Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-05
FOREIGN SPEAKERS
{ SCORE WAR DEBTS
PireIIi Asks ReconSidering of
! Question and Briton Sug-
! geStS Cancellation.
Continued From First Page.)

N j., last week on the subject OF CdrlII
reduction and which had been the sub.
ject of controversy. He emphasized
that he was opposed TO the whole cub
ject of tariff being thrown open in
the next Congress.
Another highlight of today's session
was a vigorous attack on the stock mar
ket by Melvin A. Traylor, Chicago
banker.
Discussing depression in this country,
Mr.. Traylor likened floor trading to
plain crap shooting" and said that
the exchanges themselves should in
woke rules to curb the operations OF
the small spectators, who can 1ll-anord
to lose in the market.
cit would be most unfortunate to re.
open the tariff in the next session OF
Congress" Barnes said. American
business hopes that the administration
Of our tariff laws by the Tariff Commits
sion will go g. long way toward perma-
nently taking the tariff out Of politics.
Business, through the Chamber Of
Commerce of the United States, for
years has urged that the tariff be treat
ed as an economic and not as po-
litical issue Gradual adjustments,
either I'D or down. as may be necessary,
through the agency of the Tariff Com
mission, do not have the unsettling Ell
feet that accompanies a general over
hauling by Congress"
Pirelh, head of the Europe-United
States Committee, which for two years
has studied the question OF interna-
tional economic relations, told the con-
gress that in 1880 foreign trade values
declined for all countries, but the
shrinkage was less marked In the lead
ing European countries than in the
United States"
PireIH Holds Europe Gains.
This. he said, should not be inter-
ureted as indicating European pros
perity and American depression, but
rather as pointing to the economic VI
tally of the old continent"
Though its economic constitution
was so seriously undermined by the war
as to give the impression OF inevitable
decline, symptoms Of convalescence can
be noted In the last few years" he said,
adding:
Europe Is an invalid putting on
flesh, and this is reassuring symp-
tom"
taking up the question Of tariff, the
speaker said Europe regrets" the pro-
tective set-up in this country and
asked us the present level Of protec-
ton still so essential to American IN
dustry?"
The United States is more important
to Europe as a source Of supplies than
as an export market, he said, while
Europe, he added, is more important to
America as an export market than as
q source of supplies.
Discussing debts and reparations, Pr
relli told his audience that he pro-
r,osed TO 'Qet out of the flames" OF this
subject as quickly as possible. 1t Is diff
f1cult to harmonic the American ara
European viewpoints, the speaker con-
tinued, explaining that he proposed 10
treat the subject only from the eco
nomic side.
war Debts Affect Continent.
"I do not know what importance
should be attached to the argument
that interallied debts represent only a
sr-aII percentage of the value of Ameri-
can production. or Of the trade balance,
or of the American balance Of payments,
and that their effect on the American
economic situation It therefore tncon-
siderable." he said However this may
be. they undoubtedly exercise a very
notable influence on the economic SIT
uation Of Europe, and more especlany
of certain European countries.
con this account. II on no other. the
problem is one Of concern to the united
states. for If our studies have SHOWN
fine importance Of the European mar
ket to American economy, then the
question il and when the whole matter
should be reconsidered either in the
light of the retaliation OF gold, or Oh
the present world crisis. or otherwise,
Is one CT concern not only Tor the oepIoI
but also for the creditor, i.e., LOT tne
American farmer, the American wage
Garner, the American business man ana
the American investor.
"As I have already said, l DO not
intend to express an opinion on the
matter here. and am well aware OF
the diffculties and delicate nature OF
the problem. I would add only one
consideration, not as a European but
"a a business man who has many IN
terests outside Europe. Under present
circumstances psychological factors may
have A preponderating influence IN de-
ternining the course of events.
Now / would be bold to say that
reIblic opinion in America undertakes
repercussions of the problem OF inter-
allied debts, while perhaps european
public opinion tends to make them re-
sponsible for consequences OF all sorts.
However this may be, 1t is certain tnat
in Europe interallied debts nave oe-
pressing effect which goes lar beyond
the amounts involved, entailing eco
nomic as well as psychological reac-
tons"
Anderson Suggests Cancellation.
Sir Alan Anderson also saw world
troubles aggravated by trade. barriers
and asserted that to MAINTAIN tne
market, to develop and direct trade, tne
cerditor must lend, the SeIler must
buy"
REGARDLESS Of the fact that We have
great factories underemployed and mil
lions Of men unemployed, those coun-
tries Of low wages pertinaciously lnslsC
that TO produce does not help them in
their distress. they must sell and we
must buy" the Briton continued.
Moreover, they have incurred nteF-
national debts and they insist that, II
they are TO pay interest or principal. we
must buy their goods. and II we want
them 70 buy our goods we must buy
enough Of theirs to barter for our goods
and to balance the service OF our loans
A hard problem, indeed, for the creator
country with factories and men unem-
ployed. rude test OF Ialtn III tile siin
Die laws of trade.
would 1t perhaps be better to can
eel international debts OF political
origin? Great Britain as the largest
war creditor Cancelled great surplus
cf debts owing to her and the debtor
nations would vote for an extension OF
this policy. but the creditor hnds II
hard 10 accept as impartial the aoVlce
OF the debtor to forgive him what ne
owes.
Swedish IndustrialiSt Speaks.
"To cancel these international debts
would not Of itself cure the worlds
complaint though the settlement OF war
debts seriously aggravates the worlds
troubles In these hard times. OF the
large settlement in 1929. S4o4,000 600
from the world 10 u S. A., no less
than AZ per cent was income from war
debts. Must We then lament our dis
ease and despair? Must we continue
the practices which limit sales? Must