The New York herald., 1921-01-08

which nations at one time or another
have indulged.
There must be a higher standard of
business morality throughout the world.
There ought not to be cancellations OF
orders given in good faith. and under
no circumstances should there be
refusal on the part of a bank which has
issued an unconditional, irrevocable let
ter OF credit, to honor drafts drawn
against that letter of credit.
1T is necessary in order to protect
our home markets, to provide credits not
only for European nations needing our
goods but for other nations which pro-
duce' goods competing with ours. in
order to enable those nations also to sell
to Europe. If those credits are not pro-
vided. not only will the demand for
American goods in Europe fall off but
goods produced in South American coun-
tries and in Australia will be sent to
this country in order to get the benefit
OF our cash money.
The result will be not only an un-
saleable surplus OF American made
goods grown on American farms but
also the surplus which comes here from
other countries which ordinarily would
go to Europe.
NOW, as / have said, the first es-
sentialN for the restoration of world
trade Is the establishment of peace
throughout the world. ! think 1t highly
important also that the German repara-
tions be determined. / understand that
under the treaty they must be deter
mined by the first Of May, 1921.
Bar Against BOlshevism.
"As 1t stands now, while 1 am In no
sense German sympathizer-I am talk
t. l,.,f tAr ~ h..n
central Europe has a population of
nearly hundred million people-indus-
trial, commercial people-and they are
the Western bulwark against Bolshe-
vism. The Russian situation may take
years 10 cure itself, If 1t follows the
analogy of the French Revolution; 1t
may be three or four years before there
are anything like stabilized conditions
In Russia.
But the nations of central Europe
our late enemies and still, i believe, our
technical enemies in the absence of
ratification of the treaty of peace-are
sadly missed in the industrial and eco-1
nomic life of the world. When their
reparatlons are fixed they will know
what they will have to pay the allied
Powers will know what they are to re-
ceive. All nations then can arrange
their budgets and adjuSt their finances
accordingly.
II think the hope Of American trade
lies in the establishment of foreign
finance corporations as provided in the
Edge act =: and yet, to be perfectly frank,
that must be very slow and gradual
development. because foreign trade at
the present time is accompanied with
very many pitfalls and complications.
mo corporation can sell its deben-
lures or obligations to the public that
does not Immediately establish repu
tation for conservatism and security
rather than a disposition to do business
for volume without regard to security.
We nave to feel our way along gradu-
ally. and II and when a condition arises
when the investment market of this
country, which now shows signs of re-
covery. can be so strengthened and
when Europe can furnish attractive se-
surities and attractive investments to
Americans. then IL will be possible to re-
establish our foreign trade on a broader
basis.
You all know, In this great invest
ment centre of New York, how impor-
tant the investment market Is In the de-
velopment of unused and outlying re-
gions in this country Think Of the
great West, how that has been built up
with investments of Eastern money.
Here is devastated Europe. which must
be rehabilitated and reconstructed and
1t can best be done. not with temporary
ninety day or six month bank credits,
which do not fill the bill at all. but with
long time credits in the shape Of invest |
ments.
Then, as they gradually build them !
selves up by the use of this investment
money. they can restore their industries, |
reesta blish their commerce with other
nations of the world. and general world |
conditions will gradually work toward
a more normal condition.
Gentlemen. / appreciate very much |
the kind attention you have given me at |
this session tonight"
Those at the Dinner.
Among those present at the dinner |
were:
George T. Bishop Byron r.. Newton
Albert B. Boardman Il. w. Enrich |
Howard Bruce Adolph g. Ochs
Roland Benjamin +. Buchanan Owen
Arthur Bennett b. F. Pope
sprigg d. Camden George II. Putnam
Vincent A. Cullen Gen. Lawrason Riggs |
John Ross Delafield Frederick ]. Ross
f. NJ. Delano George L. Radcliffe
Is. w. Dudley John X Sague
J. A. Foley It. s. Schultz
John A. Griffin vi. r. Shriver
T. Edw. Hambeton Donald Symington
Judge Aug. N Hand John r. Semmes, Jr. |
Wallace +. Harvey W. A. Sinnett
Judge c. NJ. Hough T.. r. Stettinius
Birch Helms David Taylor
Walter James Kent Il. r. Tinker
Perry S. Laurence Clarence w. Watson
atnsfa .oAy ard Ir n