ALLIED DEBT

Dominion, Volume 15, Issue 56, 30 November 1921, Page 5

ALLIED DEBT

DEVOTION TO REHABILITATION OF EUROPE ADVOCATED AN AMERICAN BANKER’S PROPOSAL Ry Telegraph—Press Association—Copyright (Rcc. November 30, 0.5 a.m.) New York, November 28. Mr. Frank A. Vandcrlip, the banker, who has returned from an extended investigation of the European economic Situation, in a speech advocated that the Allied debt to America, should be devoted to the rehabilitation of European felvilisation, iince upon tho latter depends America’s realisation of her full destiny. He advocated that the money should bo used for tho establishment of educational institutions in Ah/e backward countries of the Near East, the establislhment of a revolving fund credit to be loaned to European Governments for approval projects for the general good, for the dbVGiopment of a European transportation system, tho development of hydro-electric power, particularly in Italy and Austria, the establishment of grain elevators, and the introduction of more scientific methods of agriculture in Eastern Europe. Mr. Vanderlip admitted that it would be difficult to find use for such funds-in Britain and France. He suggested that they might be used to establish great scientific laboratories in England, also upon, the establishment of schools of applied art in Italy. He pointed out that the devotion of the finds ‘to the rehabilitation of Europe would ensure the ultimate repayment of the entire debt. He declared that if America asked for repayment without devoting the money to tho rehabilitation of Europe, she would bo compelled to accept goods which would result in tho breaking down of the American tariff vTtill and tragic competition for American manufacturers. —Aus.-N.Z. Cable Assn.