Evening star., 1920-01-23
FINANCIAL VISITORS
PLAN EXTENSIONS
OF JOINT TRADE
Pan-American Congress
Ends Sessions Here-Trip
Tomorrow.

With the adoption of resolutions
recommending measures for the ad-
vancement of international trade with
South America and Improvement OF
ocean, land telegraph. cable, wire
less and postal services. the second
pan-American financial congress to.
day concluded its formal sessions The
delegates will remain here over to-
morrow to visit the Naval Academy
at Annapolis.
Warns Of AFo0Is Paradise,
Fear that the people of the United
States would wake to find themselves
living ''in fools paradise" unless
they began active production on a
large scale to satisfy their own needs
and the markets of the world, was
governor of the Federal Reserve
Board. one of the principal speakers
at the final session of the conference,
which was devoted to discussion of
The Credit Situation of the World"
Gov. Harding pointed out that pro-
duction in this country during 1919
was lower than for either of the two
previous years. a condition which he
said could not continue.
Brazil to ReOrganfze Banking.
Brazil is planning to reorganize its
banking system and make sharp re-
ductions in public expenditures, said
DR.. Carlos Cesar de Olivera Sampaio,
minister of finance for that republic
The practice of issuing inconycrti BILE
paper money will be discontinued and
efforts will be made to increase pro-
duction and reduce Importation to
stabilize rates of exchange. The
Brazilian government also plans to
take up development of irrigation
projects and will welcome the assist
in
that work.
Mexican Delegate Speaks.
DIR. Enrique NJ. Sobral of the Mexican
delegation said that exports from
Mexico during 1918 amounted to $685.
100000 pesos, while imports were 164.-
100000, adding that this indicated
Mexico was making strong effort TO
repay foreign investments.
Five years ago our paper currency
was practically worthless" he told the
conference, but today Mexico is on a
gold basis, and is practically the only
country using gold currency. not even
amounts to 100000. 900. and in the las
three years the paper system has been
eliminated. That is wonderful
achievement
Il want to convey to you the i'm
preston that country which can in
spite of the abnormal world war con-
ditionS and the internal troubles which
you know about, re-establish finance
and trade deserves confidence, and is
a country which is picking up and
developing"
Views of Bolivian Delegate.
DR.. Jose Luis Tejadas of the Bolivi-
an delegation presented to the con-
ference a resolution recommending
the extension of credit by the United
States to Europe through a method
of lending Latin American countries
money to pay off obligations which
Europe holds against them now.
DR.. Tejadas said that Latin Ameri-
can countries should send raw mate
rials to Europe and desired to do So
but that the situation was compli-
Gated by the disorganization of for
eign exchange. And that the United
States would eventually be practically
forced to grant credits to Europe to
avoid a financial and industrial
crisis.
Must Aid Europe.
Gov. Harding's topic was The
Problems of the United States as a
that America must aid Europe to get
back to productive work, SO that
normal conditions might be restored
and markets S~r American exports
be reopened.
1--WE cannot however, export things
speaker. land in order to provide an
eXportable surplus we must produce
more, or. failing that. consume less.
During the past year we have wit
messed an unprecedented era of eX-
travagance in this country; there has
been a continuous rise in prices and.
while the value of our products eX-
pressed in dollars has been greater
than ever before in history, the phys
ical volume of goods produced was
less than the production of any year
since 1915 Our domestic demand has
been competing with export demands,
and the result has been that prices
have been bid up on both the foreign
and domestic consumers
Must Get World Back to Work.
Our people must be aroused to
the consciousness that, after all, We
NAV be living since the close of the
war in a fools paradise, and that
more work, economy and liberal in
yestment in foreign securities are
necessary, if we wish to make our
present apparent prosperity real and
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