New-York tribune., 1921-12-12
British Gloom
Fast Fading as
Sterling Rises
Settlement of Irish Prob
lem and Washington Con-
ference Doing Much to
Aid European Recovery
Confidence Is Restored
Conference ON Exchange
Stability Next Month Is
Expected TO Give Relief
From The Tribuae's European Bureau

~opSi i'ehN, AVA New NoTk tribune Inc.
LONDON, Dec. 11.--The depressing
gloom which has overhung Europe for
many months is being rapidly dissi-
pated by series of events chief of
which have been the Washington con-
ference and the settlement Of the long
standing Irish problem
1t may seem a far cry from Washing
ton to Berlin, but connection between
an improvement in Anglo-American re-
lations and Germany's financial and in
dustrial future is much closer than ap-
pears from a superficial examination.
What the business world has been
seeking is evidence of international
amity and good will
With confidence destroyed. business
morale reached an extremely low ebb
and international trade faded away to
comparatively nothing. Although
fundamental conditions remain as they
were month ago, a wholly new at
mosphere has been created. and in the
opinion of the shrcwdest Judges the
frst great step toward a general i'm
provement has been taken.
Big Political Issue
The settlement of the Irish problem
is not wholly satisfactory to all inter-
ested, but there is no fear that it will
be repudiated. 1t would be difficult to
exaggerate the Importance of the set
tlement internationally as we'll as TO-
callly. 1t is a political issue affecting
business conditions in a striking man
ner. The Irish war was a costly cam
paign for England, although the actual
money involved was trivial compared
to the sum lost through the Weakening
effect or British prestige.
The Washington conference, which is
halled here as q great success, has
done much to restore confidence. If its
success Is measured simply by the saw
ing IN dollars only small part of it's
value would be appreciated. Not only
has it reduced the possibility of an
States and Great Britain closer than
ever, not even excepting the period
when they fought together against
Germany.
That is not personal opinion, but
the view of Britons who occupy po-
sitions of great responsibility here.
W it h Anglo-American relations
strengthened by the conference de-
cisions and the Irish problem settled
the way is prepared for q new era in
international affairs. Great Britain is
the dominant nation of Europe, while
America is the most powerful nation
III the world. In the coming months
there will be many opportunities for
the two countries to co-operate fnan-
cially and commercially. although no
actual agreement along these lines
exists
Exchange Conference
America is expected to have an Of
tional conference called to study the
possibilities of stabilizing exchanges
the middle of next month. Fconom sts
seem agreed that stabilization--even
though the pound, franc and mark are
placed far below their normal value
will greatly improve trade Exporters
and importers will be able to deal on
a sounder basis and plan campaigns
instead Of living hand-to-mouth ex-
istence. The presence of official Ameri-
can delegates makes for greater con-
iGence.
AS stated previously in these dis
patches, Great Britain is now ready to
make new terms for the settlement
SHINES and Dr.. Walter Rathenau of
Germany, and Minister Loucheur, OF
France, were made in connection with
the British scheme to give Germany
a breathing spell.
During the week the pound sterling
has appreciated to the highest point
in the last two years, chiefly because
II ere is feeling that international
trade is about to revive and that the
general movement will be upward
The mark and francs also improved
for the same reason.
Unemployment is still widespread
but there are many hopeful signs OF
IN provement, and prices are slowly de-
scending.