Evening star., 1926-10-19
WORLD F|NANC|ERS
URGE REMOVAL Of
BARRIERS TO TRADE
Postwar Tariffs and Other
Restrictions Seen Hinder
ing Europe's Recovery.
MORGAN AMONG GROUP
SIGNING STRONG APPEAL
New Border Rules and Extreme
Nationalism Scored-Imposing
Names on Manifesto.

NEW YORK, October IA re-
markable plea for removal of the tarlll
barriers and other restrictions upon
European trade was issued here To-
giay over the signatures of scores OF
the leading finaLciers of Europe ana
a half.doZen Americans headed by j.
q. Morgan.
There can be no recovery In Eu
rope. the manifesto declares, until the
politicians realize that 'in time OF
peace our neighbors are our custom
ers and that their prosperity is
condition of our own well being"
The full text of the manifesto tol'
lows:
Speaks as Business Men.
I'VE desire, as business men, to
draw attention to certain grave ana
disouieting conditions which. in our
Judgment. are retarding the return
to prosperity.
ut is difficult to view without DIS
may the extent to which tarlfr par
riers, special licenses and prohlnltlons
since the war have been allowed 10
interfere with international trade and
to prevent it from flowing in its natu-
raj channels. At no period in recent
history has freedom from such re-
strictions been more needed TO enaple
traders to adapt themselves to new
and difficult conditions. And at no
period have impediments to trading
been more perilously multiplied With
out true appreciation of the eco
nomic consequences involved.
"The breakup of great polltlcal
units in Europe dealt a heavy ploW
to international trade. Across large
s,, vx-hi inh2 Infants
been allowed to exchange their prod
ucts freely, a number Of new from
tiers were erected and jealousy
guarded by customs barriers. Olu
markets disappeared. Racial ami
moSitieS were permitted to dlVloe
communities whose interests were
inseparably connected.
Chaotic Situation Shown.
"The situation is not unlike that
which would be created If a confede1a-
ton of states We're to dissolve the
ties which bind them, and 70 proceed
to penalize and hamper, instead OF
encouraging, each others trade. Few
will doubt that under such conditions
the prosperity of such a country
would rapidly decline.
ITO mark and defend these new
frontiers in Europe, licenses, tariffs
and prohibitions were imposed, with
results which experience shows al
ready to have been unfortunate for
all concerned. One state lost it's sup
plies of cheap food, another its sup
plies Of cheap manufactures. Indus
tries suffered for want Of coal, fac
tories for want Of raw materials.
Behind the customs barriers new
local industries We're started, with no
real economic foundation, which could
only be kept alive in the face Of
competition by raising the barriers
higher still.
RAILWAY rates, dictated by politi-
cal considerations, have made transit
and freights difficult and costly.
Prices have risen, artificial dearness
has been created. Production as a
whole has been diminished. Credit
has contracted and currencies have
deprecated. Too many states, in pur-
suit of false ideals of national in
terest, have imperiled their own well
fare and lost sight of the common
interests of the world, by basing their
commercial relations on the economic
folly which treats all trading as a