Evening star., 1923-05-24
HOPE / ] FOR EOROPE'S
| RECOVERY REVIVED
Morgan Efforts for Austrian
Loan and Baldwin Appoint
ment Good Signs.
ny DAVID LAWRENCE.

TWO events of the last twenty-four
aours have done more to awaken
hope for a real start on European
reconstruction than anything IN the
last two months. One is the an
nouncement that j. p. Morgan co.
decided to go along with the bankers
Of Great Britain, France Holland.
Denmark. Sweden. Switzerland, Spain
Belgium and Italy and float IN
America s25,o0O.O0 of the slS0,o0O,
O0e loan to rehabilitate Austria Ihe
other is the elevation of Sir STANLEY
Baldwin TO he prime minister OF
Great Britain. ,oo
The first means that central Europe
is to be rehabilitated by all countrtes
working together and that II tne M
bonds OF one former enemy countIS
can be fioated in the Unitel Sta.es'
so some day may me poEr rsrca will
watch with deep interest the suceeSs
Of the transaction.
Baldwin Popular.
Ordinarily changes III the perEon,te'
of the British government 90 hoe
ate more than passing lhterts'
Washington. The selecIloi onne.
Baldwin, however. has created some
rpine of enthusiasm. President HaIo
ing himself has let II be known tna'
the choice is 4 matter or Sleat ,SS.i
fsfaction TO the United states ms
means that the government mere ices
N assuranCe about its future ofnclsi
relations with Great Britain whicn ~
has not always felt in deahns W.
unknown personalities IN Lohooii. ~
Baldwin got personally aeaudtil;nt
With the President and the caoinet'
They feel they know his type-s
nractical man who deals directlE anu
sensibly with goNernmentai audH 90
he would with business matters.
Most all Of the problems dheS,tts
Europe are business problems; Moss
eyarythinrr that touches the po!lcS ei
the United States government also az
fects Great Britain. An understanding
between two countries heips 10Y
getting agreement win othG-
smerica and Great Britain working
close together can be of more pract'
cal help in solving the repd d 'toit Hlt
tangle and aiding Germany 10 her zee
than any other combination OF na
ions ANY plan that Prime Minister
baldwin proposes Will have a DetteF
chance of American cooperation pc
cause he proposed it-for ne mas 80, %
the confidence OF the amer 90 .eos,
f-nnortance to the European SITUATION
right now. . ava rumors
tbst Lord Robert Cecil. VINO mas 'u9'
returned to Great Britain S.n+.s nav
cessful visit to the United states. IN"
become foreign secretary under frMilHe M
Minister Baldwin. Lord KooerI WIN
many friends here. But ne mas
ways been d particular M tf1enG sit,i, u and
United States. II was his skill anu
Diplomacy which managed 10 ~
friendly relations between the DepaLl
1nent OF State and the Brltlsn loi
Office in the ticklish days OF neutraI-
NV when Lord Robert was IN charEe
~ the British blockade policy. IL
was he who saw the wisdom OF cui
,iyating American opinion from the
start. and his Impressions gained IN
a. recent visit will be or ihcalSulaple
value to him If he is CHOSEN ioies
secretary.
Betters Relations.
The accident of Boner Laws illness,
which brought Sir Stanley BALDWIN TO
the head of the British government.
means closer relations ana pn pracotca,
negotiations on many European
questions between America and Great
Britain. The aim of the new Brltlsh
prime minister is practical business
cooperation between nations. TOT ne
concedes he is not a diplomatist or
politicfan The effort of the SeVeral
nations which are sponsoring the new
loan to Austria is TO promote business
cooperation between worlo powers
for the betterment of business condl-
tfons everywhere. President HARD
ing has a deep interest in whether
business conditions grow better OF
worse-hiS reelection depends 10 no
small extent on whether prosperity
continues. ;,
The last business depression in
America followed the collapse OF the
European demand and the drop IN
European purchasing power through
the depreciation of her currencles.
If the precedent established by the
unity of action of the bankers OF the
world in helping to restore central
Europe gets substantial backing by
the investors of America. the road
to larger financial operations for the
benefit of Germany. directly and
France indirectly will be made easier.
Next in Importance to the settlement
of Americas debt question with
Great Britain is the announcement OF
the Austrian loan. The next step
undou btedly will be a practical plan
from Prime Minister Baldwin where
by America will be invited to join in
the settlement of the Ruhr contro-
versy and the reparatlon mix-up.
The atmosphere is distinctly one of
raised hopes as a result of the change
IN prime ministers at London and
the significant Willingness of world
bankers to cooperate for the benefit
Of former enemy country.