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Chairman
Executive Committee

President

Resident Vice-President

JULIUS H. BARNES

ELLIOT H. GOODWIN

A. C. BEDFORD

Secretary

easurer
.10.i.. JOY EDSON
Honorary Vice-Presidents
WILLIS H. BOOTH
W -AM BUTTERWORTH
B. FARQUHAR
L. S. GILLETTE
CHARLES NAGEL

D. A. SKINNER

ambeeOf Ommerce
of the United States of America
It1-6\\\

Vice-Presidents

Senior Council
JOHN H. FAHEY
R. GOODWYN RHETT
HARRY A WHEELER
HOMER L. FERGUSON
JOSEPH H. DEFREES

A. C. BEDFORD

THOMAS E. WILSON
HARRY A. BLACK
THOMAS B. STEARNS

D. C.

Mills Buildig, Washin

wkii,

Board of Directors

4

MAX W. BARB

Milwaukee
ARTHUR S. BENT

January 2, 1923.

Los Angeles
J. H. BLOEDEL

Seattle
GEORGE P. BEow

LaSalle
A. J. BROSSEAU

Allentown
0. M. CLARK

Portland
JOHN M. CRAWFORD

Parkersburg
CLYDE C. DAWSON

TO ASSOCIATE AND INDIVIDUAL MEMBERS,
CHAMBER OF COMMERCE OF THE UNITED STATES:

Denver
WILLIAM J. DEAN

St. Paul
CHARLES C. GEORGE

Omaha
EDWIN C. GIBBS
Cincinnati

CARL R. GRAY

Omaha
WILLIAM T. HINCKS

Bridgeport
CLARENCE H. HOWARD

St.Lows
CHARLES S. KEITH

On behalf of the American Committee of the International
Chamber of Commerce, I take pleasure in inviting you to participate
in the Second General Meeting of the International Chamber which will
be held in Rome, Italy, March 18 to 24, 1923. If you cannot attend
personally, the Committee would be pleased to have you select someone
to represent your interest.

Kansas City
FRANK KELL

Wichita Falls
JAMES S. KEMPER

Chicago
FRED P. MANN

Devils Lake
FELIX M. MCWHIRTER

Indianapolis
HENRY H. MORSE

The topics for consideration are not only timely, but they
involve problems of vital importance to every business man. The enclosed provisional program indicates that opportunity will be given
for a thorough exchange of thought on questions which the business
men must endeavor to reach some common conclusion as to the proper
method of solution.

Abingdon
A. C. PEARSON

New York
E. PIERSON

New York
FREDERICK C. RICHMOND

Salt Lake City

J. H. Ross

I need not attempt to impress upon you the need for
America to be represented in these conferences by our most able
Leaders of business in practically every
business men and bankers.
country of the world will participate in the deliberations at Rome.

Winterhaven
J. SANDERS

New Orleans

Very truly yours,

JOHN W. SHARTEL

Oklahoma City
PAUL SHOUP

o b.A/4114uvmarbe

San Francisco
ALVAN T. SIMONDS

Fitchburg
HARRY A. SMITH

Hartford
L. B. STILL WELL

Lakewood
ERNEST T. TRIGG

Philadelphia
HENRY M. VICTOR

Charlotte
FREDERICK B. WELLS

Minneapolis
THEODORE F. WHITMARSH

New York

101

President.




_

'CPINTERNATIONAL CHAMBER OF COMMERCE
33, Rue Jean-Goujon

a

PARIS

RESOLUTION ADOPTED AT THE SECOND CONGRESS
(ROME, March 1923)

World restoration
(Original text)

The International Chamber of Commerce recognizes that the
continued economic disorder in a large part of the world is not
only a dangerous obstacle to the establishment of permanent peace,

the elimination of unentployment, and the restoration of normal
living conditions to millions of people, but also involves the menace
of still further unhappy developments.

The peoples of the world demand, and are entitled to have,
a just solution of these problems with the least possible delay.
The fundamental principles which must obtain in arriving at such
settlement are clear, and with united action are possible of early
application.

The problems underlying the present economic disturbances
are

tion;

Reparations ;
Inter-allied debts
Unbalanced governmental budgets and uncontrolled inflaDisturbance of international credits ;
Abnormal exchange fluctuations.

