Grand Forks herald., 1922-06-12
Wenzol Makes Comprehensive
Report on Annual Meeting Of
a....z The US. Chamber Of Commerce. e

) lCnited States didn't ratify those con-
ditions. And France now claims she,
must maintain large army. insist
on the maximum of reparations. and
keep Germany's industrial recovery to
q minimum. She views with alarm
the showing already being made IN
the Increased volume Of German
trade, though much Of it was fictiu-
ously caused through the initiation
process and considerable part of 1t
Is the result OF the partial dismember-
ment of the empire, changing former!
domestic trade to foreign trade.
Desires Of French.
"Of course, France has already cx-
pended huge sums to restore devas-
tated regions, in anticipation of the
receipt of her 52% of the reparations.
and she Is today almost on the verge
of bankruptcy. That, Nvery naturally.
adds to her desire to wreak her own
vengeance on the country that
brought her to such a pass.
''The problem, and it is a real prob
lem. is to get France to see that it
is not SO much a question as Mr..
Strawn put it, OF how much can Ger
many be made to pay but how much
and how fast can the Allies afford to
take.
1T required no complex or extern
sive methods of figuring for the
speakers to convince most Of the blsi-
ness men attending the convention
that German exports would have to
be doubled If the annual payment of
two billion in reparatons is to be
made. That would require the open
ing of the markets of the world and
the extension Of credit to her. The
conclusion was expressed quite free
ly that one of two things would re-
nv,ot
displace other countries in trade, or
lines of production must be opened
or extended such as the Allies had
never been able to compete in sue
cessfully. That, again, raises num-
Der of questions, viz: Who is to de-
termine what countries are to be dis
placed? Who is to point out the
lines along which Germany may be
permitted to re-establish herself?
enough goods to pay the reparations
demanded, how is she going to pay
for any imports? She must import
raw material if she Is to remain at
work. The whole situation is very
much aggravated by the fact. also.
,, that very large percentage OF Ger
man exports goes to European buy
ers. the percentages being rs in 1913
and S3 in 1920. Some of those buy
ers have already erected anti-dump-
ing barriers, and the credit of nearly
every one Of them is paralyzed.
''It is quite certain, as Mr.. Balfour
| pointed out, that neither the war
| debts nor the reparations can be paid
except through the vast and continu-
Gus efforts of the people of the vari-
Gus nations. This will require the
most strenuous labor, aided by im-
proved methods of production and
organizations; and. quoting Mr.. Bal
| four now, verbatim:
"In Europe two extremes OF con-
ditions, which we, ourselves, face.
are brought out in bold relief.
There has been literal swarming to
the capitals and other large centers.
\ There is an unwillingness to accept
lower wages or other jobs. The
m moving of labor from one district to
another has been prevented by the
complicated housing problem. And
the desire to relieve unemployment
| legislation which has aggravated.
rather than relieved, the situations On
the other hand there has been the
! alarming increase of effort to throw on
anxiety and strain through excessive
f, recreation and gaiety, sii Of which has
been decidedly detrimental to produc-
tive work, resulting in loss Of efficien-
! cy and the general 0emOranzauon OF
agriculture, commerce., industry and
| transportation-
American Business Outlook.
II expected to find some improve
ment in the situation with respect to
the general business outlook in this
country from that Of six months ago,
and was not disappointed. Aside
from the evidence which 1 could see
in Chicago, Baltimore, Washington
and New York, the approach of every
man who expressed himself on this
subject was optimistic. Every such
expression. however, was conserva-
tive. Although every one felt that
the corner had long since been turn
ed and several deplored the fact that
the average American seemed to cling
to the idea that it wasn't SO, Mr.. Hoov-
er was the only man who voiced the
thought that. we were really well out
of the woods Mr.. Hoover's more
optimistic statement is to be account
ed for in one of to ways. either by
the fact that he painted a much more
gloomy picture of the conditions exist
ing a year ago than any other man it