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Show I i;! One Lesson From I , w the European if BH For Nations Not Involved, Need For BBJ " Greater Reliance on Their BH , jfOwn Resources HB ' V Rv ' H ' Washington, May 2.1!. Need tor BH j greater rellanco on their own resourc- BH cs Is ono lesson which tho European BBJ . war has brought homo to tho nations BBJ not Involved In tho opinion of Paul BBJ If M. Warburg, member of tho federal BBJ j reserve bbard, who spoko today r.t BBJ ' tho Pan American conferenco. BH Mr. Warburg pointed out that when H tho war began England, then act'ns? BBJ as banker for the world, felt force.l BBJ to ask for somn of tho vast sums duo J BBJ Iter and that this request was reflect- j BHJ f cd In varying degrees In countries BBJ that wero In her debt. Ho opolto of BBS f tho actual situation which resulted In j BBS tho United States and clsowhcro on BBg j 1 this hemlsphcro and added: BBB I "Tho lessons which nil American BBS ! I nations will havo to learn from last BBb i year's experlcnio Is that It Is unw'so BIB 1 for tho world to placo Its financial V ' dependenco upon any single nation BY and that those who can afford to do J j so, as for Istnnco tho United States, BBB should from this tlmo on adopt n pol- BHJ- ' ' Icy of greater rellanco upon tholr own IB ' resources. Thoso countries which BBV -, ' cannot rely exclusively upon their BBBJ "&. own resources should adopt a policy Hi J of dividing tholr rinks of financial BBS ' ' dependenco as evenly and as widely BHJ : y ' as they possibly can. BHJ ' ; , "Thero Is no dlfforcmo of conscrv- HHj ntlvo opinion that tho United States BBBJ docs not nsplro now to tnko tho BBB placo of Europo's leading financial BBB powers. Our own field of operation BBH la still too vast to enable us or to BBB . H render It oven desirable for us to ho- BBB como tho world's banker at this staga BBB i of our own development. But the BBB . safoty of all countries and wo In- BBB ' Z cllul0 '"n1 nmonB tIiolr unoc'' BBB ' J. i-domanda that If again tho lattor BBB should II nd herself forced to cnll BBB T upon her dobtors for instant pay- BBB X, ment, thuro should bo at least one BBB country strong and Independent BBB enough to shoulder a substantial por- BHB tlon of tho burden." |
