The Alaska daily empire., 1921-07-07
INTERNATIONAL
 CREDIT SCHEME
 IS WORTHY ONE
Nations Impoverished by War Will Be Placed Upon
 Their Feet. ENGLISH ORGANIZER
 GIVES HIS OPINIONS Under League of Nations Supervision Countries to
 Regain Prestige.

LONDON, July 7.-Sir Drummond Drummond-Fraser, organizer Of the International Credits Scheme Of the League of Nations, is immensely pleased with the reception 1t has met in Austria He says he can see only one serious obstacle to the sue cessful application of the scheme to all the countries now in financial difficulties and that is a psychlog- { ical one.
 ''The trouble,'' he said, when re- gently interviewed, "is that the countries are so unwilling to admit that they need international finan- cial assistance. They seem to feel towards it much as individuals dc .poor-law' relief It hurts their na- tional pride to admit that they are impoverished by the war. or course, he added, If we can make the great success of the rehabilitation of Aus tria which I believe we shall make it will be different. People will then see a country which has been brought to the lowest depths oi bankruptcy gradually becoming prosperous and contented again as the result of our bringing its in ternaI posi- tion to the condition in which the International Credits Scheme can be applied. They will see the currency stabilized and that is one of the most important factors in connection with credit and trade
 Afraid of Credits.
 Tt may sound paradoxical, he continued, 'in talking about 8 country in the position of Austria to say that credit is sometimes not worth having. But that has been exactly the case owing to the f1uc- tuations of the Austrian exchange To my personal knowledge there are traders in Austria at this moment who have been offered credit-this was before the proposals of the International Credit Scheme were put, forward--and. simply dared moi take the risk of accepting because they did not know what the ex change was going to do next
 Tn my short stay of three months a fuctuation took place whicf would inevitably have bankruptet anybody who had tried to do busi ness on a large scale. On the day of my arrival I cashed check anc got 2,60O kronen to the pound Be fore I left I cashed another check and the rate was 2,125 kronen tt the pound. The International Credit Scheme will put stop to this fiuc tuation and to the issue of un limited paper money. Whether ol not it can be brought back later tc the pre-war parity is a secondary matter The really important thine is to stop 1t from fuctuating."
 Questioned about further develop ments of the scheme, he considered that it might be efficacious in set ting Turkish finances on it's fee again and that it might well be em ployed by Greece. Bulgaria and Ru mania and possibly later by Poland
 Will Stimulate Trade.
 As far as the Great Powers ar' concerned he considered that tn, scheme was principally of import ance to America, France and our selves America" he said, Ifs now making great feature of mass production. To succeed with thi policy she requires unlimited mar kets. As for ourselves" he con tinued, "our European trade has al ways been enoromus,l especially il the Near Eastern countries, ant their markets are now completel. cut of. Previous to the war ou European trade amounted to 200, 000.000 pounds a year (pre-wa values). Today, however, just be cause Central and Eastern Europ are unable to buy from us, thi enormous volume of trade is fo the moment lost. The Internationa Credits Scheme, however, gives u the opportunity of getting it back