The International Chamber of Commerce believes that it is
impossible to arrive at lasting settlements without recognition
of the interdependence of the different parts of the world's economic organization, the futility.of partial remedies, and the necessity
for comprehensive consideration of these inter-related questions.
There should be universal acknowledgement that confidence

must be restored and that an essential to social and industrial
reconstruction is increased production and consumption, upon
which the revival of international commerce depends.




It

-2This Chamber declares its conviction that the principles

which must be observed in securing settlements which the world
will accept as representing justice and fair dealing between nations
may be summarized as follows

3 ---

property, a proper factor in any adjustment oi such indebtedness
should be the present and probable future ability of each debtor.
In determining the ability of any debtor nation to pay, reasonable
consideration should be given to the effect on its present and future

earning capacity that may be expected from a sound national
REPARATIONS

budget, together with the savings resulting from the reduction of
excessive military expenses made possible by the assurance of
peaceful conditions, and to the settlement of its claims for reparation and restitution.

The final disposition of the reparations problem is a condition precedent to permanent improvement of world economic
forces. It is imperative that the full extent and moral character
of obligations should be recognized and restitution and reparation

BUDGETS

made to the utmost extent of the debtor's resources, whether

internal or external, from whatever sources derived.
It is futile to attempt again to consider the amount of reparations without at the same time establishing such measures as
will assure certainty of ultimate settlement and extend reasonable
hope for the maintenance of all nations.
The discharge of reparation obligations is not of itself sufficient. It is also necessary that confidence be restored, and such
security provided that violations of frontiers no longer need be
feared and that the world be relieved of the burden of unnecessary armaments.
Such security is not only indispensable to the establishment
of world peace, but it is required to make available international
credits necessary to the rehabilitation of commerce and industry
and consequently the relative stability of exchange. The savings
of the world cannot be mobilized for the investments necessary
for reconstruction and development without convincing assurance
of established peace.
INTERALLIED DEBTS

The attainment of a sound national budget is absolutely
requisite to the maintenance of national credit and the stability
of exchange. It must contemplate every possible economy in
expenditure and must not impose such a burden of taxation as
will discourage productive enterprise and cause unemployment.
As a matter of principle, current government expenses should
not be met by loans nor by paper currency issues.
INTERNATIONAL CREDITS

Inter-governmental loans and credits are undesirable largely
because of the political complications which inevitably accompany
such transactions.

The elimination of inflation and the attainment of sound
national finance are conditions precedent to adequate internaitonal credits.
EXCHANGE

Attempts at artificial stabilization of exchange are dangerous
and undesirable.

Stabilization of currencies on a gold value basis should be

the ultimate goal.

The restoration and further expansion of the commerce and
industry upon which the peoples of the world depend for their
livelihood and well-being can be carried on successfully only when
the integrity of obligations is maintained.

It is obvious that the settlement of the inter-allied debts
is a matter for adjustment between the nations directly involved,

but the principles which should be applied should be settled with
the least possible delay.

While it is true that the allied debts created by the world

war are obligations undertaken in good faith and do not admit of
repudiation, nevertheless as they were contracted in a common

cause and during a period of tremendous sacrifice of life and

The International Chamber of Commerce believes that a
general economic conference of the nations interested for the final

adjustment of these problems is essential and inevitable.
This Chamber fully recognizes that it would be inopportune
now to propose any suggestions for the settlement of the present
situation which exists between the Allied nations and Germany.
Yet, believing that at the proper time Governments may wish to
avail themselves of the practical experience of the business men
of the several countries ; this Chamber agrees to hold itself in




4 =----

readiness to render to the interested nations such assistance as
may be desired.

Meanwhile, the International Chamber of Commerce will
undertake to promote among the business men, on whose behalf C
it speaks, continued careful study of all the elements in the international financial problems here reviewed and it urges upon its
members, as well as the governments, the serious consideration
of the suggestions herewith respectfully offered. Therefore be it

Resolved, that the Council be and hereby is instructed to
appoint such committees and to take such action as may be neces-

sary to make effective the purposes herein set forth.

January 4, 1923.

Dear Mr. Barnes:

The enclosed copy of a letter which I am sending to

Mr. Bedford today will explain itself.
Yours very truly,

Yr. Julius H. Barnes,
42 3rowdway,
New York City.

BS.Mk

Enc.




