The New York herald., 1921-06-30
DENIES WAR MADE
THIS NATION RICHER
George E. Roberts Says 1t
Served to Check Growth of
Wealth in u. s.
Bu the Associated Press.


LONDON. June 2s.-Discussing export
credits before the financial group Of the
International Chamber OF Commerce to-
day George e. Roberts. vice-president
of the National City Bank Of New York,
said the United States with other coun-
tries. was suffering from Generalization
of trade and industry.
General mobilization Of credit, he de-
clared, was needed to take goods from
the producer for cash and sell wherever
needed for credit 1t was q fallacy 70
suppose the wealth of the United States
had largely been increased during the
war. Mr.. Roberts asserted. for the
United States was growing wealthier
before the war and the movement had
been checked, rather than stimulated
during the CONFLICT.
Dealing with the proposal to cancel
the allied debts due the United States
Mr.. Roberts said action by the American
Congress was necessary. which was un-
likely in a matter so important w'tnou'
O definite expression of approval from
the people. At present, he said, II must
be admitted that the great BODY OF tne
American public was not convinced
either that justice to Americas late 40.
aociates REQUIRED cancellation or tnat
tha emergency confronting the Debtor
countries was 80 great as to REQUIRE can
cellation in order that they should re-
gain a sound economic position. AmeH-
cans however, Mr.. Roberts saia' oio hV'
desire to pursue harsh attitude resafo-
ing loans, realizing that American pros-
perity and foreign markets tor amer,
can products were dependent on inter
national trade.
Sir Drummond Fraser expounoed the
amended Ter Meulen credit scheme es
nut before the various countries. Inc
root of the idea Is scheme TO proVioo
essentials to impoverished countries oy
long term credits and the creaton oi
what is described as reservoir OF creoit'
Y q Watts of St. Louis said the Ameri-
can group was fully prepared to inoorse
the scheme, which 1t was of the opinion
was well devised to meet trade conoi-
t!ons in some countries.
After some criticism resolution was
carried supporting the scheme ana ao.
vising the establishment OF permaneh'
committees Of business men and bankers
in ali the countries affected to assist In
the choice Of credits and participations'
Sir Robert Stevenson Horne. who pre-
sided at the dinner given in honor OF the
delegates by the British Government
tonight, expressed the belief that after
the recent agonizing industrial expert.
ences there were chickering's OF hope OF
a revival of trade in the autumn.
The open door policy to all parts O,
the world as a basis Of the greatest and
soundest commercial progress was ad-
vocated by A. c. Bedford. vice-presi-
dent Of the organization.
'Thsre has always been an open door
in America for those who have sought
to establish themselves commercially
among u.s." he said. "The American
business man intent on foreign trade
for his part asks no favors either Al
hons or abroad. He seeks neither Of
ficial nor commercial affiliations which
| will give him advantage over conpeti-
! tors In the foreign field"
He expressed the desire on the part of
America to cooperate in commerce, say
| ing 1.-The sentiments Of good will and
| the desire to cooperate which we here
express are shared by all the nssmbers
Of the present Administration at Wash
| ington."