REVIEW OF THE U.S.A.

Hokitika Guardian, 20 November 1925, Page 3

REVIEW OF THE U.S.A.

BY I RESIDENT COOLIDGE. [Australia &■ N.Z. Cable Association.) (Received this dav at 12 noon). NEW YORK, Nov. 20. President Coolidge, addressing the New York Chamber of Commerce, reviewed the condition of the country, and stressed American participation in foreign affairs, economically and politically. He said, that out of our surplus of savings we have been able to advance great sums for refinancing the world, and developing the new. and mentioned Australia as a participator in these loans, adding that if they were used to establish industry, and support commerce they would probably he advantageous to American trade; but if they were used for great military establishments they should lie discouraged. Everyone knows our resources saved Europe Ironi a complete collapse immediately following the armistice. The President recounted several instances and said onr credit, together with our already enormous and constantly increasing interests abroad, were constantly accumulating reasons why we should signily our adherence to a permanent court of international justice and be mindful of ouidetermination to avoid all interference in political affairs which do not concern _us. Continuing, the President said : “T can think of no more reassuring action than the declaration of America that she will whole-heartedly join others in the support of tlio tribunal lor the administration of international justice, ■which they have created. T can conceive of nothing that we could do which involves assuming so few obligations on our part that would he likely to prove of so much value to the world, and beyond its practical effect. ” -which is somewhat small, it would have a sentimental effect which would be tremendous. It- would bring to the public notice that the enormous influences of cur country were to he east upon the side of enlightening the processes of civilisation. It would he the beginning ol a new world spirit. The President's second sentence in his speech was: “We are finishing a year which can justly be said that it surpasses all others in the overwhelming success of business.” The President stressed the necessity of keeping business and Government apart ancf then launching into a general current his speech denied the Ifni ted States had gained her wealth ns the result of her war expenditure of 4000 million dollars. The President then'instanced Government economy, and the great- programme of the Department of Commerce for the elimination of waste in business. He stated that while wages were now 120 per cent, above pro war rate, the price of commodities are only 57 per cent, above. Air Coolidge then outlined the efforts ** -that, were being made to settle the war debts, and declared it has been the belief of his Government that no per- > innnent stabilisation of European finances ami currency can be accomplished without a definite adjustment ot these obligations.