New-York tribune., 1920-11-11
US. and Germany lin
Anti British Trade
Pact, English Hold
Shipping Board Roper. says
Denials of American Com
panies DO MOI Meet With
a General Acceptance

That American interests are in com
bnatiou with German and French CON
cerus fer the purpose o. Shutting
Great Britain out Of the trade OF Con
tlnental Europe is the view entertained
N England at present, according TO re
: received by the Shipping Board
from It's European representatives
There appears to be considerable un-
easiness in the United Kingdom over the
increasing competition Of the United
States, France and Germany for the trade
CT the Continent says Shipping Board
report. under the caption. Big Com
tine Against British Trade The Sun
day Observer, of London, cited the
establishment I'm Germany of the
'Amstea,' subsidiary of the United
States Steel Products Corporations
which was said to have recently sold
$4,000 tons Of ship plates to German
yards.
THE Observers informant described
an Arrangement arrived at between
important German, French and Ameri-
can interests for the purpose OF cx-
Guiding British industry from partici-
patton in Continental reconstruction.
he SHINES and Tyssen groups are
the German interests, the Schneider-
treusot are the French representatives.,
while American participation is said to
be carried on by the L. :. Steel Cor
roration and the National City Bank.
Both these latter link up with
standard OIL, proceeds The correspond
cnt, which views with hostility the
attempts made by British industry 10
free itself from the Rockefelier RAM
hcations. Standard Oil and the Steel
Trust are at The back Of all this and
also of the Hartman Dearborn Ham
purg American agreement. Hence the
danger
The above statements have been
denied by American officials Of the
firms named" says the Shipping Board
report, but such denial does not seem
to be completely accepted in Great
kritain. The note struck by The OBJ
server has been echoed by q number
OF other influential publications., and
Viii, no doubt, continue to be heard for
some time to come
Whatever justification there may be
tor the assertion that there is com
Jlnatlon of American, French and Ger
z an financial interests 10 exclude
Britain from the reconstruction Of
Europe, the fact remains that Britain
IS not sharing in this reconstruction
70 anything like the extent which She
he'd hoped.
This is, no doubt, due in part to the
unexpected energy in these markets Of
certain non-British commercial and
shipping firms, notably American. The
British state that it is chiefly due to
Tie great handicaps under which Brit
sh commerce and industry are work
ing on account Of the domestic diff
-ulties. And it IS impossible to deay
-nat such handicaps exist"
Great Britain is passing through
period of slack business, the report
'Ays. The prices of certain commod-
ties, particularly cotton and metals.
are exhibiting a marked tendency to
aecline. it is stated but the downward
-rend IS said not to be as pronounced
&c in the United States and little effccs
n retail prices has resulted.
THE siumn is regarded as primarily
he re sult of high prices and consequent
csSening of consumption by both home
md foreign buyers states the report
The present downward trend of prices
{ regarded as the definite termination
If the war boom and a necessary step
Il the return to pre-war conditions"
Despite trade depression and bust
less uncertainty, however, new capita
ssues during September aggregated
IT, 500 600. nearly twice the amount ~
August. Xtile manufactures are the
eading g.oup in the new companies, +
With over 93 600 900 capitalization. and
,oot and leather manufacturers are .
lose second