Show 11 a TR DE CHIEFS 4 mS GREE ON tiei WORLD MEET I v tr t Economists Differ on Value o t of 3 Conference Agree on J L Future Needs Copyright 1931 by the United Press Pres t NEW YORK July 24 Tariffs 24 Tariffs an ar another and other lher world trade barriers world dis- dis armament and cancellation of or wor orld wu war debts must be considered by f fu futuro rUt turo world conferences two intern recognized economists agree agreed today while disagreeing on results result pf Dr the world economic conference Just concluded In London Dr Dr Irving Fisher her In a statement to the United Press hailed the Lon Lot London don conference as a a great success It is Is however merely a first 5 stet P toward restoring world busine busin stability he said uld Colonel Leonard P. P Ayres ATeS of or Cleveland Clevland Cleve Clev 1 land nd said The outcome of or the world work conference Is b disappointing but nc not noi disheartening d He added the more mon fundamental problems relating t to reparations government debts t U to f. f tariffs and trade barriers will hayto hay have to be considered In future conferences confer I S. S CUT NEEDED 1 U. U i ii Fishers Fisher's comment added t thai a 0 i what was most needed was a are are- re n In the thc American tariff anc an anca ana and a a reduction In the debt owed to th the United States by the allies on condl Lion the allies correspondingly corr reduce re re- duce Germanys Germany's reparations bill blU Other world needs he listed Hated a as world disarmament and other a as of world peace including membership of the United States Ir in inthe the world court and the league o ol of nations nation The complete statements r By B IRVING FISHER FISHERI 1 I I 1 regard the London conference as U a great success It has added tc to the year one moratorium the assurance assur assure ance ante of renewal o of existing short short- term loans and so has laid the thc fount bun foundation bunI t I dation for term long-term loans Joans Without these necessary steps there might have bave been an immedi ate collapse of or German banking bonking industry industry industry in in- and government Such a crash crass would have bave had serious repercussion repercussions in all other industrial nations In eluding the United d States It would I have meant n further loss of or busl i ness neM confidence which added tc to toI the present morbid distrust and fear I would surely have deepened the de slon RESTORED CONFIDENCE Now Nov however er as soon as the term long-term loins loads are assured we may mat expect a great restoration of or conf confidence con con- f to so much needed for continuing contin the recovery recover which has Just Justi i shown hown sl signs ns of or beginning bc inning In the United States I believe however I that hat in order t to get et the best results much more will win need to be done The debt burden of or Germany has hasa a J been greatly Increased since thet the r t Young plan was adopted Although the debt has hns been reduced In terms lof Of or money It has been Increased ini in i terms term of or goods This because of the fall lall In prices In other words therise the therise I rise me In the value of money Moreover Moreover More More- t over the raised tariffs have also Increased In In- increased II l creased the difficulties of German Germanys Germany's s paying her deb debts In the final analysts analysis an International debts must be paid in goods Yet the theer er very nations which Insist on Germanys Germany's paying reparations and andt en on n the tM allies alUes paying debts debu t raised tariff obstacles against such J payment This fact among others has hM as driven Germany to borrow She J has really been pa paying creditor creditorS countries by borrowing of or them The S United States Is virtually the chic creditor nation of Germany sine since what Germany owes oves other countries Is owed In turn by them to the th United States FAVORS DEBT REDUCTION What Is 15 most needed Is a reduction reduce Lion tion In the thc American tariff and a reduction In the debt owed to the th United States by bj the thc allies said reduction re rc to be made on condition that tha the allies s will correspondingly reduce reduce reduce re re- duce Germanys Germany's reparation bill The Tb year one moratorium of all aU Intergovernmental debt has In effect fished this on a small scale It can cat canso be so accomplished on a larger tale scale b by Increasing the moratorium to two the more the better bet bet- five fl or fifty years the years lr ter r not only for Germany German but also for tor the United S States Stes tes and all con But the most straight forward va way would be to cancel intergovernmental Intergovernmental mental debts debt outright This Tills would b be good business for all nations For Fo Forone Forone one thin thing It would create good will wll willas willas as a business asset In foreign trade and for tor another It would save u us from unnecessary political entanglements entangle ments meats which unfortunately these debts are now noVo Inevitably causing anc anca and will a continue to cause as long as they exist even 1 If I. greatly reduced or post post- Toned Of or course the United States can car and Ind will ultimately recover from this thi depression in iii spite of all aU tariffs debts debt and uld foreign bankruptcies and ions But recover reco the Ule faster and Ind the farther the more fully we get ct rid of or the tariffs and debts restore re store tore confidence restore the price evel le eve and restore Its stability This means restoring and making permanent per manent the stability of or the ing ng power of oC the dollar the mark and money generally This means In n turn restoring and maintaining the tho stability of oC business OTHER THER STEPS FOLLOW V The London conference Is merely a i first step In this direction cUon Other steps tees must surely follow and among hem them should be in m my opinion world disarmament I and other assurances of world peace Including membership of f the United States Slates in the world court ourt and the league of or nations By COL LEONARD P. P A AYRES ARES The outcome of oC the London con eon ference Is disappointing but not disheartening dis dis- dis- dis heartening Since the close of or the war car representatives es of or the nations in in- have met in ha a a. long series of conferences d dealing with the economic economic eco eco- consequence of or that struggle and nd doubtless they will meet In man many more nore Each time some progress Is 15 made nade This Tills time only superficial and nd immediate matters were vere cousin consid ered red The more fundamental ones relating elating to reparations to governmental govern govern- mental debts deb and to tariffs and trade barriers will have to be considered In future conferences |