New-York tribune., 1920-03-31
Britain Paying Her
Way i'm World Trade
Now, Prosser Says
Returning Banker Declares
Borrowing of Permanent
Character Will Be Unnec-
essary i'm Next Fiscal Year

Seward Prosser, president Of the
Bankers Trust Company, just back
from trip abroad, yesterday declared
that England is "now just about pay
ing her waysin international trade" in
the most extraordinary way" He
added that 1t was hoped no further per-
manent loans would be necessary.
The banker said, however, that "the
story in France is quite different
one," as Frances Burden in the war
was larger than any other nations, and
the Generalization which naturally fol-
lowed 1t was greater.
zone of the most distressing phases
OF this trip was finding complete
change OF continent toward this coun-
try" Mr.. Prosser explained, in setting
forth his observations Of conditions.
"The pendulum Of public opinion has
swung. and where, year ago, we were
rated far above our deserts, to-day, /
am convinced, we are rated below
them. I believe this bitterness will
disappear as time goes on. 1t is diff
cult Tor people in prosperous America
to appreciate the losses that our Eu-
ropean Allies have suffered. For those
who have borne and are bearing the
burden Americans should have only
kind thoughts and helpful words"
Regarding English financial condi-
tions Mr.. Prosser was unreservedly cp-
timistic, saying:
saw number Of the most important
people in financial affairs there, and,
without going into tiresome statistics,
the general impression which I gath
cred gave me a wholesome regard for
the credit of England and her I'M
swerving determination that, come
what may, British credit would be sus-
tanned. The English people are carry.
ing on their trade with the rest of the
world, in view of their many limita-
tions, in the most extraordinary way.
considering the invisible balance
accruing to England from freight, in
ETC., she is apparently now just about
paying her way in overseas trade. This
statement, of course, disregards pay
ments due to or from the government
on account of the interest or principal
of her war loans. January's exports ex-
ceeded those of January, 1919, by 154
per cent.
at is hoped that in the next fiscal
year, beginning April /, the income
and expenditures Of the nation will
balance without the necessity Of fur
ther borrowing OF a permanent char
acter. While there was no specific pro-
gram laid down for the payment of the
Anglo-French bonds when I was in
London, there was unanimous express
sion that whatever the sacrifice, the
obligation would be met. Since leav-
ing, of course, the news has come out
with reference to the gold shipments
and further reassuring announcements
as to the ultimate payment of this
obligation. This was followed bv a
substantial rise in the value of the
Anglo.French bonds, and it must have
played large part sentimentally in the
improvement of sterling exchange
which has taken place recentlv."
II spent only short time in Belgium
This little country is coming back in
most satisfactory way and, strangely
enough, I attribute this to a set OF
causes which, trying in themselves
have. nevertheless, in my opinion. re
acted to the great benefit of Belgium" /"