Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1921-12-12
PrOgressOfEcOnOlniC
Recovery in Europe
Sec'y Hoover Says 1t is Not as
Gloomy as Some State
ments Would Make 1t Ap-
pear.

Washington, Dec. 11-The economic
recovery of Europe, while necessarily
slow and difficult is making substan-
tial progress, Secretary Hoover declar-
ed in a review of International trade con-
ditions made public tonight. The stu
alton contains great dangers he said,
but it is mot at all as gloomy as some
statements would make It appear"
A survey of European conditions, he
said, will show that the danger of boil
shevfsm is PAST partly through i'm
proved standards of life and partly
through the salutary lesson to Rus
sia"
'tThe one field of continuous degenera-
ton" he declared to be that of govern
ment finance, citing as factors "unbalanc-
ed budgets and consequent currency in
fation.' The commerce of the whole
world. the secretary said, suffers from
this failure in government finance, and
unless remedies are found the great re-
sumptian affected in social, political, in
dustrial agricultural and commercial life
will be endangered.
THE most dangerous Of the unbal-
anced imitation situations" Mr.. Hoov-
er said, 'is whose case depends upon the
method and volume of reparation pay
ments.
"As the United States does not partic-
ipate either in its control or its receipts" 4"
he added, 1--WE have no Soice or right to
| interfere. 1t is earnestly to be hoped
that the present negotiations upon repair
alton may succede in finding a sound
! basis that will scure permanent economic
and political stability to Germany and
| certain of regular payment to the al
! lies. With this effected. the way is open
for constructive consideration of the sit
people have never been and will not be
remiss in participation in these furth-
er measures, but our people cannot sue
cessfully enter until those who have con-
! troll of the reparati tions have settled this
major Issue upon so sound an economic
basis that we can look upon the future
! of Europe with confidence.
| Outside of the government finance OF
a limited number of states the outlook is
very encouraging. Democratic institu.
tons are gaining strength among the
150.000,000 people formerly supporting
autocratic. In Russia itself, extreme
communism is slowly boiling to death II
a caldron Of starvation and its leaders
freely acknowledge its failure
In the field of International politica
relations, aside from conflict in Tur
| key, war mas ceased and treaties O.
| Pedce are 4HecIlVe throughout the world
Russia no logger threatens any sariou.
military offensive. There are bright pros
poets of limitation of armament. Agreed
limitations in land armament are not
very hopeful, tut the economic pressur
of taxes and unbalanced budgets is slow
" disarming Europe and ia will disa m
more Of them yet. The number of me-
under arms has been decreasd by full,
] a million N the past II months.
I'm the field of economic life, the. pro
gress of agricultural and industrial pro
duction year by year since the war
, very marked. Famine has disappeare
from Europe except in Russia. Popula
( tfons have tairly settled back and indus
/ trial efficiency and productivity is be
: ling steadily restored. Generally. ther
: is prograss and the problems vet to h
! | solved are heing steadily narrowed an
r their solutions better understood"