New-York tribune., 1920-10-03
''.s tan for League to
Handle Credits Is
Heard at Brussels
FINANCIAL - Congress Names
nommittee. to Consider
Various Schemes to Han
ole international Business

4 BRUSSELS. Oct. 2 lpv ~.
sociated Press). ,;ons;a.r..,. ~ "s AS
an0sner world-crcdit scheme occun;ed
s"e international Financial Conference
.nis morning. It was presented hv nr
rofe-meuien. delegate from HolIand
MS proposal was that the question ~
s International credit be handed over "a
'ne' League Of Nations. which vor,a
mercial credits. y" eoia-
Inc countries desiring to use the %.
1 csnties of this committee would ror,
ny, ny ..tcate to it the nature and extent ~
gnes. securities they would pledUs for
csedles to Importers. If the secur;t;es
we're approved the central bodv wonIS
n:s.s TX nc amount of credit to be GIVEN
~ ths ieague of Nations would issue
Sfssi e see-pear'ng bonds to the amount
~ Shas credit furnished.
4 These bonds could be used as col1o+
srai sscaarlty either at the bank of the
gufehas sr or by direct transmission IN
esss creditors in payment for his pur-
The only difference between tb;s
scheme and the one presented vcster-
py Premier Delacroix of Belgium
Srat this later plan comprises rev.
may te pledged
Brazilian Makes PROPOSAL
Juiio Barbosa .Csrneiro, Brazilian
eeisgete' and Alberto Brancas, of Ar
gshSna, proposed to the conference
the organization of an international
nnanclal institute. This body would
ssitSin Geneva permanently under the
sausplces of the League Of Nations and
MAKE. recommendations regarding the
action 70 be taken Isy tie league re-
fprct5ng the financial policy or condi-
ION OF any nation that might threaten
International financial crisis.
The institute would also study the
sfnasces and econAmics OF the world
;generslly and distribute informant tion
of tnterest TO all countries.
lAe critical and decisive phase Of
the. conference began this afternoon
when the last speakers were heard in
open session and President Ador re-
lferred the question of international
credits to special committee. This
committee comprises Colonel Ralph H.
Hess. United States; NJ. Avenal. France:
Henry Bell, Great Britain; Julio Bar
sbosa Caineiro, Brazil; Alberto Bran
cas-, Argentina; DR.. Alphonso Costa,
Portugal; Marquis De Cortina, Spain,
and l5err Urbig, Germany. The com
mittee convened. Immediately.
Hope for Workable Scheme
A number Of the delegates informed
The Associated Press they believed the
committee would recommend some
workable system OF international cred
its. Some we're in favor of the De
Ia CroiX plan. others the proposal pre-
sented by Dr. Ter-EIeulen while a few
reject both as involving a new, compli-
Gated and expensive organization, which
would be likely to encounter the hos
tllity OF banks.
! They consider that it is possible to
use the present banking systems of the
different countries in an international
system at. less cost and trouble to
accomplish the same purpose. The
delegates were non-commttal regard
ing She work of the committee, as they
had been adjured to keep the delibera-
tions absolutely secret.
NJ, lIeer, of the Federal Economic De-
parGment of Switzerland, was the last
speaker on international credits. He
sugfcs ted an inquiry into the results in
nente in institutions to facilitate cx-
portaton.
NJ. Avenal France, expressed salts
factjon at the harmonious and effective
work of the delegates. He said that
gold 20 longer played it's part in inter
naticnal exchange, and something must
be set up to replace it, That substitute
must not be as distribution for char
7<ity but for needed credits for sane,
folid enterprises.
Alberto Brancas, Argentina, spoke
at length in the same vein.