New-York tribune., 1919-10-25
Delegates to World Trade
Conference Seek End of
Governmental Control to
Aid Private Initiative
To Meet Finance Needs
France, Italy and Belgium
Seek $780, 900, 900;
England Not to Seek Help
StoH Correspondence

Sto6 Correspondence
ATLANTIC CITY, Oct. 24.--Befor
the final sessions Of the Internations'
Trade Conference drew to a close to
night, delegates from Ave great nations
pledged anew their faith in the ability
of individual businessmen to restor
economic we!l-being of the world. Ia
q resolution unanimously adopted, tf e
conference called upon governments to
step out Of industry as soon as .pr'.c-
state Of affairs, in Belgium, Great
Britain, France, Italy and the United
States. the leaders of commerce as
sembled here concluded that the trade
of the world in the future can best be
carried on through the free initiative
of commercial men. The thought was
phrased as follows by the resolutions
committee:
"Now, therefore, be 1t resolved, That
1t is the sense of the international
Trade Conference that all restrictions
on natural economic laws should be
lifted as soon as the exceptional cir
cumstances growing out Of the war will
permit.
During the period OF tho war the
conduct OF commerce and industry
throughout the world was largely
placed under governmental control
the freedom Of trade and the law Of
supply and demand being set aside,'
the preliminary part of the resolution
read at was generally understood
that this situation was purely tempo
rary and would come to an end when
normal conditions should be re-estab-
lshed"
Preference for Laissez Faire
Despite the natural preference of
traders for the principle of laissez
faire, observers took the view that it
was remarkable that out Of the great
diversity Of interests represented not
a single dissenting voice was heard
when the resolution was before the
body. Other statements Of opinion
we're read and adopted by the confer
IN regard to the embarrassing of in
dustry was received with the enthusi-
asm Of college crowd at football
contest.
The conference further went on rec
ord in favor of the freest possib ex-
change of commodities between the
New World and the Old; reciprocal
recognition for nationals in foreign
countries identical with that accordec
in their own country to nationals OF
other countries; prompt abandonment
represented of restrictions on the pur-
chase, shipment and distribution ot
coal from America "as soon as the cir
cumstances of the respective countries
permit"
Interpretation of Opinion Limited
As the resolutions committee itsel
recognized its part in interpreting tn
opinion of the conferrees was ex
tremely limited, inasm ~ as each o
the American committees~-such as tha
on credit and finance, coal and ship
ping-made recommendations also
which were adopted. ~
James S. Alexander. president OF IN,
National Bank of Commerce of New
York, in behalf of the committee 9,
credit and finance, of which he il
chairman, reported its belief that tn
financial requirements of Europe coul'
s7o0,O0o0oO and s8o0,o0o.o0o, ltal.
seeks between $5OO,O00,00O and 5000,
100000 and Belgium about 100000,
900. The British delegates said tha
their country would not ask additiona
aid. These figures cover needs durin
1920
In accepting the finance and credi
report the conference put itself O.
record as an advocate Of the forms
tion of a foreign credit corporatio
under the Edge bill, immediate ador
tion of which was urged.
New Significance Shown
"Ths entire situation" said MI
Alexander, has taken on a new signif
ficance because Of the personal contas
made possible by the presence Of me
Of such ability and long experience
international trade and finance. TT
ta,, NJ otxuo 1ut ho
the printed word.
"Your committee regards this stu,
tion not as one of finance purely. b,
rather as a great world problem ari
ing out of the interplay Of socia
economic and political forces stirre
into action by the world war. 1t mus
be self-evident, therefore, that Il
single all-inclusive formula will soly
it.
"And yet We believe that ways an
Means can be found to furnish wh'
Is asked Of US by the countries whc
have told US their needs at the col
ference. OF course, until the factori,
are kgain in full operation, and tho.
countries have thus substantially il
creased their imports and incre .se
their exports. 1t is clear that they mu
not be expected to make immedia
payment in the United States for Il
materials they need.
New Machinery Needed
'To the extent that longtime credi
arc required, it is clear that speci
machinery must be set up and ths
while the commercial banker will ha,
an important role to play, large r
sponsibility must rest with other el
ments in the population, notably u
investment banker, the exporter, Il
producer Of goods for export and, mo
important of all, the American l.
vestoY"
The principles laid down in the FOR
going report substantially repeat Il
provisions Of the plan sponsored abo
four months ago by Henry P Daviso
of J. P. Morgan & Co., and adopted
the guiding principles Of leadil
American investment bankers.
Tho chief steps forward in the fna
cial conference hero wore: First, Q
planning to the foreign delegates 4
reasons for the American attitude to-
ard foreign financing and, second. Il
compilation Of a concrete list OF Eur
pean financial needs, which will for
basis for the ALLEGATION of credi
abroad by bankers here.
Interest Rate Question
In regard to the interest rates, ov
which there has been much discussie
Mr.. Alexander said: