AMERICA’S ROLE.

Waikato Times, Volume 99, Issue 16654, 20 November 1925, Page 5

AMERICA’S ROLE.

SAVIOUR OF EUROPE

SPEECH BY THE PRESIDENT.

COUNTRY’S ENORMOUS INFLUENCE,

(Australian and N.Z. -Gable Assn.) NEW YORK, Nov. 18.

The President, Mr Calvin Coolidge, in an address 1o Hie New York Chamber of Commerce, reviewed the condition of the United States, and laid stress on American participation in foreign affairs, ' economically and politically. Air. Coolidge said: “Out of our surplus savings we have been able to advance great sums for the refinancing of the Old World, and for developing the New World.”

He mentioned Australia as a participator in these loans, and added that if they were used to establish industry and support commerce they would probably be advantageous to American trade. But if they were used for great military establishments they should be discouraged. “Everyone knows our resources saved Europe from complete collapse immediately after the armistice,” said the President. He recounted several instances of this, and added: “It was our large guarantee of credit that averted the collapse. “With our already enormous and constantly increasing interests abroad there are constantly accumulating reasons why we should signify our adherence to the Permanent Court of International Justice. Mindful of our determination to avoid all interference in the political affairs of other nations which do not concern us, I can think of no more reassuring action than the

declaration of America that she will whole-heartedly join the other nations in support of the tribunal for tiie administration of international justice which they have created. “I can conceive of nothing that we could do which involves assuming so few obligations on our part that would be likely to prove of so much value to Hie world. Beyond its practical effect, whicli might lie somewhat small, it would have a sentimental effect which would be tremendous.

“It would give the public notice that Hie enormous influences of our country xvere to he cast upon the side of the enlightening processes of civilisation. It would lie the beginning of a new world spirit. “We are finishing a year which can justly he said to have surpassed all others in our overwhelming success in business." The President then laid stress upon the necessity for keeping business and government apart. He denied that Hie United States had gained in wealth as a result of tier war expenditure of 40,000,000,000 dollars. The President then instanced the Government’s economy and the great programme of the Department of Commerce for the elimination of waste in business. He stated that although wages were now 120 per cent, above those paid before the war, the prices of commodities were only 57 per cent above pre-war rates.

Mr. Coolidge outlined the efforts that are being made to settle war debts. “It has,” lie said, “been the belief of the United States Government that no permanent stabilisation of European finances and currency can he accomplished without a definite adjustment of these obligations.”