Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-06-29
\ HOUGH called together by Sec
rotary Glass as the second
pan-American financial con-

rotary Glass as the second
pan-American financial con-
ference, officials from every
Central and South American republic
who will meet in Washington next
January will go far outside the
bounds of mere credits. interest rates.
international exchange or other mat
tiers purely financial.
AS gold forms the sinews of war, so
also it is needed as the sinews Of
reconstruction. Recognizing this. 1t
ference will take up the question of
transportation, both inland and
oceanic; cable communication, pro-
duction, marketing and other phases
Of commerce.
Announcement Of the second con-
ference was made early this month
ton Assistant Secretary of the
Treasury L. S. Rowe, who is also
secretary of the international high
commission, has written to the min
lister Of finance Of every American
republic. asking his views of what
the program next January should In
clude. When these replies have
dated by the central executive of the
high commission and program
adopted embodying a majority of the
ideas submitted. Therefore at pres
ent 1t is impossible to forecast the
work of the conference in detail. but
it's task in general way is by no
means nebulous.
First Conference in 1915.
The first conference of this kind
was held in May, 1915, at the call of
the Treasury. 1t established the in
ternational high commission, per-
manent body made up of national
sections in each republic, each sec
ton being presided over by it's re-
spective minister of finance. Linn
tied authority Is vested in the CEN
trail executive council. at present pre-
sided over by Secretary Glass
With the close of the war new
and unprecedented financial and COM
situation has presented itself
in the western hemisphere as well as
in Europe. During the four years
that have elapsed since the first finan-
cial conference the domestic economic
situation of most of the countries of
the American continent has under
gone a marked change. The depres-
sion, bewilderment and almost PAN
outbreak of the European
war have given way to a condition
of relative and, in most of the repub-
lies of America, marked prosperity.
FinancesxAdversely Affected.
In a great many instances. how
ever, public governmental finances
have been adversely rather than ia
vorably affected by the European war.
II 80
the countries of the American conti-
nent are producers of raw material
of which the European belligerents
stood In dire need. thus creating an
unlimited demand for such materials,
frequently. at the highest prices
On the other hand, the European
conflict involved in most cases a
heavy burden of governmental ex
partly because a consid-
cradle number of the American coun
tries had either declared war or had
severed diplomatic relations with the
central powers. Thus creating for
them relatively heavy war expendi-
lures Still others found their ex-
penditures increased by reason of
them in the preservation of their
and also because of the
fact that their capital needs could
no longer be met from European
Time for Meeting Needs at Hand.
Urgent public improvements. such
as port works. sanitary improve
ments and irrigation projects, had to
be postponed, and where such post
ponement was no longer possible the
government was compelled to find
the necessary funds at considerable
sacrifice.
Similarly. public utilities, such as
street railways. electric and
gas companies. suffered severely dur
ing the war. Not only was it impossi-
BILE to undertake extensions or i'm
but in many instances
the funds requisite for maintaining
the efficiency of the plants were lack
ing.
The time for meeting these needs has
now come, and inasmuch as Europe is
not in a position to advance the neces-
sary capital. it is but natural that the
the street railway and the
gas and electric light companies
should turn to the United States. In
this connection Dr. Rowe said re-
Gently:
Available Capital Limited.
'Ip any estimate Of the needs of the
of this continent 1t is impor-
fact. indispensable-tok keep
In mind the entire world situation.
However urgent may be their needs