TRADE IS NOT WAR

Evening Post, Volume CXII, Issue 96, 20 October 1926, Page 9

TRADE IS NOT WAR

BUT A PROCESS OF EXCHANGE

FALSE IDEALS OF EUROPEAN STATES.

' (Received 20th October, noon.)' LONDON, 19th October. "We wish to record our conviction that the establishment of economic freedom is the best hope of restoring the world's commerce and credit," say 187 signatories to the manifesto, representing Austria, Belgium, Cze'cho-Slovakia, Denmark, France, Germany, Britain, Holland, Hungary, Switzerland, and the United States. The manifesto points out that postwar tariffs, special licenses, and prohibitions prevent trade from flowing in its natural channels. The manifesto emphasises that at no period have impediments to trade been so perilously multiplied without appreciation of the economic consequences. Too many States are pursuing false ideals in the national interest, treating all trading as a form of war, and imperilling their own and the world's welfare. European recovery is impossible until politicians throughout the world realise that trade is not war, but a process of exchange. OPINION AWAKENINO. "There are happily signs that opinion everywhere," adds the manifesto, "is at last awakening to the dangers ahead. The League of Nations and the International Chamber of Commerce are labouring to reduce to a. minimum all trade prohibitions, restrictions, and inequalities, and are facilitating transport. Powerful voices in some countries are pleading for the complete suspension of tariffs. Others suggests long period of favoured-nation agreements. Experience is slowly teaching others that the breakdown of economic barriers is the surest remedy for existing stagnation, and is also giving valuable political results." NAMES OF sioNATOBIES. The forty-two British signatories comprise shippers, bankers, ironmasters, coal owners, and leaders in the railway and in the textile world, including Lords Incheape, Invernairn, Bradbury, Maclay, Novar, Revelstoke, and Weir, Sir Arthur Balfour, Mr. Walter Leaf, Mr. R. M' Kenna, Mr. Montagu Norman, and Mr. Douglas "Vickers. c ' The' nine Germans include Hefr. Schacht, president of the Reichsbarik, and the chairman of the Chemical and Steel Trusts. Tho six United' States signatories include Mr. J. P. Morgan. The Italian signatories in an addendum declare that if they could have cooperated in the framing of the manifesto, they would specially have criticised the numerous forms of direct and indirect protection, including restrictions on migration. Lord Incheape is the famous shipping magnate,- chairman of the P. and O. and Allied Steam Ship Companies. Lord Invernairn, formerly Sir William Beardmore, is chairman of William Bcardmore and Co., shipbuilders, ironmasters, and armament makers. Lord Bradbury, formerly Sir John Bradbury, governor of the Bank of England, was principal British representative on the Reparations Commission. Lord Maclay is a Scottish shipowner, and was Shipping Controller in the war from 1916 to 1921. Lord Novar is a great Scottish landowner, and was Secretary for Scotland in the first Baldwin Ministry, 1922----1924. Lord Revelstoke, of the famous Baring family of bankers, is a director of the Bank of England. Lord Weir, managing director of G. and J. Weir, Ltd., of Glasgow, shipbuilders, was Director-General of Aircraft Production in the Ministry of Munitions, and President of the Air Council in 1918. " Sir Arthur Balfour is. a steel manufacturer of Sheffield, and served in many capacities during the later stages of the war. Mr. Walter Loaf is chairman of the Westminster Bank. Mr. Reginald M'Kenna is chairman of the Midland Bank, and a former Chancellor of the Exchequer. ; Mr. Mont-ague Norman is a director of the Bank of England, and a noted financial authority. Mr. Douglas Vickers. is head of the great firm of that name. My. J. Pierpont Morgan is son of the original J. Pierpont Morgan, and America's greatest financier. Herr Sehncht is Germany's leading financial authority.