The Washington herald., 1921-04-05
EUROPE BRAVELY
FACES HARDSHIPS,
DECLARES BOOTH
Industrial Will Power
Unimpaired, Says
Bank Head.
DESPAIR is LACKING
United and Intelligent Work
Towards Complete Res
toration Continues.


willis H Booth. vice president OF
the Guaranty Trust Company OF
New York. returned ON the Adri-
attic recently after three months
trip through the leading CONNER
cial countries OF Europe. He was
also in attendance at a meeting
In Paris OF the International Cham
Der Of Commerce, of which he Is q
director. Mr.. Booth was given many
opportunities while abroad to study
commercial and financial conditions.
including an important trade con-
ference called by the British gov
ernment in London. which included
representatives of seventeen ma
tions. =
Mr.. Booths survey Of the situ-
alton leads him to the conclusion
that, in spite of the difficulties the
situation obviously presents, the re-
Operative powers and the indus
trial will power of the peoples OF
Europe still remain unimpaired, and
he states that in no country did
he find the spirit of despair which
the hardships. under which they are
suffering might not unnaturally
produce.
Booths Conments.
In commenting upon the situa-
tion generally, Mr.. Booth said: '-On
of the most reassuring factors In
Europe today Is ths rapid recupera-
tion Of the French people from the
effects of the war In spite of the
fact that their budget is still un-
balanced. they are working united
ly and intelligently toward fnan-
cial stability and a restoration of
their commercial and Industrial life.
This Is evidenced by the turn in
their trade balance last month.
which for the first time in years
was favorable to France. With the
invisible credits which will rapidly
Increase with the increase in tour
lists travel, France seems certain
to present q much brighter finan-
cial picture during the current year.
OF course, the great outstanding
problem today Is the situation in
Middle Europe. particularly in Aus
tria- The problem of how Austria's
needs are to be financed is the
deep concern of England and
France. and SO far no effective
method has been devised
Russian sftuatisn-
The Russian situation. Of course,
then presents the most critical as
pect in Europe. Until Russia either
as one or many countries is restored
to orderly economic life. there can
be no sustained prosperity In Mid
die Europe. Russia affords Middle
-
upon its fate the fate of all Eastern
Europe, IN large measure, depends.
There seems to be a general agree
ment that Sovietism as such Is on
the decline and the reaction from
its false and political theories has
very definitely set in, which Is the
prophecy Of brighter days to come,
although of course no one on the
outside can tell what will take its
place. 1t seems quite possible that
the new Russia will be a collection
Of smaller nations divided along
racial and geographical lines. rather
than a restoration Of the old Rus
ized government could not be main
tanned under anything less than a
military autocracy.
Germany.
Germany is marking time pend
ing some decision on the repara-
tions question. in a great measure,
but In spite Of that fact her people
are working wherever opportunity
for work is given and her CONNER
cial and Industrial intelligence and
ambition. coupled with a willing
ness to work, seem to assure Ger
many's future after the peace and
reparation terms are finally defined.
England.
England is in a state of indus
trial unrest. the outcome of which
IL is dificult to foresee. Until her
labor conditions are stabilized IL Is
certain that England will not be
able to function efficiently in either
commerce or industry. but her long
experience and the intelligence with
which these matters are handled by
her. as well as the capacity of her
people to struggle through all DIM
/, culties to success. would seem to
Warrant the belief that the present
trembles are mere passing phases of
a period of readjustment. out of
which she viii emerge with much
OF her old supremacy.
There Is much discussion of
ways and means for financing for
eign trade and the greatest interest
was expressed In our Foreign Trade
Financing Corporation. as well as
In the Ter Muelen plan. which was
proposed at the Brussels confer
ence Of the league OF nations. These
plans are quite similar and provide
for the extension of long term
credits to Europe by the issuance
of bonds for the provision of funds.
There Is a universal feeling OF
regret In Europe that 1t has not
been possible for the United States
to take a more active part In the
settlement OF these reconstruction n
problems and they are looking to
this country for guidance a.d
assistance in even as great de-
gree as during the dark days of the
war. Many private expressions of
opinion are heard to the effect that
these problems never would be set
tied until the United States took
q hand and any assumption Of lead
ership or authority on our part in
the situation would certainly be
welcome BY all parties concerned"
New Oat Species Found.
Reeve Cooke. Of British Columbia,
found a new species Of oats In the
Ra1I fUn wsara o~n Ero~.