The New York herald., 1922-11-25
MITCHELL RETURNS
A BULL ON EUROPE
Foresees Prosperity With Set
tlement of Reparations
Question.

Charles e. Mitchell, president OF tho
National City Bank. who returned re-
Gently from Europe, speaking yesterday
before the Bond Club In the Bankers
Club said that he could see no reason
for the vile pessimism about European
conditions" that is being circulated IN
this country, and he urged the bankers
and flnanciers OF the nation to Join him
in ''being q bull on the European situa-
tion."
II was Mr.. Mitchell's first public
speech since he became president OF the
National City Bank. His audience In
cluded partners OF j. p. Morgan q Co.
and Kuhn, Loeb & Co. and the heads
OF banking institutions in Boston, Phila-
delphia and Providence.
Mr.. Mitchell praised Georges Clemen-
ceau's motives in his Visit to the United
States and said that the Tiger is
merely asking the American public to
be intelligent and sympathetic toward
Europe and France.
Mr.. Mitchell said that he could not
conceive of Germany getting out OF It's
troubles unless the question OF inter-
allied debts is settled.
"I did not find." he continued, "as
found a year ago going about Europe.
that there was talk OF cancellation or
the debt. found common sense view
taken by the bankers Of European
centers and by the Ministers as well, q
view that 1t Is folly for America to
expect ap rompt payment of principal
expect u prompt payment OF principal
They are expecting, and I fully believe
that in due course we will respect their
view, that this debt should be carried
for a long term at a low interest rate.
Mr. Mitchell asserted that with a
settlement OF the reparations Europe
would enjoy real prosperity and marked
progress. FIe asserted that attempts TO
prevent the working OF natural eco
nomic laws by tariff walls are break
Ing down In Europe Just as they will
ultimately break down in this country"
A toboggan decline in francs as in
marks need not be expected, Mr..
Mitchell said. Further, French Minister'S
assured Mr.. Mitchell that they are fully
alive to the necessity of standing with
England and that break In the Anglo
French entente is unthnkabie.
Mr.. Mitchell believes that the French
people will never permit an obligation
of their Government OF France 60 go
into default and that in his opinion
French bonds are at ridiculous credit
rating Belgian and Scandinavian bonds,
he added. were in the same position.
Good old England can be trusted
at every stage OF the game, In MI.
Mitchells opinion. He continued:
Her budget from April to September
would show receipts over expenditures
of about G40,0OO.0O0. The income tax
has been reduced In the last year from
to 5 shillings to the pound, despite
which balance Is on the right side OF
the budget. with the big months still
to come.
"England's industry Is much better
than when I was there year ago. Her
factories, railroads and coal mines are
busy. IL saw something in the news-
papers yesterday about unemployment
in England. 1t Is not serious. 1t has
been up to now, but / consider the
seriousness of unemployment In Eng
land thing OF the past. Her labor
leaders, showing sound economic Judg-
ment. are refusing TO have wages adj
vanced to where they will kill trade.