Evening star., 1933-07-27
COX CITES RESULTS
OF LONDON PARLEY
Chairman Of Monetary Com.
mittee Defends Bank for In
a.
ternationaI Settlements.
BY the Associated Press.

BY the Associated Press.
LONDON, July 27.-The Bank for
International Settlements was upheld
by James M. Cox Of Ohio in q fnal
address at the plenary session Of the
World Economic Conference today as
providing . valuable means Of dealing
with the problem of international in
debtedness and future extension of in
ternational credits.
Speaking as the president Of the Con-
mer Ohio Governor said that I'VE can
easily foresee an entirely new order
created by the Bank for International
Settlements" which Is In Basel Swift
zerland.
"Of course, 1t can have no arbitrary
powers in these matters" Cox said. Its
services are simply available If desired.
II credits are to now only to sound
bases, the ultimate interests Of the
debtor will be advanced, and unsound
loans will be an exception"
He described the cynical view Of the
conference, but acknowledged that
much remained to be done and said he
refused to regard the parley as dead.
Cites Parley Results.
Regarding . possible time for reas-
sembling the congress, which adjourned
today. Cox said: Il do not know. but
1t patiently awaits upon the time for
an inevitable hour Of service. Gentle
men. you will be back in your seats, or
others Of your countrymen will be-"
The results OF the conference he listed
as:
"First, we all know through the
clearance Of national experiences what
none Of US knew of the actual state of
the worlds economic and social life
Second. no one denies that while
nationalistic policies designed to pro-
mote Q tranquil social state are neces-
sary temporarily. We do not give up
that broad vision which sees that ulti-
mate self-interest is best conserved by
fostering the general interest.
Third, there is not that divergence
Of opinion on important subjects that
might be expected. II we failed in some
background arising from the course of
events.
Fourth. we are agreed that not to
60 on applying the best endeavors of
concerted civilization would be the
saddest reflection on humanity in all
history"
Careless Credits Extended.
As the work Of the parley progressed,
Cox went on. it became apparent that
economic forces Of the world are at
grips and the situation could not be
cured In so days.
He pointed out that the World War
cost 165 billions Of dollars, whereas, II
based on present prices, it would have
been IS billions.
Inflated prices, he continued, lied to
credits to individuals and corporations
and governments, extended. in many
instances. with careless disregard of
that prudence which for generations
has been the safeguard for sound
finance"
Cox pointed out that committees
studied private Indebtedness and made
undoubted progress. He felt that the
first aid evidently Is a rise in COM
modify prices. The gradual working
out of . plan Of settlements necessarily
will require time, he declared. but It was
the general agreement that the matter
must have the continuing attention
necessary to stimulate constructive ac-
ton by debtor countries.
Cox did not give a detailed outline Of
the part the Bank for International
Settlements may play. but he said 1t
would be an instrument Of great value
and 1T Is my opinion that the Bank for
International Settlements will, through
its close contacts, give just that service
necessary to keep the matter moving to
q constantly improving status"