THE WORLD'S TRADE

Evening Star, Issue 19385, 20 October 1926, Page 6

THE WORLD'S TRADE

COMMERCE AND CREDIT SCHEMES FOR RESTORATION AN IMPORTANT MANIFESTO. Press Association—By Telegraph—Copyrighl LONDON, October 19. (Received October 20, at 11.45 a.m.) “Wo wish to record our conviction that the establishment of economic freedom is the best hope for restoring the world’s commerce and credit,” say 187 signatories to a. manifesto, representing Austria, Belgium, Czecho-Slovakia, Denmark, France, Germany, Britain, Holland, Hungary, Italy, Norway, Poland, Rumania, Sweden, Switzerland, and the United States. The manifesto points out that postwar tariffs, .special licenses, and pro. hihitions prevent trade from flowing in its natural channels. It emphasises that at no period of trading should impediments he so perilously multiplied without an appreciation of the economic consequences. Too many States are pursuing false ideals in the national interest by treating all trading as a form of war, imperilling her own and the world’s welfare. European recovery, is impossible until the politicians throughout the world realise that trade is not war, but a process of exchange. It adds that there are happy .signs, and opinion everywhere is at last awakening to the dangers ahead. Yet ihe League of Nations and the International Chamber of Commerce aro laboring to reduce to a minimum all trade prohibitions, restrictions, and inequalities, and are facilitating transport. Powerful voices in some countries arc pleading for the complete suspension of tariffs j others suggest a long period of favored nation agreements. Experience is slowly teaching others that a breakdown of the economic harriers is the surest way to remedy the existing stagnation, and is also giving valuable political results. Forty-two British signatories include shippers, bankers’, ironmasters, coal owners, railway directors, textile manufacturers, including Lords Inchcape, Invernairn, Bradbury, Maclay, Novar, Revclstoke, and Weir, Sir Arthur Balfour, Messrs Waller Leaf, Stephen M'Kcnna, Norman, and Douglas Vickers. The nine Germans include Herr Schacht, president of the Reichsbank, and the chairmen of the Chemical and Steel Trusts. The six United Stales signatories include Mr J. P. Morgan. The Italian signatories’ addendum declares that if it could have been cooperated in framing the manifesto it would have specially criticised the numerous forms of direct and indirect protection, including the restrictions on migration. [A previous message stated: A high financial authority, in announcing that the most prominent British, European, and United States bankers and business men intend issuing on October 20 an important declaration, producing farreaching results in the political and business world, emphasises that hitherto national policies have only increased the difficulties. A complete and immediate change is aimed at for the restoration of credit and the expansion of trade, which aro essential.]