Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-06-29
NEXT PAN-AMERICAN CONGRESS
TO BROADEN ITS DISCUSSIONS
Conference to Meet Here in January Will Go Beyond
Bounds of Financial Matters Suggestions
for Topics Invited.

IiS IHS llIS VI ZIG present ScHSTdlAOIi
has available capital been more linn
tied than just now. The countries OF
Central and South America must,
therefore, be able to establish a claim
to at least a portion of this capital,
which can be supported on the basis
Of the present world situation. While
1t is evident that it will not be pos
sible to meet all their needs. 1t is clear
that the most urgent have a very di-
rect relation to the world raw ma
terial situation.
I'm a sense the worlds resources
during the next few years must be
pooled in order to tide over the crit
entering. There is world interest
in stimulating the contribution of
America to the world reservoir OF
foodstuffs and raw materials. For
the time being the investments OF
new capital in these countries should
be directed and, in fact, limited to
those great purposes
Look to American Continent.
1.-THE entire world today is looking
to the American continent for the
food, raw materials and machinery
with which to resume the economic
and industrial life so badly under
mined and crippled by the war. This
dire need of Europe is coupled with
the impossibility of making imme-
date payment. either in gold, mer-
needed materials. This world stu
alton places a heavy obligation on
every country of the American con-
tinent.
Absence Of thrift and even a
marked tendency toward extrava-
gance have been CHARACTERISTIC OF the
people OF all the American republics.
This evident unwillingness to de-
velop the habit of saving has been
the main reason why they have been
dependent for their development on
foreign capital. Even here in the
United States growth of domestic
capital has Jagged far behind the
needs of the country. Today the OBJ
legation of thrift, with its accompa-
nying contribution to the capital
needs of the country. has arisen to
the dignity of a world necessity. IN
less the nations of America fully re-
alize this fact they will not and
cannot contribute their full and due
share toward the rehabilitation OF
devastated world
Financial Corporation Urged.
1t is pointed out by DR.. Rowe, how
ever. that the cooperation OF the
United States and other American re-
publics need not involve any real sac
Willingness to curtail unnecessary
consumption for the larger returns
which they will receive in making ad-
vances to those peoples who nave
been so severely disabled by the con-
flict
The situation demands that the finan
cial cooperation between the United
States and the republics of Central
and South America shall be strength
ened through the expansion of the
Y$N I
States for Latin American securities.
but it also means that the Latin
American countries themselves shall
realize that with their marvellous re-
sources and unexampled opportuni-
ties they are in position to con-
worlds available capital than has
heretofore been the case.
1t is the hope, not only of American
flnanciers and Treasury officials, but
of leaders of Latin American men Of
affairs as we'll that each year the
countries of Central and South Amer
lea will become less dependent on
foreign capital. In cultivating the
habit of saving these peoples will
contribute not only to the develop
upbuilding of their own civilization.
but also to the well-being Of the en-
tire world.
Far-reaching effects are expected
to follow the conferences the Secre-
tary of the Treasury will have with
the ministers of finance, who will
head their several delegations to the
International council. These confer
ences will. in some respects. be the
most important events in the entire
history Of this country's foreign trade
Whatever plans for the extension of
credits. the international exchange Of
securities and the investment of cap
ital will have the sanction of all
American governments and will have
an incalculable effect on the financial
future on this hemisphere.
First Conference Bears Fruit.
The work of the first conference.
held more than four years ago, al
ready has borne valuable fruit. An
international trade mark bureau has
been established at Havana, and a
this year in Rio de Janeiro, thus pro-
tecting industrial products through
out both American continents Com
arbitration has been fostered
through the United States Chamber
of Commerce acting with commercial
in Buenos Aires, Guaya-
gull and Montevideo. The treaty re-
lating to commercial travellers has
been concluded with number of
countries. and has thereby removed
one Of the obstacles to inter-Ameri-
can trade. And, finally, the move
ment for greater uniformity in legis-
lation relating to notes and bills of
exchange, as well as for greater SIM
plicity and uniformity in the legis-
lation relating to bills Of lading, has