144 re42

e-46-

RESOLUTION
PASSED AT TUE
TWELFTH ANNUAL MEETING

COUBER OF COMMERCA OF THE UNIT% STATES
ON

INTMINATIONAL TCONONIC ItESTORATION

The nnw.

tiog joios sitb the recent action of the In-

nal Chamber of Commerce in declariasi that the plans submitted
by the two Committee

f &averts to the. Asparation Csz*td-sEta

n April

provide ta basis tor & permanent settlement of the mbles of mare,

frtr

cffr a real prospect of providing praotical

measures for the removal of obssAcleo which hitherto hevo oppooxed

insurmountable. Weieo agree vitit the international C", ber of Comthat the reports of the Experts offer ovoortunity for immediate
action which business men believe so necosaary for an is. rovement in

eorld couditions, end that the plane furthermore open the way for a,
final amd comirr

naive egreement In regard to to

other problems

which are oomoected with the settlement of rerttons0
The unnesitati

ly express ourselves in accord

ate under-

lying sentiments and essential rizoiisewhloh the jlaoe set forth.
7's also extend #1 eurance thet

for a

American business organiza-

tion may find opportunity for usefulness in supporting the piano of
the Kxperte, the Member of Commerce of the United States will lend

its essietsnoe to the full extent of Ito 7power.
No desirt 4.

to support Oordtelly the precosal f

interretion1 conference to eel with sonomic questions and, tte further
limitation of aro. ent when the experts/ piens just aeo pted by the
Reparation Commission have beea In operation for ouch aperiod that




f

a further conference may be taken 40 confi4ence of OU006d#04,

intir

7.7_3




/

March 17, 1921.

PERSoNAL

My dear Elliot :

notice in the program of discussions, which has just reached me, thbt

there is to be something said at your next meeting on the subject of the rate
policy of the Federal Reserve

I hope you aon't mind my saying thet once

or twice it hae been felt by those who are responsible for these policies that
the statements coming froil, the Chamber of Commerce have been a bit uninformed.

We are anxious to have the right kind of discussions and publicity of our

policies within the limits that are reT;uired in such matters, but we do want
them based upon knowledge and investigation of the ?sets.

If there are f,ny formal papers or addresses to be delivered on this
Ok

)

subject by your members, would it not be possible to :sake arrangements no. that

,statemente and conclusiobs are bused upon authoritativs infrmatia? I can

bring this about, and will be glad to de so, if you will assist me.
1 shall try and send word to you in advance of my next tr4 to
Washington, which will certainly be no later than April 10, and possibly before

that.
Nemo returns in about ten days, and the spirit moves me to suggest
an olo home week.

Are you equal to the strain/
Sincerely yours,

Elliot Goodwin, Fes.,
c/o Chamber orCoerce,
Washington, D. C.
stIM




0




/

w/1t-1

,N COMMITTEE

AtE

OWEN

cyt. A-u11\:,\W 40'
INTERNATIONAL CHAMBER OF COMMERCE

I

G. CHAIRMAN
NEW YORK

PRESIDENT

JAMES S. ,,LEXANDER
NEW YORK
SAN FRANCISCO

W. W. ATTERBURY
PHILADELPHIA

JUL111,_

WALTER LEAF

American Section

FRANK B. ANDERSON

3ARNES

WASHINGTON. D. C.

DULUTH

GREAT BRITAIN
VICE-PRESIDENT FOR THE
UNITED STATES

JULIUS H. BARNES

HARRY A. BLACK
GALVESTON

WILLIS H. BOOTH

JOHN P. GREGG. MANAGER
XXXXMWMNIONCMNOVAI
WALLACE I. OLDAKER, FIELD SECRETARY

NEW YORK

0. E. BRADFUTE
CHICAGO

M. C. BRUSH
NEW YORK

W. IRVING BULLARD

GENERAL SECRETARY

EDOUARD DOLLEANS
PARIS

AMERICAN ADMINISTRATIVE

BOSTON

COMMISSIONER

WILLIAM BUTTERWORTH

December 1, 1927.

MOLINE

BASIL MILES

NEWCOMB CARLTON

PARIS

NEW YORK

ROY D. CHAPIN
DETROIT

STUART W. CRAMER
CRAM ERTON

GEORGE S. DAVISON
PITTSBURGH

JOSEPH H. DEFREES
CHICAGO

ROBERT DOLLAR
SAN FRANCISCO

Honorable Benjamin Strong, Governor,
Federal Reserve Bank of New York,
33 Liberty Street,
New York, N. Y.

