Evening star., 1932-04-03
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medium or long-term discount societies
to develop their scope, an international
rediscount institution would be founded
to function in close agreement with the
Bank of International Settlements.
This institution itself would secure its
capital by issuing long-term loans.
We are confronted with a strange
phenomenon. In spite of the hatredS
and rancors left by the German occu-
patton the Belgians as whole. with
the exception of trif1ing fraction of
"nationalists. have come to understand
sooner than the French that the trouble
with postwar economy is that there
has been too much tribute and too
little investment.
In Belgium. and mainly through the
influence OF men like Francqui, it has
been realized in spite of the war
grudges that a Franco German under
standing Is essential TO a return Of
prosperity because otherwise Germany
will be unable to secure capital.
The same diff1culty-Francqui has
frankly agreed with me in talks about
the Soviet problem-applies in the case
Of Russia, which at this stage of her
development ought to be borrowing
country. Both countries are trying to
compensate for their lack Of capital
liquid In the one case fixed in the
other-by a policy of excessive exports
which threaten to become a disturbing
element for Europe
Understands the Crisis.
The world crisis is more political nd
moral than economic. This Fra Gul
has understood at once, because his
life, his mental formation are essen
10 " int a =, -
be ready to acknowledge when In
reminiscent and confidential mood that
he learned more about the world and
human nature when he worked as a
pioneer for the second King of Belgium
Leopold II, in China than in many
OF his later governmental and financial
leading posts 1t is through their world
experience that men like Francqui have
learned that the present economic life
of the world no longer permits the
existence Of tight compartments.
That is why I always feel, when
meeting Francqui during my rather
frequent visits to Belgium. that he is
one OF those rare great citizens of the
world such as Europe used to have
at the end of the eighteenth century,
but who disappeared in the nineteenth
as a result of the struggle for the
awakening of nationalities.
Perhaps he has been lucky in being
born Belgian. When l see the lini-
tations under which even the best OF
the present European statesmen be-
longing to the great powers labor Il
speak, Of course, of the serious ones,
not of the political adventurers and
movie" stars or of their servants and
emissaries), 1 am inclined to admit
that our big old European nations
seem less likely than the small ones to
accomplish a work of international
reconciliation. They are, perhaps. too
much engrcssed in the Importance of
their national traditions and interests.
can never forget that 1 had never
heard of Francqui until 1 went to
China In 1911 as Italian Minister.
Well. when travelling from Peking to
Hankow, when talking about common
European friends with experienced
Chinese officials and statesmen, one of
the names I most frequently heard
from them was the name Of this Bel
gian, Francqui; to them he was not
only type of Aryan directness, but
also of Aryan fair play and loyalty.
Francquis memory had remained alive