The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-06-05
rHE ogNoA CONFERENCE.


The Genoa conference has definitely
shown that international economic re-
formes cannot be expected from min
listers whose political careers depend
on their success in advancing the ir-
reconcilable demands Of their own
countries, the National bank Of Com
merce in New York believes. 1t is also
evident that Europe appears unable
to readiust her international debts
without the cooperation Of the United
states.
1T is too soon 10 know what the
ultimate effects of the Genoa confer
y ence win be-" the bank says in its
magazine, Commerce Monthly for
June. Three facts, however, stand
out. In the first place, it now appears
too much to expect that the ministerial
heads. whose political life depends on
maintaining the conference Of ma
iorIty Of their constituents, will en-
danger their control at home for the
sake Of practical international economic
programs. At least 1t may be said
that an approach to cooperation by po-
~aigical representatives Of governments
sufficient to accomplish practicable
settlement, appears extremely doubt
full so long as the claims Of important
European countries are so irreconcil-
able as they now appear.
until broad campaign OF educa-
ton can bring to the masses OF voters
a comprehension OF the utter imprac-
ticability OF the full economic and fl
nancial claims of the several nations
we cannot expect political solution
s5of the European problem.
Indeed, the striking way in which
this truth has been brought to light
at the Genoa conference raises the
question whether after all the greatest
accomplishment OF that conference may
not be the final recognition that the
great problems must be worked out
chiefly by conferences of economic
and financial experts. 1t is now ex-
bected that numerous smaller confer
veuces Of experts will follow the Genoa
conference, the most interesting Of
which is that OF the representatives of
Ntha great banks OF issue. The meeting
OF these experts offers promising step
towards a solution OF the great Euro
pean problem.
THE second outstanding result Of
the Genoa conference is the renewed
confirmation that a very large part Of
the difficulties that are responsible for
present political RECONCILIATION IS
found in the International financial OBJ
legations. No plan approaching prac-
ticability has yet been proposed that
does not involve a read1ustment of
these obligations.
'TThe third outstanding fact Is that
Europe appears unable in herself to
accomplish the readjustment OF the in
lernational debt situation No compre-
hensive plan OF readjustment has been
proposed that does not involve either
ro-operation OF the United States in
2he readjustment OF these obligations
or large loans from this country to
Europe.
Just now or when the United States
win find in Europe conditions which
will render II practicable for her to
lend all needed help cannot now be
forstold. However, the prospect that
American financiers of high standing
are to enter into conference with their
colleagues in Europe is reassuring.
Notwithstanding the magnitude of
the differences which have appeared
at Genoa, there is still hope that the
effect Of the conference viii ultimate
" be to clear away some OF the un-
certainty that has blocked earlier
agreement. The history OF the con-
ference. however, shows that in the
past we have not exaggerated the
magnitude of the European problem
and that the solution viii can for the
greatest possible degree OF coopera-
tion on the part OF all nations. includ-
ing the United States"