| Show SEER SEEK MEANS TO PAY DEBTS OF V AR American Farms Must fust I Have Haye Customers in III Europe Eu ope I By GERVILLE REACHE One of the Foremost Journalists of France Copyright 1927 Consolidated Press Association A PARIS Oct 1 American I.-American 1 American finan finan- financiers financiers financiers ciers have bave just declined a proposed Prussian loan bass of ot thirty million dol dol- dollars dollars dollars lars in rather interesting circum circum- circumstances stances Doubtless S S. S Parker Gilbert agent general of ot reparations on his recent visit to the United States pointed out to the treasury the se se- serious serious serious rious objections to lending Ger Ger- Germany Germany Germany many too much money while the question ot of the transfer tr ot of the Dawes payments threatens to be be- become become come como acute Indeed In his report last June Mr Gilbert raised the question and emphasized it later in a letter to the reparations com com- mission Germany now can effect these transfers thanks to credits abroad But Dut will she be able In a few years to meet meef both the Dawes payments and the time service charges on the nu numerous numerous foreign debts she Is 19 con con- contracting contracting contracting And if this is true of ot Germany is it not also true of France Italy Haly and Great Britain SURPLUS OF CAPITAL The United States having a large surplus of ot capital is making invest Invest- investments Investments investments ments in Europe and even in Rus Rus- Russia sia sla Each henceforth must meet the interest and amortization on these advances ns as well as paying war var debts What will she pay with Secretary of ot Commerce Hoover cannot make us believe that invisible Invisible invisible ible exports or revenue from short term paper will suffice As for gold sold Europe has little She might pay payIn payIn payin In merchandise but for Fordney tariff together with Americas America's own surplus production which seeks to conquer foreign markets restricts European exports severely And now the American farmers come along with a bushel surplus ot of wheat which must eith eith- either er be exported in large quantities or taken care of ot by some McNary- McNary Haugen or other bill Europe once was th i American farmers farmer's best customer but in those days Europe had the means to pur pur- purchase purchase purchase chase which she has bas lost through the war Avar Americas America's prosperity in the fu fu- future future future ture is considered on Europe's suf sufficient sufficient buying power to absorb her agricultural and industrial surplus This buying power cannot be fur fur- furnished furnished forever by American loans or investments which result in the alienation of ot the national wealth ot of the borrowing countries VICIOUS CIRCLE This is a vicious circle which Secretary Hoover himself perceived in his speech at the pan-American pan conference in which he said The period of foreign loans is a tempo tempo- temporary temporary temporary one in the development of na na- na Europe's progress toward normal conditions has bas been approved by American opinion and aided by the American government The pounds pound's return to par the rehabilitation of ot the mark the lira and the franc have haye been hailed balled as signs that Eu Eu- Europe Euro ro rope ropo po was returning toward vard health The United States today is plan plan- planning planning planning ning to assist Poland and Jugo Jugo- slavia Indeed American J opinion rejoiced lately at the signing of the German Franco-German commercial treaty regarding it as a sign that tariff wars between European countries were coming to an end ANOTHER TONE HEARD But Dut now another tone is heard It is realized that Germany was a formidable industrial power and the principal rival ot of the United States and Great Britain before the war France is reproached for forgiving forgiving forgiving giving Germany special favors al al- although although al- al although though Germanys Germany's production com com- complements complements plem ours and both stand to benefit enormously What an as as- astonishing astonishing astonishing contradiction American billionaires work hard to their dying day just like their hum bum humblest humblest blest One doesn't know how they enjoy their riches Old countries like Franco France and England s supposedly verging on decadence have not even thought about the enormous sums they lent during the war They have sent no col col- collectors collectors collectors lectors but have passed the sponge over o the slate Today they are beav- beav heavily heavily ily lIy obligated and are obliged to put their noses to the grindstone again thus becoming serious competitors ot of America Great Britain holds the raw ma ma- material material front with rubber oil and cotton France practically sup self porting retires within her ber shell and encourages all the competition she can She also has Increased great great- greatly ly Iy her trade with her colonies thus compensating for her ber foreign trade deficit Who can blame France and England for doing their best to earn the money with which to pay their debts |
