AMERICA AND EUROPE

Wanganui Chronicle, Volume LXXXI, Issue 19076, 31 July 1924, Page 8

AMERICA AND EUROPE

THE WILL TO HELP. The Hon. Frank B. Kellogg, the American Ambassador, made an important speech in London on the policy of the United States towards Europe when he was the guest of the Foreign Press Association at luncheon at the Hotel Victoria. Mr. Kellogg, responding to the toast of his health, said: “I wish to complement the Foreign Press upon the great, ability, the candour, the frankness, and the fairness with which it has treated what I consider one of the great epochal periods in world history—the present condition of the settlement of the difficulties of Europe. I have followed with great care the comments of the Press from day to day on the consideration given to this question by the experts* committees, and on the interviews between the leading statesment of various nations here upon the subject of the Dawes Report. Where the Press has been called to do some guessing, it has guessed remarkably well, but 1 think it has been assisted by the frank ncss, the openness, and the fairness i with which the statesmen of Europe have discussed and made known to the Press the negotiations and th*' progress of these negotiations as they took place from time to time.

“You must realise, of course, that it would be impossible for me to discuss this subject (the Dawes Report) without trepassing on those political issues that arc exclusively within the province of each separate Government. All I can say is this: The President of the United States made a speech on April 22 to the Press Associations of the United States in New York, in which he did very .frankly discuss the Dawes Report. This speech was nut completely reported, and 1 may refer to one thing he said. He endorsed the Dawes Report as one of the most important events w hitch had occurred since the armistice, and he expressed his hope that the report of the commission would furnish a foundation vn which the interested nations—l may say all the nations of the world are interested—those directly concerned, would find a basis on which this great problem which is now disturbing the economic and the political conditions of Europe might be settled. It is my hope, and I know it is the hope of the American people, that it will lean to the settlement which we all know is necessary for the progress of the peoples of Europe and of the prosperity of the world.” (Cheers). A LOAN TO GERMANY. I realise that Europe is naturally looking to the United States for material assistance in the rehabilitation of the countries afflicted by the disasters of the war, but 1 have not seen this part of the President ’s speech quoted on this side. He said: Part of the plan contemplates that a considerable loan should at once b® made to Germany for immediate present needs, including the financing of a bank. I trust that private American capital will be willing to participate in advancing this loan. Sound business reasons ex'st why we should participate in the financing of works of peace in Europe, though we have repeatedly asserted that we were not in favour of advancing funds for any military purpose. It would benefit our trade and commerce, and we especially hope that it will provide a larger market for our agricultural productions. It is notorious that foreign gold has been flowing into our country in great abundance. It is altogether probable that some of it can be used more to our advantage in Europe that it can be in the United States. Besides this, there is the humanitarian requirement, which carries such a strong appeal, and the knowledge that out of our abundance it is our duty to help. We hope it will be used for meeting just requirements and the promotion of a peaceful purpose. Wo have determined to maintain, and can maintain, our political independence, but our economic independence will be strengthened and increased when the economic stability of Europe is restored. 1 think, proceded the Ambassador, that one of the great outstanding features of this very able report (the Dawqs Report) is the recommendation that German finance should be placed upon a sound and stable basis. There can be no general, thorough resumption of international trade and commerce, or industrial prosperity unless all of the nation sare placed upon a sound financial basis. Trade and commerce needs a stable Currency should be a uniform means of exchange for product, and this cannot take place with violent fluctuations, with currencies depreciated so that no one knows what may happen to-morrow. Th s is one of the difficulties which followed the devastation of the war, but it is necessary that those countries should return to a sound basis currency which will re-establish industry and commerce so that their peoples may be self-sup-porting nnd happy, and civilisation go on as it did before the war.