Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-05-26
WASHINGTON SEES
HOPE FOR EUROPE
IN AUSTRIAN LOAN
BY DAVID LAWRENCE
Ueased Wire Service to The journal. }
Copyright, 1928.


/ Ueased Wire Service to The Journal.)
Copyright, 1927
WASHINGTON, May 25.-TwC
events of the last twenty-four hours
have done more to awaken hope fol-
n real start on European reconstruc
ton than anything in the last two
months.
| One is the announcement that j.
P. Morgan and company decided to
go along with the bankers of Great
Britain, France, Holland, Denmark,
Italy, Sweden, Switzerland, Spain
and Belgium and float in America
SIS, 100000 of the s1SO,OOO,0OO loan to
rehabilitate Austria The other is
the elevation of Sir Stanley Bald
win to be prime minister of Great
Britain.
The first means that Central Eu-
rope is to be rehabilitated by all
countries working together, and that
| if the bonds of one former enemy
country can be floated in the United
States, SO some day may the bonds
Of Germany be floated, too. France
will watch with deep interest the
success of the transaction.
Ordinarily changes in the person
mel of the British government do not
| create more than passing interest in
Washington. The selection of Mr..
Baldwin, however, has created some
thing of enthusiasm.
Harding Well Pleased
President Harding himself has let
it be known that the choice is q mat.
ter Of great, satisfaction to the
United States. This means the gov
eminent here feels an assurance
about it's future official relations
with Great Britain which it has not
| always felt in dealing with unknown
personalities in London. Mr.. Bald.
win got personally acquainted with
the president and the cabinet. They
feel they know his type-a practical
man who deals directly and sensibly
with governmental affairs as he
would with business matters.
| Most all of the problems affecting
Europe are business problems. Most
everything that touches the policy
of the United States government also
affects Great Britain. An under.
OSLWScn LWO
helps toward getting agreement
with the others. America and Great
! Britain, working close together, can
| be of more practical help in solving
| the PREPARATIONS tangle and aiding
| Germany to her feet than any other
! combination of nations Any plan
| that Prime Minister Baldwin pro
poses will have a better chance OF
! American cooperation because he
proposed it-for he has won the con
fidence of the American government
a fact which is of immense impor.
lance to the European situation
right now.
| In this connection there are ru
mors that Lord Robert Cecil, who
has just returned to Great Britain
after successful visit to the United
States. may become foreign secre
tary under Prime Minister Baldwin
Cecil Popular in u. s. l,
Lord Robert won many friends
here. But he has always been a par
| ticular friend of the United States
1t was his skill and diplomacy which
managed to keep friendly relations
between the department of state an6
the British foreign office in the tick
lish days of neutrality when Lore
Robert was in charge of the British
| blockade policy. It was he who saw
| the wisdom of cultivating American
opinion from the start and his i'm
pressions gained in recent visit
will be of incalculable value to him
if he is chosen foreign secretary.
| The accident Of Bonar Laws i'll
ness which brought Sir Stanley
Baldwin to the head Of the British
| government, means closer relations
and practical negotiations on many
European questions between Amer
lea and Great Britain. The aim Of
the new British prime minister is
| practical business cooperation be
| tween nations, for he comedies he is
| not a diplomatist or a politician. The
| effort of the several nations which
are sponsoring the new loan to Aus
tria is to promote business co-opera
ton between world powers for the
| betterment of business conditions
| everywhere.
| President Harding has a deep III
| terest in whether business conditions
grow better or worse-his re-elec.
ton depends to no small extent on
whether prosperity continues. The
last business depression in America
followed the collapse Of the Euro
pean demand, and the drop in Euro
pean purchasing power through the
depreciation of her currencies.
New Road Opened
If the precedent established by the
unity of action of the bankers of
the world in helping to restore CEN
| trail Europe gets substantial back
| ing by the investors of America, the
| road to larger financial operations
| for the benefit of Germany directly
and France indirectly will be made
easier.
Only second in Importance to the
settlement of Americas debt ques-
ton with Great Britain is the an
nouncement of the Austrian loan,
The next steps undoubtedly will be
a practical plan from Prime Min.
lister Baldwin whereby America will
be invited to join in the settlement
of the Ruhr controversy and the
PREPARATIONS mix-up. The atmosphere
| is distinctly one OF raised hope as q
result of the change in prime min
! listers at London, and the significant
willingness of world bankers to co.
operate for the benefit of former