The New York herald., 1920-01-05
BANKERS R|D|CULE
STORY Of IMMENSE
LOAN FOR EUROPE
Scheme of Sir George Paish for
S35,OOO,oOO,Oo in Bonds
Not Taken Seriously.

Reports that have been in circulation ror
the last few days that an immense loan
was to be raised here to aid Great Britair-
or other nations of Europe were dismissed
finally yesterday by bankers as nonsen-
sicaL These noted financiers also treated
With slight seriousness the theory ad-
vanced by Sir George Paish that the
allied nations might raise through Joint
bond issue s350o00o0.0o0 for the rehabilta>
tlon or war stricken countries.
Credits Needed.
rms country probably could make loan
or s2VO0.Op,Oo, and no more, according 10
one promlpent financier, with whom Sir
eGorge Palsh has had interviews on the
subject That figure would be the limit
at present. in his view. He said
rhirty-five billions is very large fig
ure. There is no doubt that the need for
credits to the European countries is very
extreme but not to the extnt of rquirfng
thlrV-five billions to get back to a pros
porous footing again. II we could extend
credits of s2.0oo,G0000 it certainly would
De enough for the countries TO comee back
20 stuatlon almost approxima ting the
normal. While Sir George Paish feels very
deeply the demands for money, he never
mentfled to m any such sum, or ever
limited at II. Any such amount as thirty
iiNc philonS - unqueStlondDly out or con-
siderat ton, IN view of our own financial
situation
Another banker, who has known Sir
George Paish for some time said:-
The reports regarding Sir George
Paish's asking for thirty five billions for
the European countries and his supposed
plans are far too nebuious TO discuss
America cannot possibly guarantee any
such loans"
Still another banker. who. like tho
others, refused to allow his name to be
used for obvious reasons said
mo nation in the world in its most
prosperous days could have guaranteed
such loans. / might say that no two OF
three nations could have guaranteed then,
before the war. And, OF course, il Is
foolish to think that this country, which
has been drawn upon by practically all
the nations at war, could begin 10 figure
in any such colossal amounts at this time
should say that 5000. 600 600 in credits 20
the European countries would permit them
TO set pretty we'll under way again. IL they
could get the people out of the spirit OF
unrest and 80 to work. saw a little BIZ
OF the war and its devastations during and
after the fighting.
Revival I'm Belgium.
within the last year or more Belgium
has got herself back into fairly good
H
her factories have been re-equpped with
millions of dollars worth of machinery
that has been brought out OF Germany.
her industries are fast looming up again,
and. what is best of all. her people seem
to be taking an optimistic view OF the
future.
France, of course, needs money to re
build her destroyed factories, which were
demolished completely and not merely
stripped or their equipment. as most oc
the Belgian factories were. Even at that
however, I notice in the current news
reports that the factories in the wrecked
territory of France have been ro-estab
lished TO the extent Of fifty per cent %
their pre-war output.
England TO carry on tho war saddleS
herself with tremendous debt She hsa
her food problems and her labor difficult
ties. but she will slowly come back TO her
normal as soon as her internal embarrass-
ments are overcome. Italy as soon as her
territorial claims are adjusted undoubt-
ediy will drive ahead sufficiently to take
care of herself.
THE Balkans, OF course. and Russia are
In serious plight Serbia needs widespread
help. She has been overrun and devas-
tated not only by the enemy. but by the
Allies themselves in the natural progress
Of battle. She needs great help"