the fact that Europe has
emerged from five years of devastating
war. with great loss of life and prop
erty, and a complete upsetting of pro-
ductive enterprise along peace ines,
he said conditions in France and the
other principal countries of Europe
were not as bad as had been pictured.
"The main problem that faces
France, Italy and the other countries
Of Europe" said Mr. Breton, sis to
obtain raw materials and machinery to
y
countries expect liberal credits from
the United States to allow them to get
started on more normal industrial
and commercial basis. The amounts
are not so large as might be thought
Confident Of Our Support
"There is general confidence on the
other side in the ability and willing
ness of America to grant the credits
JoJ fo;
concerned. In such credit operations
lend moral support and cooperate
closely with the industrial and COM
mercial interests. At present all
Europe is in the midst of breathing
spell, let down from the high tension
Of the war period. The labor situation
is much the same as it is here"
Mr.. Breton said he did not fear the
spread of Bolshevism. He predicted
that as soon as the required credits
are forthcoming and the industrial and
commercial restoration has begun, the
supply of labor will not be sufficient
to meet requirements in France. AL
ready, he asserted, the French govern
ment had opened the gates to the i'm
portation of Italian and Polish laborers
to work in the reconstruction of north
ern France. Unofficial information OBJ
tanned in France indicated, he said,
that possibly 100000 German workmcn
will also be put to work in the war
stricken areas of France.
In certain parts Of northern France,
according to Mr.. Breton, industies have
begun to get back into their stride. The
French woollen industry, he said, had
made a rapid recovery. A great num-
ber of industrial plants started opera
tions during the past month or two and
many more will resume work in Au-
gust. An interesting aspect Of the in
dustrial situation in France, he said
was the fact that the French workers
who left northern France and went into
the southern departments when the
Germans invaded the country, have re-
turned to their old homes and are get
ting back into their old lines of work
Italy Seeks Foreign Trade
Italy, Mr.. Breton stated, had begun
to reach out actively for foreign bust
ness and is pushing ahead into the
Balkans and other portions of eastern
Europe. Italian banks have opened up
branches in Constantinople and syn
dicate of Italian banks has extended
50,00O,00O lire (s1O,OOO,0OO at normal
exchange value) credit to industrial
interests in the new republic of Po-
land.
He added that Belgium has made re-
markably rapid progress in recovering
from the effects of the war. The cost
of living has gone down in that coun-
try, the cotton mills are again operat-
ing and unemployment is decreasing 1T
q rapid pace