New-York tribune., 1920-01-30
chancellor of Exchequer
Calls Meeting of Bankers
10 Discuss International
solstering of Exchange
Pounds Drop to So Seen
Press Bitterly Complains of
American Profiteering:
Franc at Lowest Mark
By Frank Getty
Ner York Tribune
European Puyen,t

l9-V New 1OEk lrlOune Inc.
LONDON, Jan. % There was seri
-. ,slk on the London Stock Exchange
M. afternoon Of the pound sterling
:,onpns to an exchange value of SO.
sasing bankers OF IL City declared
- whole Of Europe was dangerously
.,sr the verge of financial collapse.
There was unanimous expression of
,Dnjon urging quick action to bolster
y .ne sliding pound, and the British
rbancellor OF the EXchequer was not
;-af to the call Thirty prominent
s,pkers and labor leaders have been
nyited TO meet al the Treasury at the
week md TO discuss project for
sllng an international conference in
-ondon
Great Britain is becoming panicky
,or two reasons: First. because of
ne low exchange rate of the pound as
:ompared with the dollar, and, second.
,scsuse it is feared that other Euro
oean markets, where the pound sterling
depressed under equally prohibitive
-s.es, may collapse. 1t is feared that
rance Italy. Belgium. Germany and
.usiris, whose exchanges are becom-
pc more and more demoralized every
ay may not be able to meet their
dligations.
Increasing Debt to America
While England is increasing her
sbts with America and few neutral
suropean nations, such as Holland.
ne is at the same time increasing the
ouligations of other European coun-
,ries to herself.
There are two drawbacks to the
;aation, as England sees it. FIRST.
nile she expects to honor her debts
0 America, it is by no means certain
nat some European debts to ENGLAND
ill not prove 70 be bad; and. second.
20 long as Great Britain is forced to
spend upon the United States for
redit and forced to pay heavily for
God and raw materials because Of the
;w sterling exchange rate in New
York. many persons are urging Great
britain to export only to countries
rAch can pay cash.
|. is clear from this proposal and
aner Indications that England is more
Torried over the low sterling rate and
sonsequent financial difficulties be-
.Feen this country and America than
yer the fate of other European
-2,ions.
L is completely overlooked here that
lat the Americas are doing to Great
9Fi;ain to-day Britain herself has done
acrcllessly to France and Italy
Bitter Against America
There is the greatest bitterness en-
ressed against the United States
Take for typical examples the head
mes Of "The Daily Express for the
ssi two days. Yesterdays read:
americas Colossal Profiteering-
1-nancial Stranglehold on Her Co
.elligercnts-Making Whole World Pay
T-bute"
To-day's lines said: America S
financial Hostility-Quick Scuttle
rom Her Share of Worlds Burdens"
America is compared to Germany in
ar desire for world domination. The
ally papers have stirred up public
''eraeSs against the United States,
i.her,o almost unequaled
British business men are demanding
trade balance between the two coun-
fes which will restore the shattered
oand sterling. The British still con-
Ger Themselves the worlds bankers,
lat ;lev are doing nothing to remove
ne stranglehold in which they are
governmental cooperation and some
''Fm Of state guaranty are two of the
'smecles suggested for the real remedy
Fnlch every one recognizes, but will
-ot see-lncreased production.
ireGt Hrlf1ip lipoy Or
'lors IN the direction of increasing
a0cuctlon. For one thing, the govern
Asni Tears that an agitation to spur
'iodrcers Will be met by labor with
demand for a share in the profits
ION mis- increased production. One
'lsunent TO better the conditions here
,hieh has absolutely no appeal TO the
aN,lsa workingman is increased pro-
--ciioa.
Franc at Lowest Mark
Tngiand will hold the forthcoming
'eea-end financial conference with not
iew ieading fnanoiers invited believ-
Is seriously in the immnence of a
VA breakdown of exchange which
WI bring International trade to a
siands'i.l.
IN the meanwhile the case Of France
= ; Tar worse than that of England.
"a ,ae franc has tumblsd to the lowest
Aark ever reached N2O for pound
'sihng. lower than the days immedi-
sey following her defeat by Prussia
me German mark. Of course, is low
'e as elsewhere, and so far as the
"@ssian ruble is concerned it is quoted
= sosolute zero on the exchange.
france IS expected 70 Join England
;. the proposed international financial
t..A'rfence, but from different motives,
t.I I france naturally desires 20 sec the
''snc restored 70 It's normal relation
The pound sterling, whereas England
snnot permit this AZ present in view
'he relative value Of the pound to
-se dollar.