New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-26
Economic Recovery
OF Europe Brings
Financial Problems
Greater and MoreP Prosperous
Continent Sure TO Rise
From Ruins of War. Saws
Guaranty Trust Official

Greater achievement and progress
will result from the rehabilitation of
Europe than preceded the World War,
according to Albert Breton, vice-pr
dent of the Guaranty Trust Company
who recently returned from survey
OF economic and foreign exchange
conditions of Europe. He is confident
that the war-torn countries will over
come the burdens of reconstruction
and heavy taxation.
"A great deal of emphasis has been
laid on various aspects Of Europe's re-
Mobilization and future, especially in
the matter of finance and economies
he said. "But it would seem that too
little attention has been paid to the
m ost important of all factors Europn's
chief asset now, as it was during the
namely, the psychological at
titude of her people.
LAS character is the most precious
possession of men, so it is of nations.
And when We reflect on the crucial
test-the severest that humanity has
ever known-to which the character
who bore the brunt of the struggle
from the beginning, was subjected in
the World War, we cannot fail to have
faith not only in Europe's ability to
recover fully from its frightful cata-
clysm, but also to create greater and
more prosperous Europe than ever.
This will happen just as surely as right
triumphed over might in the war;
just as surely as our South developed
80 wonderfully and prosperously after
the Civil War.
"A barometer of European recovery is
to be found in foreign trade figures of
the various belligerents. They tell in
graphic manner how Europe is once
more at work.
Foreign Trade Exhibit
1T ls interesting to note, for instance,
that Great Britain's foreign trade dur
ing May shows that considerable prog
ress is being made in reducing the ad-
high record and imports showing
slight contraction from April's total,
the adverse balance for the month was
only t3o,754,316, or, at par of ex-
change, $173, 765,975, against s59,772, 5O4
$3.50, 494,369) in May, 1919, and GAO
496, 1876 (S196, $685. $500 in April of this
year
Every one is familiar with the fact
that for some time Great Britain has
been shipping gold here in anticipa-
ton of paying the $500,0O0,OOO Anglo
French loan, which natures in October.
That alone is significant evidence OF
the present psychology Of the British
and French peoples-of their determi-
nation to meet their financial obliga-
tions in full and promptly. 1t bespeaks
volumes for the amazing progress that
England and France have made in the
last year and a half, for otherwise
they could not prepare to discharge so
large an obligation.
FRANCES exports of manufactured
products, without exception, show a
considerable increase over the preced
ing year, the quantities being consid-
erabiy more than in 1914. Frances
dehclt in the balance of trade during
the nrst three months of 1920, accord
ing to Custom House statistics, is A.
$50, 900 francs, which shows ma
terlal betterment compared with the
same period of 1919, when the deficit
was 5,162,000,0OO francs.
belgium's Seven-League Strides
All the world stands in admiration
OF belgium, not only for her magnifi-
cent role IN the war, but also for her
equally courageous attitude since No
continental belligerent has made such
seven-league strides in the last eioh-
teen months as that heroic little KING
dom. e
Now Belgium's factories are produc
ing on an average about three-fourths
as much as before the war; her rail
roads are operating 80 per cent of the
normal number of freight trains and 60
per cent of the normal number of pas
senger trains. The output of coal ac
tually exceeds the rate of production
in 1913. A continuation Of the present
relative growth Of her export trade
would give Belgium an excess of ex
ports over imports before the end Of
this year.
Belgium now has a favorable balance
of trade with France, Holland. Ger
many and other countries, Only. With,