Norwich bulletin., 1922-10-27
Economic Problems Result of World WaF


 Now York, Oct. 26.-Application of sound economic and business principles to the immediate settlement of the German reparations problem is the only hope for adjustment of the European chaos, A. C. Bedford, chairman of the Standard oil Company of New Jersey said tonight in an address prepared for the convention of the American Manu- facturers association.
 MT. Bedford declared that resumption of American foreign trade dependeu upon the immediate solution of the Eu- ropean economic problem, which, he said, had been left too long in the hands of incompetent politicians who had aggravated instead of helped the Iifficulties.
 "Is it not time" he asked, ''to aban- don our efforts to decide this ditncuit snd complex question merely on the oasis of what we believe will be popu- lar, and make up our minds to study these problems in the light of oconomle facts and sound business principles?
 Hasn't the time now arrived wheE :he business men of the world shoul1 assert the right based upon the.r knowledge and experience and their ln- terest. to come forward and state in no uncertain terms that the vital problems now so seriously disturbing the peace and prosperity of the world shall now be settled upon sound economic prin- ctples. principles which will promote tae peace and welfare of mankind rather than primarily the popularity of, inGi- siduals of political parties?'
 Europe's difficulties. arising from the war. were further complicated by the Treaty. of Versailles, MT. Bedford as serted. Incalculable suffering, he said resulted from the supposedly efilcieht settlements, notably the settlement ot German reparations.
 The key to all postwar problems, to obstruction of a standard of value +c destruction of credit arrangements, lies, said MT. Bedford, in the matter of rep arations. He pointed out that France and Italy are declaring that their re- covery depends upon the collection cf reparations and that Germany declares that she cannot pay.
 Turning to the international debt problem which he said was disturbing not only the peace of the world but a'- SO the progress of civilization, Mir. Bed- ford declared that the doctors differ as to the diagnosis, and leave the mat ter in as great a muddie as ever. And. he added. another factor in the situa- ton which was worrying American bus mess men was the danger of dissentiou among the allies.
 '-rhere was aay of light few days ago from Paris" he continued when the newspapers reported that the French government had at last de- cided to abandon it's purely political at titude with reference to separations and Germany's capacity to pay, and had de c.ded to invite the nations of the world to establish a commission of business men who would determine what in fac' as a business proposition was Ger many's capacity to pay"
 Discussing American foreign trade Mr. Bedford stressed the importance o manufactured articles in this trade. H' said that there was a good market fol such exports in non European countries and that this market constituted an ave nue to prosperity which could not D. ignored by American business men.
 And I venture 10 observe" he de clared. that in spite of the grea' amount of discussion in recent year