The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-06-02
Genoa Conference

Inc HcIOa SoHltttICc utllhiIS-
ly shown that international economic
;cforms cannot he expected from min
listers whose political careers depend
on thir success in adancIng the IRE
'onci!able demands of their own coun-
tries, the National Bank of Commerce
in New York believes. 1t is also evil
dent that Europe appears unable to
readjust her international debts with
out the cooperation of the United
States.
at is too soon to know what the
ultimate effects of the Genoa confer
ence will be-" the banks says in its
magazine, Commerce Monthly, for
June. "Three facts, however, stand
pears too much to expect that the
ministerial heads, whose political life
depends upon maintaining the conf
dence of majority of their c0nstitu-
ents, will endanger their control at
home for the sake of practicable in
ternational economic programs. At
least it may be said that an approach
tc cooperation by political representa-
tives of governments, sufficient to &C
complish practicable settlement, ap-
pears extremely doubtful so long as
the claims of important European
countries are so irreconcilable as they
now appear.
"Until a broad campaign of educa-
hr,n 10 hn nf
a comprehension of the utter imprac-
ticability of the full economic and
financial claims of the several nations
we cannot expect a political solution
of 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 great
est 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-
pected that numerous smaller confer
ences of experts will follow the Genoa
which is that of the representatives of
the great banks of issue The meeting
of these experts offers the most prom
ising step toward a solution of the
| great European 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 irreconciliatior
| is found in the international fnancia
Obligations. No plan approaching
| rracticability has yet been propose,
that does not involve a readjustmen
Of these obligations.
"The third outstanding fact is tina
Europe appears unable in herself t.
accomplish the readjustment of the in
ternational debt situation. No com
prehensive plan of readjustment ha
been proposed that does not involv
either cooperation of the Unite
States in the readjustment of thes
obligations or large loans from thi
country to Europe.
"JuSt how or when the Unite
States will find in Europe condition
which will render it practicable 70
her to lend all needed help cannot nov
be foretold. However, the prospec
that American financiers of higl
standing are to enter into conference
with their colleagues in Europe is re
assuring.
| Notwithstanding the magnitude O
the differences which have appeared
at Genoa, there is still hope that tn,
effect of the conference will ultimate
ly be to clear away some Of the uncer
tainty that has blocked earlier agree
ment. The history of the conference
| however, shows that in the past VIZ
have not exaggerated the magnitud,
Of the European problem and that the
solution will call for the greatest pos
sible degree of cooperation on tn;
| Part Of all nations, including the Unit
| ed States"