New-York tribune., 1921-10-07
Hoover Urges
international
Bank Parlev
Help for W orld Trade and
Adjustment of South
Europe Economic Stu.
alton Are Basis for Call

A concert Of international banking
resources. to which the Federal Re-
serve Bank in this country, the Bank
OF England, and the banks Of Spain.
Italy, France and Amsterdam would be
parties, to stabilize exchange and
world credits, was suggested last night
by Herbert Hoover, Secretary Of Com
merce, as means to rehabiltate the
economic situation, especially In South
eastern Europe, and to restore world
trade to normal
Their guidance and supervision"
he said,, addressing 600 members Of The
American Manufacturers' Export Asso-
clat'on ct their annual banquet at the
Waldorf Astoria, "indeed might en-
courage not only local capital, but such
private foreign capital as might be
necessary to currency rehabilitation in
each case. And through such action
there might be guidance in fiscal
policles IN some Of those countries
that arc the very premise OF stability.
Stabiiizing Plan Urged
due TO the many political currents
that flow through all this area, there
seems little prospect that a possible
balance OF exports and imports can be
brought about by political action. Yet
some effort in these directions is at
least worth plan at the hands OF the
great banks Of issue, for against them
no one can bring the charge of other
interest than that Of economic stability
TO the world as whole"
Mr.. Hoover held out hope Of much
good to come from the unemployment
ncndations OF the conference had been
received with approval Communities
already are at work solving their in
dividual unemployment problems. he
declared, and throwing the burden Of
working out of the depression on to
the moral courage cf the people, as 8
whole ut is from the great qualities
OF our people, rather than from the
government" ne added, that our re-
covery will come, and with the effort
OF each and every one of US it will
conc quickly"
lie reviewed some OF the evidences
OF business recovery at hand, aliuding
to the increase in production Of tex
tiles, coal, iron, steel, boot and shoes,
building materials and building con.
struction.
II do not wish, however" he said,
ITO be understood to say that we are
on the threshold Of any boom. We
have a long way to go to get back to
economic stability. We have vet to
go through with much readjustmcnt in
price levels, but We are definitely on
the road
Reparation Reform Needed
10 asserted that world stabilization
is awaiting the cessation Of the issue
of fiat money and the balancing Of ma
tional budgets. He criticized the rep
arations agreement with Germany and
stated that better arrangement OF this
matter must take priority if we are to
see stability in any of the European
currencies~
Gated the elimination Of The sur
taxes, excess profits tax and the So
called nuisance taxes for the stimula-
t;on Of industrial enterprise in this
country. In their place he suggested
manufacturers saics or turnover tax.
This apparently met with the approve,
of most Of his heareTs. Approaching
the tariff question, he asserted that the
majority Of the Senate 10 committed 20
protection, but realized that imports
are as necessary to our economic we'll
being as are exports.
He advocated method Of ofsetting
the dumping Of goods by foreign coun-
tries whose exchange had deprecated,
the power OF embargo by the President
or the Secretary Of the Treasury, or
both, when such dumping should be-
come q menace to American industry.
A quicker recovery in South America
than in Europe, with consequent
opening Of opportunities for American
exports, was predicted by John Bar
rett, forme- president OF the Pan
American Union. He deplorod tho
withdrawal Of representative and re-
sponsiblc American firms from the
South American export field, and as
serted that with the cooperation of
this country pan-Ame7ican commerce.
which reached total Of $1,000, ,000,O
in the normal years before the war.
viii grow in the next ten years to $4,-
10000 ,0O0.
If we want to develop our foreign
trade ]. Herbert Case, deputy gov
ernor OF the Federal Reserve Bank q
New York, told the manufacturing ex-
porters, VIC must follow the lend of
England, the great creditor nation Of
last year, III investing abroad the
profits OF our trade. He rAised a plea
against the erection Of barriers against
imports from other countries, assert
INK that they must be permitted to
produce ard to sell in order TO re-
habilitrtc then1selvea