The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-12-19
EUROPEAN PROBLEMS AND
AMERICAN BUSINESS

committee appointed BY the In'te'
, States Chamber OF Commerce 10 stuHS
, conditions OF Continental Europe mas
: mazda public It's report The committee
, Visited many Of the important countries
. or Errope and made n thorough r"F'e"
! ~ industrial. financial and social conq'-
, tons. Tho Importance Of this commit
, tees report TO American business Is OIL
the utmost Importance, and well worth
, careful study.
, Tho report in itself forms quite
= lengthy document. but excerpts from
the digest OF the preamble will prove
very enl! ghtrn!aE:
, There - evidence on every mann
, tbat.t the world Is now operating on a
) basis OF less than half OF the pre-war
Nstandard, although a few Industries are
enioyiuy full or nearly FULL activity N
some countries.
: There are no dependable figures to
I measure the great decline n consuinp-
ton, but European economists whose
) opinions are highly regarded declare the
! consumption OF three hundred million
! people has been reduced on the average
70 almost thirty percent Of what Il was
: previous to the war.
, There IS a great need OF raw mate.
! rails. food clothing and all kinds OF
, manufactured products. Millions OK
, people want the commodities when
: others could supply. They ar" unable
10 buy because their money - 50 re-
! duced in value that II has uttIs buying
: power Every purchase at the present
\ hiEh rate OF exchange means payment
y at a price which is nearly proh!hIrve.
n n
, paper money and consequent further
: contraction OF tho already limited buy
, ing power.
Improvement Of the situation and
tina restoration OF buyinE power Is not
dependent entirely on the extension or
credit BY the countries Wishing 70 sci
A certain amount OF long ttmo credit
may be utilized with safety. In general,
however a buyer IN country whose
currency has seriously deprecated can
not make purchases In the United states
and prom!sa payment IN dollars StN
Z months o. a year hence. because I Is
wholly impossible 70 estimate what
q must be paid Tor those dollars when
payment Is due. Such a purchaser can
assume the risk only when th"r" -
reasonable stability IN the eNchang" o;
his country and conditions arc SUCH mat
he may have confidence In the future.
Thu currencies OF the countries az
rected cannot De very much improved
or the exchange situation place! %" q
dependable basis without aid ~ tae
FORM OF loans which will strengthen the
GOVERNMENTS fiscal positions amt permit
them 10 stop the issue OF tuTth"r paper
money.
The credit and capital Of Ia"
hE.
employed IN amounts sufficient - over
. como the present crisis without 1ssur-
ance og settled conditions.
In every country your committee"
found unanimous agreement that coah'
dence does not exist because peace J. not
established. although nearly three years
q have ELAPSED since the arntstics.
"WhiI" marked progress has been
made and there has been surprising
, degree 81 Improvement IN some G'TeS'
. lions even IN the last year. Il - apparent
, that business in Europe has com" I" a
I-hnite pause. and IS not likely 10 re-
sumo the movement forward unit. the
armed conflicts which st!u persist there
arc STOPPED and tho nCnIcc Of recurring
warfare - removed
"Amoug the bankers and business
o men OF every country visited. u - the
general belief that n" establishment Of
peace and restoration II '"Uf""u"" ar,
Impossible without the wh"."-aearted
: cooperation 81 all aGIed. neutral and
4 former enemy countries.
, Before the war the Eur"I,an roUu.
fAtr!es transacted about twn-th'rds Of tho
,otal international business. They pur'
chased more than half u the exports OF
& the United States.