New Britain herald., 1925-08-05
PREDICTS GERMANY
 WILL GAIN POWER
Institute Speaker Sees Her Re.
 stored in 30 Years

Wllhamstown, Mass, Aug fF>-- Through "determined and relentless paving of her war indemnity" Ger. many will recapture her foreign markets and in 30 years Will have won much more than she lost in the war. Professor Edward A. Gay of Harvard said today In an address at the institute of political conference on the foreign policy of the United States.
 If the present forecast Of our experts is not too pessmistc we in the United States will at the close of this 30 year period be no longer exporters of food stuffs and raw ma teriaIs such as petroleum, Professor Gay said. We shall be seeking sup plies outside in intensely competitive foreign markets, with the handicap of a superior German trade organi- ration which We ourselves shall have done most 10 stimulate and estab- fish"
 Professor Gay pointed out that the repayment of this country's war debts would come in the form of commodities from Germany through France, England and Italy.
 "Germany before the period of payment is half over will pay from her own savings to finance the cap- ital needs of her own enterprises at home and abroad. and then the rep arations payments, increased by in- terest on private loans, will be in creasingly felt in the export of com modities," he said. Export prices will be depressed, inviting purchases from outside, while import prices in the United States will stiffen, thus facilitating imports and making ex- ports more difficult.
 Tt is possible with our great and growing international commerce that this movement of payments by Ger many may not be seriously felt by us. but 1t seems fairly certain that the effect of her outward flowing goods and services of her enterprises domestic and foreign, will be not merely the payment of reparations by the balancing of books and the tabuiation of trade statistics but the reesta hiishmnnt in the world of Ger man credit and German trade organ izations, the recapturing and exten- sion of her foreign markets and the continuous growth of her shipping, foreign banking and trade establish ments.
 "To such predictions the world shrugs its shoulders and thinks, Micauber- wise, that something may turn Up. But we shall wait and see"
 At 2 joint round table conference on the limitation of armaments and the Mediterranean area, Sir Fred erick Maurice of London said the United States must bear a certain responsibility for the smuggling of arms to the Riffs in Morocco,
 Al Paris in 1919 Lord Robert Cecil brought about the drafting of the convention of st. Germsin for controlling the traffic in arms" he said. When the convention came over 10 the United States, this coun- try found certain technical difficult ties and refused 10 ratify it. As 8 result the trade in arms went on and most of the arms accumulated dur ing the war are gone, Much of the supply went 10 native races, among these the Riffs"
 Sir Frederick said the Riffs were 8 very formidable enemy. He very much doubted if the French soT- ornmcnt envisag ged program Of con quest. They were probably willing 'o make peace with honorable terms provided there should be no inter terence in French Morocco,