stments Abroad Undermining United States Isolation Policy

Sun (Auckland), Volume I, Issue 185, 26 October 1927, Page 1

stments Abroad Undermining United States Isolation Policy

GOVERNMENT MUST MOVE By Cable. —Press Association. — Copyright. Received 9.5 a.m. NEW YORK, Tuesday. AT Houston, Texas, President Melvin A. Traylor told the annual convention of the American Bankers’ Association that the foreign investments of the Americans will eventually undermine the United States policy of isolation and force the Government into an active interest in foreign affaifs, ;; .V .

TJE said;-—“Unless human nature changes or effects a rapid transition. I have the idea that there are hundreds of thousands of American citizens whose instincts of self-preser-vation and whose sense of property rights may. somewhat incline them to take heed of what is happening in the rest of the world. The day may come when no mere small fraction of our people will be interested in what is happening in other lands, and will be insistent upon the Government likewise taking cognisance of such facts.” He declared during the past three .years, nearly every member of the*. League of Nations has borrowed money from the United States, Germany alone taking over a billion dollars.

“If we are, as I believe, the world's banker, and the custodians of the world’s available credit to-day,” he went on, “we must make foreign loans both for the preservation of our own economic position, and in justice and fairness to the rest of the world.” Discussing the history of banking, he said there was apparently little major legislation necessary to perfect their banking equipment. Nothing would be more unfortunate than a change in the fundamental structure of the Federal Reserve Act. The financial welfare of the United States would influence the future of the country, therefore only experts should tamper with the banking system. —A. and N.Z.