Evening star., 1930-12-01

NOOnClnueQ from F1rSC PageO
have been misinterpreted, but It does
not indicate any departure from Amer
ica's policy of non-interference in Eu-
ropean affairs.
While a number of responsible people
In Washington believe that it would
have been wiser for Mr.. Gibson to abb
stain from voting, the official sentiment
is that the head of the American dele
CATION Is at Geneva to talk disarlna-
ment. He must defend the naval pacts,
since, in the opinion of the administra-
tton, they are the only real steps made
toward disarmament
Under the circumstances, it is as
serted, he had no option but to. vote
with the other signatories of the naval
treaties, while he endeavored to make
1t clear that his vote did not imply that
this country was interested in any
thing else but the naval pacts. The
State Department was quite emphatic
on this subject. We are at Geneva, 1t
was authoritatively stated, to talk dis
armament: anything pertaining to
armaments does not interest us, and
we are not willing to discuss them at
the present time. Neither are we will
ing to be dragged into such Discus
sion.
AAAAohANAAASo ASSAASsSA A1AAoCos
It is unfortunate that In certain
countries our policy should have been
misunderstood but the explanations
given should make our position under
stood and our action should cause no
further misgivingS.
The news reported from Europe, that
the United States has agreed with
France to form a financial bloc and
cease giving loans to European coun-
tries which might use them for arria-
ment purposes, is also scoffed at by the
State Department. The policy of Presi-
dent Hoover on this subject Is well
known. He has repeatedly announced
that the United States does not favor
any loans to foreign countries unless
they were to be used for constructive.
economic purposes. This policy has not
changed and is unlikely to change.
It is known here that Count Giuseppe
Volpi, former Italian minister Of finance,
is In this country to obtain q loan for
his various companies in Europe, which
have already received American finan-
ctal support. 1t Is also stated that
Count Volpi is discreetly talking with
certain bankers about loan of from
$100,000,000 to $3.50 100000 for the
Italian government. So far no banker
or group Of bankers has approached the
State Department on this matter. Con-
Sequently nobody can say what the re-
action Of the administration will be.
Some Obstacles Met.
For the time being Count Volpi is
experiencing certain difficulties in OBJ
tanning financial support for his private
enterprises. It is likely, that on ac-
count of Italy's economic situation. he
will experience greater difficulties If he
approaches New York bankers for a
state loan.
Banks, which have large interests in
Italy, very likely would be willing to
give Italy loan, but the terms would
be so onerous that it would be un-
dignifed for Italy to accept them. The
reluctance of American bankers to float
foreign loans is not due, it is stated,
to any Machiavelic scheme devised by
George L. Harrison, governor of the
New York Federal Reserve Bank, and
Clement Moret, president of the Bank
of France, but simply to the fact that
the foreign credit position on the New
York money market is such that only
an extremely solvent country can obtain
money today. The public is shy about
investing money abroad under the
present uncertain political and economic
conditions in Europe.
Copyright. 1930)