Evening star., 1923-04-14
FINDS EUROPEAN
INDUSTRY HUMM|NG
Julius Barnes on Return Sees
Revival Leading to World
Trade Expansion.
By the Associated Press

by the Associated Press.
NEW YORK, April IA note of
optimism regarding industry i'm Eu-
rope was sounded by Julius H.
Barnes, president of the Chamber of
commerce, when he returned on the
steamship Mauretania after attend
ing the second congress of the Inter-
national Chamber of Commerce in
Rome.
with the revival of European in
dustry. the expansion of world trade
us clearly marked" he said "A
greater overseas commerce for mer-
chant fleets with advancing rates
promises to save ocean carriage from
threatened bankruptcy.
Expanding employment and in
creaslng production are enlarging the
margin of savings i'll almost every
country, in spite of the shocks of
Lausanne and the Ruhr. In the face
or pubic finance and governmental
policies that must still be set Alright,
the basis of individual living is clear
ly advancing"
He added that Europe. besides it's
savings, was embarking on many
new industrial enterprises.
England, Italy, Austria. the near
east. Africa and the orient all show
signs OF progress. Austria, he added,
suSpendinS for two years a period of
destructive SocialiStic tampering
with trade processes, is clearly on the
''iNi'o uHuti tUt OF the
league of nations. The Turkish peace
soon VIII be completed and the Ruhr
test of endurance will be solved by
common sense and fairness.
Europe is like vast workshop,
awaiting the turning on of motive
power and when this comes, as come
II Will III some way and soon, Europe
VIII repeat in lesser degree the in
dustr1al and commercial recovery of
Aperica.
business men of the world at Rome
including the group of 100 Americans,
expressed unanimously their convic-
lions as to the essential principles
that must be finally recognized in a
lasting and effective settlement of
postwar problems.
Briefly" he said, the position of
American business judgment there,
was that essential indeed, as is the
amount of reparations and debts
gram OF payment, that more i'm
portant than these definite details
was the treatment Of those questions
IN such d manner as to create condi-
ions III which there should be
security for industry and safety for
investment. There must be some such
settlement of the questions between
nations recently in conflict and ma
tions recently in alliance. that there
should be framed the inducement
which inspires efforts in good faith
and the conditions under which those
enorts can be made productive Of
human accomplishments"
American Effort.
The American effort at Rome" he
continued. was to lay down. with the
approval Of the business conviction
of the world. the conditions under
which individual effort. inspired
liquidate war burdens and in the
process create that trade community
OF feeling and interest which makes
the eruption of war less imminent"
On the subject of reparations. he
said. ii was declared that Germany
should recognize its obligation to
make restitution OF wanton damage
done TO the fullest extent of its
wealth. resources and earning power
THAT" he added. with the
determination of the amount so
ascertained. should be coupled with
some method of certainty of pay
ment and with both these require
ments some method of assuring the
security of France against similar
aggression in the future.
Wow. il the German people are
Indicate. and If France is ready in
good faith to recognize these re-
quir, mcnts as the only proper claims
Er :ng out Of the allied victory
Inst the aggressor, then there
must be some way 10 make these
secure outside OF the burden of an
army Of actual occupation, discourage
ing To industry. and imposing a first
charge exceeding one hundred million
dollars per year which should be
used instead to reimburse injured
France.
was declared that the ability of the
debtor to pay was as much a proper
factor in the consideration of this
item as in that OF reparations itself.
There should be also a recognition of
the effect on the ability of allied
debtors produced by a re-survey of
expected reparation payments.
The congress especially declared
against general cancellation or re-
mission OF debts, asserting that the
high Standard of integrity in inter
national obligations must be main
tanned.
| ION the question of international
J budgets the old truth was declared
that national finances, as individual
| finances. must preserve sound re-
| lation between income and outGo,
with the added provision that In
come derived from taxation should
{ not be carried to the extent that II
stified the incentive to enterprise and
! to industry.
| The congress also especially de-
clared that as a matter of principle
current government expenses must
not be met by the issuance of paper
money.
ION the question of national credits.
| the congress especially condemned
| intergovernmental loans because of
! the political influences which accom-
pany them. and 1t expressed the con-
| viction that the elimination or IN
j fation and the attainment of sound
national finance must precede inter-
national credits.
ION the question of exchanges the
congress condemned artificial stabili-
zation as dangerous and expressed
| the view that the ultimate goal
should be sterilization under natural
processes at the gold value basis.
Necessity of Conference.
Having thus expressed those sound
economic laws which must be recog-
nized in comprehensive settlement,
| in order to provide the foundation on
which earning power may itself Gre
ate the liquidation of these war bur-
dens, the congress proceeded to state
that for the purpose of such general
settlement, some form of interna-
| tional conference was necessary and
! inevitable.
an international committee to further
| the incorporation of these business
principles into "a comprehensive set
| tlement at the earliest possible mo-
ment, and that committee Is already
actively at work
Mr.. Barnes asserted that in Europe,
as well as in America, there is be-
ginning to be recognized that ma
| tional prosperity. as well as lndivid-
ual accomplishment rests on preserV-
| ing conditions under which there is
| incentive to Individual effort.
"In the discovery in Europe, he
added, that state ownership and
| public ownership of utilities IS