Indianapolis Times, Indianapolis, Marion County, 29 August 1941 — Page 9

FRIDAY, AUG. 29, 1941

. SAYS WORLD NEEDS | * TRADE PEACE, T00

Cotton Dealer Warns Next ‘Versailles Treaty’ Must

Provide for Freedom of

Repeat Last Mistake.

By THOMAS L. STOKES

Times Special Writer WASHINGTON, Aug. 29. the peace conference after this war cannot afford to make the mistake they made at Versailles two decades ago—the failure to provide for greater freedom in the interchange of

goods among nations. The United States, with its] dominant role in world affairs, must take the leadership.

~ This is the warning—and advice—|

of one of the most competent and practical authorities on world trade, Will I. Clarton of the big cotton firm of Anderson, Clayton & Co., who is giving his time here as deputy administrator of the Federal I.oan Agency, his principal responsibility relating to the purchase of critical war materials. This is in emphasis of the : importance of the fourth point of the eight-point program drafted by President Roosevelt and Prime Minister Churchill in their dramatic

Mr. Stokes

ls spiendid

{crease dollar purchasing power here

Goods Exchange, Can't

—Statesmen of the world, at

job of education and, funt il the war broke, had made prog-, {ress with the reciprocal trade trea- |

|ties which sought to open up mar- |

kets for other nations here and) for us in other countries, Mr. Clayton pointeq out.

Better Informed Now

“I think we are today better informed than ever before on the vital importance of the international exchange of goods,” he said. “To the extent that we in-

of other nations by taking more of their products, to that same extent will we find them eager to increase their purchases of our surplus production cf all kinds.” Development of new trade methods, with barter agreements and the like and with the gold basis for trade out for the time being in many parts of the world, has created a new situation and new problems unlike those which the nations of the world faced after the last war.

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conference at sea which specifies: “Then there was sufficient gold, “Fourth, they will endeavor, with| plus shipping, insurance, and other due respect for their existing obliga | services to make up, to some extions, to further the enjoyment b¥|tent for the unbalanced position of all states, great or small, victor ori our imports in relation to our exvanquished of access, on equal {ports,” Mr. Clayton explained. terms, to the trade snd A pr] Need Foreign Markets ry nt NE pros- | “But now we are going to be sit-| itp ting on this side of the ocean with a| perfty. . : lot of surpluses, and the other fel-| High Tariff Race lows are going to be sitting over! This is similar to the third of|there saying, “Well, we need your he famous 14 points of Woodrow goods but all we have with which to | Wilson. But it was forgotten at pay is some goods of our own. Do! = Jersaill les. { you want to trade?’ If the answer is} It must not happen again, warn ‘no’, then we can Keep our sur- | J) Mr. Clayton, and points back, not | pluses. » | only to the omission at the other! The United States will be a big! peace conference, but also to the | factor undoubtedly in rehabilitation | Al. this country took in thej{of Europe, as after the last war, | years afterward in raising up high] and this will be the basis for re-| tariff walls against the rest of the | opening trade channels, Mr. Clayton world, first in the For -dnev-McCum-| said. per tariff of 1022, later, in 1930, in] From the purely selfish standthe Hawley-Smoot tariff. | point, he added, this country must Thus the United States contrib-| open up foreign markets. uted to the mad post-war merry- “Cur producing capacity — our go-round, with the larger nations|agricultureal and industrial plant— unable to sell here sufficiently to) is so enormous that we've got to pay their war debts and their loans {have foreign markets to keep it and at the same time create suffi- | going and to keep our people emcient dollar exchange to pay for the! ploved.” he explained things they wanted to buy and we! And the trade problem must be wanted io sell them. | tackled right at the peace conIn consequence, all the world en-| ference. Mr. Clayton insisted. gaged in a race of high tariffs lead-| This time 1t will not do to wait. ing to intense nationalism, the} BR ——.

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Mr. Clayton hopes the world has learned its lesson. “I think most of the statesmen of the world have a keen recollection,” he said, “of what happened at the last peace, and what followed. When this war 1s over the world trade will, of course, be very serious and full of complications and complexities.” What is needed now is education

to the realities and much of this]

education is needed right here at hme. r. Clayton said he realizes one of the biggest humps” is here in the United States where the pulls and

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