Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-08
BOOTH DEFENDS
/. AMERICAN TARIFF
! euaranty Trust official Also
argues EavOrabIy on Gold
ssue Before ehambsA

s.
I, A defense Of mo American tartff
Ind an argument against the conten-
zion that this country is accommodating
reserve gold stocks 10 the disadvantage
Of the rest of the world were sounded
last night by Willis H. Booth, New
York banker and former president oil
the International Chamber OF Com
n1erce. at banquet Of the chamber,
Booth, who is vice president Of the
, GUARANTY Trust Co. addressed his re-
marks to the European delegation.
With reference to the tariff, the
sneaker said that where any sched-
niles proved Objectionable an approach
to a remedy was at hand by appeal 70
the Tariff Commission. He cited in
nroof of the efficiency OF such action
the recent appeal of Netherlands
merchant which he said resulted IN
satisfactory adjustment.
True. this represents only n start, ne
said. but added ION all great things we
must have start"
Answers Gold Critics.
Getting into the question OF gold. ne
said. Let me say that our combined
net income from foreign Investment ac-
counts from all sources averaged Tor
fhe five-year period from 1925 to 1923
elirhtly more than seven hundred mil
lion dollars per anrIim. From tins we
must deduct our per annum oenclt on
commercial and donation account OF
more than two hundred million dollars,
leaving us an average of five hundred
million dollars per annpm as our net
balance available ON our total inter-
national investment and business &C
count. excluding, Of course, capatal
transfers.
"Under normal circumstances, this
d the amount that would have been
available for permanent investment
abroad from our international transac-
tons. On the assumption that we nave
had about a billion dollars more gold
than we needed, 1t might be q fair as
sumption to state that during this Ave-
wear period we should have invested
abroad an additional two hundred mill
lion dollars for each Of the five years
in question" As
pinch Hitting for Young.
Booth appeared. as he said, to pinch
hit for Owen d. Young, who was
forced to remain away from the gather
ing by the illness of his mother and
Prior to Mr.. Booths speech, Georges
InSuLlSs Ict4IAhs PceASaSn0
chamber and former premier OF Bel
GUM. reminded his audience that the
CHAMBER does not deal with political
questions. and counseled patience.
Another speaker was Alberto PTeih,
Italian industrialist and honorary
president Of the chamber.
DR.. Carl Bergmanns declaration on
debts and reparations YESTERDAY aiter-
noon was the most direct that mas YET
marked the Congress. Or. Bergman
is q former German secretary OF state
and finance, g
In summing up, ne said. the repaEas-
tons Is not yet settled. II stlll awaits
q final economic solution. A
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