| Show J I I N I M N S S. I ib D' D P E ES F E S S' T T TU TI U U. U J F F F tTe By News PAUL pAU Be Behind MALLON nd th fhe N News ws I 1 WASHINGTON WASHINGTON InternatIonal International statesmen rejoicing over their French Anglo m in money o 0 n ne e y understanding are not fooling themselves as much as as their care carefully cate caie fully written public hallelujahs may indicate They are still hailing the agree agreement ement e- e ment as a first step toward a re Ie reviva revival re- re vival viva of world markets toward a world econ economic mic conference and ultimate world currency stabilization stabilization ration but are refraining from froIn estimating how many more steps will be required As a a. matter of fact tact all realize privately the ob objectives objectives oh- oh are far beyond the horizon horIzon horizon hori zon of their realistic vision at present No one wants to be tie realistic out loud at a time of rejoicing It is enough th that t three nations can I get together in a accord cord these days dayson daysen on oil anything But at the same S time business financial and peace workers should know that the official and unofficial authorities agree that the hope for world economic peace is much greater than the chance for it I J. J Promises r S For example Treasury Secretary Secre Secre- tary has ihas announced the French voluntarily suggested during durin the course of negotiations that they intended to take up the question of quota on imports This sounded as if the S barriers to trade with France were about to be opened S Mr neglected to mention the fact that France has always said the same thing and andS that there is a trick in it Her S position has always been that she would one oie day revise her quota S basis and at the same time revise her tariff rate That's the rub S There will be no need for for- quotas when her currency is adjusted but there will be a a. need for tariffs tar tar- S iffs and she will revise her rates promptly in accordance with the 1 best protective traditions The re result re- re sult suit therefore will be just about the same in n the end as far tar as our foreign tr trade de with France is con con- There will be one marked differ differ- ence ence American tourist travel will be resumed It was very low dur ing the period of ef distorted currency currency currency cur cur- rency relations ns The devalued franc will enable American tourists tour tour- to get almost third one more for their money It means American Amer Amer- ican women also aiso will twill buy more French gowns perfume and lux lux- uries This however does not mean reestablishment of world trade or anything approximating it S Deficiencies T cT To meas measure re the impossibility of ot world stabilization and the fu u of thinking about an economic eco economic economic eco eco- conference you need only consult a a. monetary expert be he Republican Democratic or Lem Lem- First there is the triplicate question of Germany Italy and Japan They cannot an ot stabilize They haven't anything to stabilize on en Their financial position is so uncertain and their currency ba basis basis hais ha- ha sis is so weak that they c cannot safely safe safe- ly discuss the matter in public Furthermore many an expert wonders whether they will ever be in a supportable international monetary position if if th they y continue con con- to waste what resources they have on armament and on unprofitable conquests over Ethiopia which bring no return Their currency is simply in no position to be adjusted even to Lemkes Lemke's and a few miracles will be required to improve it As far as the big three powers are concerned England and the United States will probably want to wait wale until the franc has found a natural level before broaching the subject of ef stabilization be be- be tween them This will require six months or a year or more In the meantime no one should consider the gentlemen's agreement agreement agreement agree agree- ment as anything more than an evidence of good feeling a prom prom- anS S iso ise among the three nations to todo todo todo do what they should do anyway without a promise a sensible helpful help belp ful working arrangement to meet meeta a a. temporary condition For the Best Military men have been doubting doubt doubt- ing that the Spanish government would try to hold Madrid after the rebels cut the rail line in the vicinity of Toledo They figured the Madrid crew would lilt hit the trail for a a. Mediterranean escape by auto and airplane leaving the populace to settle with the rebels as best they can Not much vengeance killing is i to result from front the rebel victory The revolutionists want to gain foreign sympathy and the authorities here believe they can establish a firm government Consequently Con Consequently Consequently Con Con- the international reaction reaction tion is s b be qui quieter J than if the loyalists had bad won France will frown but Ls is I in no position to do anything about it And it is ds 5 no secret inside foreign foreign for for- eign chancelleries that Mussolini threatened war if it the Spanish government survived Class Much wonder has been exPress ex ex- Press pressed d as to why testy Senator Glass is supporting the tile new deal Mr Glass has not been quoted much but he gave his reason in that unreported talk he had with President Roosevelt a a. few weeks back Said he to Mr Roosevelt Mr President I am against these new deals but if it we must have one me I would rather have a class first class one than a a. third third- S Copyright 1936 for The Telegram |
