The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-01-04

,urn, sections Of the country and for
| ulncr rUrTosc>.'
| "Tn. Joint resolution directs the T''
! viva, If the ACTIVITIES Of The war finance
rorporailnu Thls corporation IS n gov
ornamental agency. It's capita! stock Is
| owned entirely by the United states.
II was created during host!iiti"s Tor
war p:rpuscs. The temporary powers
! which Il Is now proposed 10 revive ere
conferred N March. 1919 10 assist II
necessary IN .hc nnnucinE Of exports.
Tho general powers Of the corporation
, cSuirc SIX months after the tcrmlna-
Iriur Of tn" war White We are tech
uiva,ly sim N a STAT" IF war. It UNI
iGuvstiunab,y was presumed, when tnlS
added power was granted that peace
! would have been formally proclaimed
before this t!mn and that the ltmita-
tiou If one year would have expired.
IN May. 1920. in view Of the fact
that export trad" mad not been inter,
ruu'cd hut had greatly expanded and
that exports w"Te being privately nnan-
Ccd IN large Volumes tn" war hnan'"
corporation. at the request o: the Sccrc-
tAry ut the treasury and with my ap-
prevail suspended the making OF nd-
would Raise False Hope.
"Th!s resolution was iasGed by III"
congress apparently IN Wow of the
recent sudden and considerable fall III
pr,ccS, especially OF agricultural congo
d;t:rS with the thought that some Euro
utan countries to Witch certain products
were rus;omaYi'y shipped before the
war might again be enabled 10 resume
their importation, ana th"I larger
masses OF domestic exports 10 European
countries might Il" stimulated. with III"
resulting enhancement OF domestic
prices. am ~ fun symuIthy with
tevcry sound proposal 70 promote foreign
trade along sound business lines. ! am
not convinced that III" method proposed
is wise. that the benefits. 4 any. would
offset the evils which would result or
that the same or hrErr "dvantaGeS
cannot be secured without resort 10
government intervention: on the CON
trary. / apprehend that u" resumption
of the corporations activities at tE!S
time would exert no l.: urilCial influence
on the situation IN wHth Improvement
IS sought would raise false hopes
among tho very V"upl" WHO would eN-
meet most and would he h"r;fu! 10 the
natura. ana orderly processes or ou''-
ness and finance.
Large government credits were OK
tended during The war 10 certain COY
crnmrnts associated VITA W. IN u"
struggle These ceased several months
after the armiStiCc. except Tor commit
mcnts already made. Th"y should not
now be resumed. either directly or IN
directly. The recent BRUSSELS confer
cnc. composed Of experts from many
European countries and from other ma
tions itself expressed the opinion that
further credits should not be accorded
directly by governments. 90 noI De
licvc that they should be aCcorued III
directly. . .,
| "ExDorts OF domestic products have
not declined since the armlStlce' on
Tina contrary they have greatly inCrcaS-
ed. From an aggregate value before
tho war Of less than 2i2 billions or DOL
lars and OF about six billions the last
year OF hos,ilittcs. they arose IN the
900 900, and this figure probably
will b., exceeded for the last calendar
wear For the first II months OF last
calendar year we exported more IMAM
7'r billion dollars worth e. OF oT mel.
privately financed. Til" dittl'uitE IN
the way Of still larger EXPORTS does
not seem L. lie so much N th' !a'k 81
financial ability here aS III EuI"P,
lack o: means 10 make payment. her
productive energies and the services
which Sh" renders have not yet rea"ne"
n point where thry balance the Naiu"
Of commodities taken from th'S lEtt'"u
and her ability 10 furnish for additional
EXPORTS securities which business me"
would feel justified in taking - re-
striCrod The experts Of the brussels
conference reported that zone OF m"
chief obstacles to the granting or cred
lis Is thr absence IN lpTfp"illS N'H'.-
tries of sufficient securities Tor Nfi-
rlarr rrpuymont" Until his obstacle
is removed 1t is difficult to see now
materially larger exports 10 f-urop" "Ie
to h" made even Il exporters. n'or" vi
unaidcd by government finance. StAnd
rnadv to do their part. II Is remark
able that Europe is able to make AN
effective demand for as large No!uhie
Of our goods Hs She tS making. IL -
gratifying evidence Of her recovery ana
progress towards full production ana
soundCr financial conditions.
No Direct Ala Possible.
Under the law, n the activities or
IN, CnrporatiOu were resumed. no direct
advances could be made - producers
, and - they could hc. they would not
would not create demand for our prod
uctS They could be made only TO cN-
porirrS or 10 banks engaged IN hnahc-
inG exports and Il they did N some
measure stimulate exports ihcF ""uiI
probably not hav" the effect apparently
most desired OF substantially inCrens-
INK those OF agricultural C"mmod,tt7
Already with the larger r"!ume or en-
ports which Eur'i'y - I'k;NG it"rn W..
she Is exercising hcr option. such %S
meats presumably because she h"rS"i
has become mo-r largely Sclf-Sufi c!'nt
or is again providing herself WIN sup
plies from distant CoNhtt"S Will, WI" .,a
the opening ZIP of shipping since INC
ormtytico. Nava one" more found ;SriH
Mace IN tn. markets Of the world.
/ 1T Is highly probable that the most
Immediate ana conspicuous "H"'t OF lHe
rrsunpt.on Of the corporations actiN'.
ties wound be an Effort on tn" part OF
exrortrrs 10 shift tho financing or ihrlr
oneratio:s from ordinary commerC!a
channels 10 tho governments nus
wnu,d h" unfortunate. IT would con
f,uuc the government aS AN active laI.
800, IN ordinary business operations. II
activities Of any consiterah'" maEn!-