The Washington times., 1923-02-08

y. S. Chamber of Commerce
Head Views Prosperity
on. Horizon.
By ROBERT 8. THORNBURGH.
International News Service Staff
rorrAzuoudeut


Out OF European chaos, from po-
litical and economic turmoil will grow
industrial and commercial activity
hitherto undreamed of, Julius II.
Barnes, president OF the Chamber of
Commerce of the United States, told
the international News Service to-
day.
In spite of French occupation Of
the Ruhr and low hanging war clouds
over the Near. East, Barnes sees a
rift in the storm. He predicted that,
barring unforeseen catastrophes,
the day is clearly at hand when Eu-
ropean merchants may again use
their business judgment and world
commercial policies will be estab-
lished on a sound basis"
Barnes gets particular encourage
ment in the British debt negotiations
and the fact five nations, United
States, Japan, Switzerland, Holland
I and Sweden, are back to the gold
parity, with Great Britain approach.
ing this goal
Revival in Europe.
eft would require small further
progress now to set up conditions
where gold metal might move in set
Element Of international trade bal
anoes." Barnes declared. 1.-THE CON-
mercial world viii be able to base its
foreign commerce on the liquidation,
OF exchange balances by the flow of
gold in settlement and hazards will
measurably disappear. This would
eliminate many merchant risks and
would mean large overseas trade.
When that starts the revival in
Europe, with it's vast potential mar.
ket OF 800, Doc, 900 people, will pattern
after the Industrial revival now
clearly underway in America.
Europe needs chiefly re-establish.
ment OF peace and stable currencies
that employing industries can safe
" enlarge their operations with re-
sultant larger employment, to create
an increase Of buying power.
There is progress toward this con-
dftion in spite OF war scares and
PREPARATION CHAOS"
He remarked the chief obstacle to
American trade abroad lies in the
ductuating currency, hazard MAX
ing foreign merchants cautious
The instability, he said, arises from,
lack of definite plans to pay repara-l
ftons, doubts arising from the repa@-
ton of France and Italy, successive
war scares and the cloud of under
mining international obligations
the allied debts.
He pointed out in the trade shrink
age the American farmer suffers
first because farm products move in
great volume and are handled on q
narrow margin, such as one per-
cent for wheat.
Predicts Adjustment.
= Business men. however, know
there IL great vacuum of human
need which will establish Industrial
activity and employment on a scale
never before known when political
and economic difficulties are ad-
justed to a stability which enables
industry to function to restore earn
ing and buying power of Europe's
millions" Barnes declared. There
il rising tide of human production,
strong enough to advance against
the shocks and alarms of untoward
events, at least up to the point of
the catastrophe of a general war"
Barnes predicted a conference
when American representatives
would sympathetically attempt. to
adjust the destructive political and
economic practices of the old world.
He said the conference would find
q solution for the economic H. the
political, financial and economic err.
rors which hold back the rising tide
of world recovery, .a