PROBLEMS OF EUROPE.

Manawatu Standard, Volume XLIII, Issue 402, 20 May 1922, Page 6

PROBLEMS OF EUROPE.

VARIETY OF SOCIAL DISEASES.

Received May 19, 12.30 p.m. WASHINGTON, May 18. Mr Frank Vanderlip, the New York bnulcer, who is holding a watching brief at the Genoa Conference for the United States financial interests, has cabled the Chamber of Commerce that the conference is a clmic rather (hail a conference. It exposes a variety of social diseases, such as the fantastically' excessive reparations claims and excessive military expenditures, causing the inevitable unbalanced budgets, boundary lines that are an outrage on economic and ethical principles, government, debts so vast as to destroy any hope ol'solvency, and ihe disease of the economic isolation of Russia. The United States should study a plan for segregating part of its gold reserve held to stabilise the Furopean currencies after Ihe budgets are balanced, but must avoid involving the United Suites's bank reserves.

The disoussion on more important subiects is prohibited. The economic significance of Russia is absurdly emphasised. Unless strong statesmanship can compel a more reasonable attitude on the part ol France, tlio situation in Germany will be critical. Royalist plots abound, and increasing prices promise social hardship, which liiav result in revolutionary outbreaks." Mr Vanderlip reviews the international significance of the action of conference, and concludes: ''The attitude of the United Siatc Government wiih respect to Europe is so eminently wise that L feel like trusting the administration fully. We had better not embarrass it with suggestions."

The majority of Ihe speakers at the Chamber of Commerce convention oppose the economic recognition of Russia and asserted that a settlement of Ihe German reparations would restore world business.—A. and N.Z. cable.