Financial Notes
(Continued from page 138.)
IxFurExcEs OF LAUSANNE.
It is only natural that following upon the satisfaction evoked by the knowledge that a general agreement had been reached between the various countries represented at the Lausanne Conference that there should now be some reaction due to a very clear recognition of possible obstacles which have to be surmounted before the agreement can be ratified bythe Govern- ments of the various countries concerned. Moreover, during this waiting time there is naturally a good deal of anxiety as to the pcissible trend of political and financial developments in Germany. Nevertheless, I think there can be no question that the European situation as a whole has been cleared a little by the good feeling shown at Lausanne and by the general agreement reached. That agreement should be a real service to some of the necessitous countries of Europe where financial aid is apparently to be rendered, while the avowed prepared- ness of Germany's creditors to show enormous indulgence in the hope of aiding not only Germany but the trade of every country in the world should surely contribute to some favour- able settlement of the general question of international debts. For the moment vision in America is obscured by the political excitement incidental to the forthcoming Presidential election. Unless, however, present appearances are deceptive, it looks as though following upon that election would come financial and economic conditions of a character tending to convince the people of America that the interests of the whole world, including the United States, lie in the direction of a restoration of international confidence and of international trade activity, a restoration, however, which seems to be most unlikely until the exchanges have been relieved from the disturbing influence of the clisequilibrium occasioned by the incidence of the huge war debt payments to one particular country, namely, the
United States. * * * *
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