New-York tribune., 1919-11-22
Unstable Exchange
Rates Threatening
U. S. Export Trade
Members of Foreign Mis-
sions Say Situation Must
Be Corrected to Enable
Europe to Buy Here

Inequalities in exchange rates be-
tween the United States and the ma
tions of Europe became leading topic
with bankers and business men here
yesterday, when the members Of the
trade missions of Great Britain,
France. BELGIUM and Italy arrived in
the city after visiting various in
dustrial centres of the country as far
west as Kansas City.
Speaker at the luncheon rendered
to the visitors by the Merchants As
sociation of New York made appeals
Ter the indor ement of a plan to ad-
just FOREIGN exchange. arguing that
tie existing inequalitits in rates
would eventually work against the in
tere is o. American manufacturers.
~~s The party was welcomed yesterday
mo~ning at the City Hall by Mayor
Hvlar. Tn" delegates were introduced
by Will lam Followes MORGAN, presi-
dent OF the MercN ants Association.
Delegates Visit Stock Exchange
Later the party went to Wall Street,
where the Stock EXC ange was visited.
Headquarters were established at the
Hotel Commodore, it being the inten-
ton of the delegates to remain here
severa. days before departure for
home. Among the guests attending
the luncheon given at the Hotel Penn
P Bonbric IT. Ebert II. Gary. William
Hain'in Chiids. John D Rockefeller,
jr., Clarence Whitman, Colonel Samuel
P. Colt, Henry R Towne, Sir Harry
Britain. and j. G.. White. William c.
Breed acted as toastmaster.
Joseph II. Defrees, chairman of
the executive committee of the United
States Chamber of Commerce, ex-
planned that the objec: of the Inter
national Trade. Conference recently
held at Atlantic City was to perfect
the plans for the United States's part
in tie reconstruction problems of
E"rope. committee was at work on
the y an, he said, by which it hoped to
am eliora.e the conditions brought
about by the adverse rates of ex-
change. W ich he dec c'ared were putting
a heavy burden upon Enropean ma
tions, and would eventually damage
support of the association for the
plan.
~ Antwerp Regairing Trade
& N. Canon-Lerrand, Of Antwerp, the
i-sip kesman Of the Belgian delegation,
dec 'ared that tie port of Antwerp,
which before tie war was the entry
and exit point of mos. of Belgium's
trade, was intact. and had already
reached an import tr de of about 40
per cert of the prc-war figure.
M. Euoene Schneider, head of the
Frerch Mission, said that the most
difficult part of tNe war was still be-
dore tie Allied nations. The European
nations had not c7me as beggars, he
SAID, h-st as friends who were ready
20 help this country, as they believed
this country was ready to help them
Europe. he said, was still one of the
greatest markets for American exports,
out 50 long IS the rates OF exchange
"ere kept 50 high it would be difficult
Tor EUROPE to purchase as extensively
as s'e might in American markets.
mmander Giorrio Mylius. the Ital-
ian representative stated that the chief
need OF Italy was deferred credits for
che purchase of coal, iron, steel and
Eoodstutfs. The ind strial situation in
italy is sound, ne said, ard Bolshevism
can never find favorable ground
there
Sir Arthur Shirely Benn. NJ. P. of
the British delegation, introduced
Marshal Stevens, NJ. P. of Manchester.
who outlined the tremendous war ef-
fort made BY Great Britain, not only
during the war but in TIE work of re-
corstr ctr.
A. c. Bedford who presided at the
Atlantic City Conference. cio~ed the
speaking with strong plea for sup
port for the movement to stabilize ex-
change.