AMERICA COMING ROUND.

Oamaru Mail, Volume XLIV, Issue 14038, 22 April 1920, Page 3

AMERICA COMING ROUND.

(By J. "VV. T. Mason.) The continued depreciation of the sterling exchange is causing growing, apprehension among American financiers, and America's export trade is being seriously damaged. The Sun. which is recognised as the principal organ of financiers,. devoted its principal leader column lately to an endorsenient ' of a recent resolution -by the American Chamber of Commerce -!ii London concerning British solvency and the necessity of America helping, Europe. The Sun says that a noisy claque which does not take itself serionsly talks of . Great Britain. dipping into" the American treasury, but adds: "Meanwhile American bankers, manufacturers, and exporters realise the real gravity of the situation. It- is not loans to Great Britain which are in question: it is our trade with Conti- | nental Europe which is at stake. It ! is not that'our Government war loans to the British Government will not be paid, for they will. It is not that our private loans to British borrowers will not be paid, for they will. It is thatif there is not concentrated-,. continuous, and adequate American support of the industrial structure in Continental Europe, the billions our Government took from -our taxpayers during the war to lend to Ally Governments of the Continent vill lie n long time coining back, if much of. it ever comes back. Commenting on the dis-

I advantage to American exporters of Itlie present exchange rate, the Sun says: "Our export trade is not going to"- collapse, but our grip on some of [ the best of it will weaken.