Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1919-10-21
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u. 5. MONEY LENDERS

unanclal delegates 10 the lnternd-
uonal Trade Conference which
opened here today told their Ameri-
can conferees that they sought no
special credit arrangements or gov
eminent interferences but simply
asked that business transactions -
on as before. This announcement
came as surprise TO the general
body of delegates. especially since
subcommittee of many foreign mis-
sions asked for American financial
assistance and set forth that the eK-
tension OF credits was vitality neees-
sary in order that they might sue
cessfully meet re reconstruction
problems of their respective coun-
tries.
A. y. Bedford of New York. chair
maj! Of the executive committee NJ
the conference told the delegates
assembled in an informal general ses-
sion that American business men
were ready to supply financial aid -
the war stricken allies. but made il
plain that they must be frank in ex-
planning political and economic con-
ditions in their countries. The sue
{
said. is dependent uponsthe stabili-
ity of government and American
business men wanted to know
whether the dangers Of Bolshevism
or socialism have passed ami
whether any menace 10 the social or
der existed.
The British point Of view was set
forth at meeting of American and l..
English credit and finance by Sen.
James Simpson the vast majority If
Britishers never enter into con-
tract unless they can see their way
clear TO pay he asid We have not
come 10 ask help of any organization.
We ask only tina no obstruction I.a
placed III the way of ordinary norm. !
business transactions,
Sir James said tina, Britain's ma
tional debt had increased from sAv.r
hundred million pounds 10 seven hi
lion pounds. Great Britain. he add
ed. Tow owes one billion four hun
dred million POUNDS abroad, where
as it owed nothing before the war.
Foreign powers and colonies. he ex-
planned. owed England one billion
seven hundred million pounds and
although they are rot counting on ex-
pected indemnities. if such indemni-
ties materialize they will further re-
duce the debt
No government will stand in Eng
land which would contemplate for a
moment any weakening in regard to
the payment Of our debts Sir James
declared. England is determined 10 !
pay her debts. She has always raid !
her debts and always WILL
1T must not be supposed" he edd-
ed. that individual citizens Of Great |
Britain are in a condition of indebt- |
edness, but the government is"
There has been an enormous
amount Of saving on the part of in
oividuals. he asserted. and a large |
part OF the British debt is owed 10 /.
British citizens. We still have three !
billion pounds of investments abroad /
and other sources Of revenue are
insurance premiums, bank
ing commissions and other unseen
items
Although Britain lost enc million
men during the war Sir James said
that during the period Of hostilities
was added to supplement /
labor with the result that the power
Of manufacture for export is approx
imately the same as it was before
the war.
He expressed the belief that the
labor crisis had been passed in Eng
land and that the laboring classes
were getting tired Of strikes and were
gradually putting more energy into
their work.
Employers in England are coming
TO realize" he said. that labor must
have larger remuneration, mole
the amenities Of life and a greater
share in the management of indus
tries"
The future Of England 10 not dark"
he asserted. 1T is As bright a. could
be hoped for after making allowances
For the war;
Frances metal needs during the forth
coming year viii he limited 70 10000
tons OF ship plates and 5000 tons Of
copper. according to information fur
nisLed by S. Pesscn Didion, represent.
ing the French Union OF Me.ailursica,
and Mining Industries. This modes,
demand. he explained. is due to the fact
that the extensive additions to French
meal resources represented by the &C.
QUESTION Of large mines and piants in
have virtually placed
France on q self-supporttng basis.
America will be called Upon in 1870 to
help make up q deficit Of 22HO0(O tons
IT. the coal requirements Of France.
American coal operators were informed
by members Of the French mission.
Frank S. Peabody OF Chicago told the
French delegates that "the United
States unauesticnably has the coaI' bu.
hat the threatened miners' strike was
the grave danger confronting thi,
The American food mission learned
rom Julian Potin. French food sps-
:'ai st. that France will require but
moderate amount OF wheat, oats, SUI
gar. condensed milk and salted food
products during the coming year
Am'rican members Of the mission
1rgei the French tn increase their pro-
iuc'ion OF food luxuries and suggested
hat France could sell us between n
90 900 End 100000 worth Of potash
rom her newly recovered Alsatian
mines.