Evening star., 1926-10-20
TRADE MANIFESTO
SENSATION ABROAD
American Signers Declare
Plea Has No Bearing
on U. S. Tariff.

NEW YORK, October 20.-The mani.
festo issued by bankers and industrial,
lists of is countries. appealing for the
removal Of tariff barriers as n spc-
ciftc remedy for the financial and
economic ills of Europe has heen 70
ceived with praise in Great Britain anil
Germany, but with mild skepticism ir
France.
1t is stated in American financial cir
cles that in no manner or form may
he manifesto be considered plea for
Iree trade or as an invitation 10 the
hIteu states to revise its tariff policy.
one Wall Street finanCier asserted that
the American bankers who signed the
ma nifesto with bankers and industr rial
lists OF Europe probably did SO with tho
| idea of showing good faith in their
previously expressed desire to aid lEu-
rope in rehabilitating itself.
Berlin adviceS are that the idea Of
the manifesto originated last Spring
with Montagu Norman. governor or
the Bank of England. He conferred
with DR.. Iljalmar Schacht president
of the German Reichsba nix: Andrew
w. Mellon. Secretary of the United
states Treasury. and benjamin Strong
of the Federal Reserve Bank, New
York. They are said to have approved
it with slight notifications. During
Mr. Melons vacation some of th"S"
financierS had conferences at Antilles.
France.
No Tariff References.
John j. Mitchell Of Chicago, who
was among the Signers, said the doe
ument in no way referred 10 Amer-
can tariffs. Washington adviCes rep
resent President Coolidge as believing
that the tariff reform advocated CON
Germs Europe more than the United
States, because the standards of iv-
ing In Europe do not differ materially
and tariff walls therefore do not have
the same effect as in this country.
In London one view is that the
significance of the manifesto lies i'm
the weight of it's SiGnatorics. II is
argued in these circles that the mani
feStO is simply an appeal for tho du-
ing away of many barriers which
prevent the restoration uf F,uroucau
pre-War International trading aud on
change. Conservative papers con-
tend that modification of tariffs 10y
France, Germany and the UuitcI
States is highly improbable. Liberal
papers call it an impressive free trade
declaration.
Boosts Berlin Stocks.
In Berlin the publication of the
manifesto caused Il big jump i'm some
SlONhS, ] Is>cS dS llEIl it~ ID lh'I vent
having been registered. Most of the
Berlin newspapers regard the duru-
ment as an admission ny leading bank
erS and investors of the world that
the present sorry state of the worlds
trade and commerce" is mainly due
to the economic clauses of the Yer
sailles treaty. British initiative in tire
plan was stressed in German com
ment.
French political and commercial cir
cles regard the document as we'll
meant. but CtOpian.
Lucien ROmier, economist. in the
Figaro finds the idea of bringing the
different economic systems of Europe
into line an excellent one, on COndi-
tion that the operation is begun by
equalizing the burdens and debts not
only between European nations. but
between them and the United States
The Nationalist Echo de Paris sees
in the manifesto "a maneuvcr directed
against the peace treaties.