DOLLAR PILE IS SCATTERED BY U.S.A.

Star (Christchurch), Issue 17699, 20 November 1925, Page 1

DOLLAR PILE IS SCATTERED BY U.S.A.

HUGE LOANS SENT TO ALL CORNERS OF GLOBE. WEALTH FROM WAR STORY IS DENIED. Hy Telegraph.—Press Assn. —Copyright. Aus. and N.Z. Cable Association. (Receive'd November 20, 10 a.m.) NEW YORK, November 19. Mr Coolidge, addressing the New York Chamber of Commerce, reviewed the condition of the country, and stressed American participation in foreign affairs, economically and politically. Ho said: “Out of our surplus savings wo have been able to advance great sums for refinancing the old world a n (l developing the now.” He mentioned Auscipator in these loans, adding that if used to establish industry and support commerce, the loans would probably be advantageous to American trade, but if for great military establishments they should be discouraged. “Everyone knows that our resources saved Europe from complete collapse immediately following the armistice.” The President recounted several instances. The United States’ already enormous and constantly increasing interests abroad were constantly accumulating the reasons why she should signify her adherence to the Permanent Court of International Justice and be mindful of her determination to avoid all interference in political affairs which did not concern her. “I can think of no more reassuring action than the declaration of America that she will wholeheartedly join others in the support of a tribunal for the administration of international justice which thev have created. I can conceive of nothing that we could do which involves assuming so few obligations onour part that would be likely to prove of so much value to the world. Beyond its practical effect which is somewhat small, it would have a sentimental effect which would be tremendous. It would bring to public notice that the enormous influences of our country were to be cast upon the side of the enlightening processes of civilisation. It would be the beginning of a new world spirit.” The president’s second sentence in his speech was: “We are finishing a year of which it can justly be said that it surpasses all others in the overwhelming success of business.” He then stressed the necessity of keeping business and Government apart, and. launching into the general current of his speech, denied that the United Slates had gained in wealth as a result of war expenditure of 40.000,000,000 dollars. The President then instanced Gov- , eminent economy and the great programme of the Department of Commerce for the elimination of waste in business, and stated that while wages were now 120 per cent, above the prewar rate the price of commodities was only 57 per cent, above the old rates. Mr Coolidge outlined the efforts being made to settle war debts, and declared that it had been the belief of his Government that no permanent stabilisation of European finances and currency could be accomplished without a definite adjustment of these obligations.