JOHN H. FAHEY
BOSTON

SAMUEL M. FELTON
CHICAGO

EDWARD A. FILENE

My dear Governor Strong:

BOSTON

E. STANLEY GLIN ES
BALTIMORE

RICHARD F. GRANT

CLEVELAND

E. R. GRASSELLI
CLEVELAND

CARL R. GRAY
OMAHA

W. A. HARRIMAN

I enclose herewith the statement covering your
renewal of membership in the International ChaMber of Com7nerce for the calendar year 1928.

NEW YORK

E. M. HERR
EAST PITTSBURGH

NOBLE F. 1-10GGSON
NEW YORK

HERBERT C. HOOVER

PALO ALTO

HERBERT S. HOUSTON
NEW YORK

CLARENCE H. HOWARD
ST. Louis

EDWARD N. HURLEY
CHICAGO

ERNEST LEE JAHNCKE
NEW ORLEANS

NELSON DEAN JAY
PARIS

C. F. KELLEY
FRED I. KENT

AN
NEW YORK

FREDERICK P. KEPPEL
NEW YORK

IVY L. LEE
NEW YORK

ALEXANDER LEGGE
CHICAGO

A. LONG

The last year marked a great advance in the membership and influence of the International Chamber. Its part in
the World Economic Conference at Geneva, and the substantial
contribution there made, brought further recognition of the
wide field of its activities and the importance of its efforts.
The adherence of Germany, of India, of Yugo-Slavie, to mention
a few of the additions to membership, enables the Chamber to
bring to bear the combined weight of business opinion in these
important conferences, and to direct the economic restoration
and development of the world from the basis of sound business
experience.

KANSAS CITY

JAMES R. MAcCOLL
PAWTUCKET

GEORGE McFADDEN
PHILADELPHIA

CRISTY MEAD
NEW YORK

ST. MEREDITH

DES MINES

E. G. MINER
ROCHESTER

DWIGHT W. MORROW
NEW YORK

FRANK MUNSON

NEW YORK

JOHN W. O'LEARY
CHICAGO

EDWIN B. PARKER
HOUSTON

REGINALD H. PARSONS
SEATTLE

LEWIS E. PIERSON

NEW YORK

JOHN J. RASKOB
WILMINGTON

H. H. RAYMOND

American industry now recognizes that it must be fully
informed on world events. Its leaders realize the further necessity for participation, based upon this knowledge, in those
fields of world activity which directly affect their welfare. The
International Chamber of Commerce is the unique channel through
which world business can voice its opinion in international affairs,
and, an that account, has become a most important factor in international councils.

NEW YORK

WILLIAM C. REDFIELD
NEW YORK

FRANKLIN REMINGTON

I know Mr. Young and his associates in the American Committee, will be gratified to know of your continuation of interest,
cooperation and support.

NEW YORK

GEORGE M. REYNOLDS
CHICAGO

HENRY M. ROBINSON

Yours faithfully

LOS ANGELES

CHARLES M. SCHWAB
NEW YORK

WILLIAM P. SIDLEY
CHICAGO

H. A. SMITH
HARTFORD

CHARLES A. STONE
NEW YORK

GERARD SWOPE
NEW YORK

HARRY B. THAYER
NEW YORK

E. P. THOMAS

NEW YORK

GUY E. TRIPP
NEW YORK

THOMAS J. WATSON
NEW YORK

OSCAR WELLS
BIRMINGHAM

HARRY A WHEELER
CHICAGO




720/170
Enclosure.

JOHN P. GREGG - MANGER.




ieptember 84, 1928.

Dear S1 r8:

I am sriting w1t

uch regret, to ek that the

Board of Governore be good enough to accept

ski

reel nation

as a member of the Internac,ionai Chamber of Commeice.

inability to tate part in the activitiee of te iocit.1ozi
mates me feel that I am not juatifl:lc in continuing
ship.

I beg to remain,
Sincerely yours,

Internationta Gbamer of Commerce,

1315 H Street, ILL,
Washington, D. C.

member-

INTERNATIONAL CHAMBER OF COMMERCE

AMERICAN COMMITTEE
THOMi.

W. LAMONT, CHAIRMAN

JAME

NEW YORK

AL -ANDER

FRANI. B. ANDERSON

PRESIDENT

American Section

NEW YORK

ALBERTO PIRELLI
ITALY

SAN FRANCISCO

W. W. ATTERBURY

WASHINGTON, D. C.

PHMMUM

JULIUS H. BARNES

VICE-PRESIDENT FOR
UNITED STATES

HAl:". BLACK

GALVESTON

WILLIS H. BOOTH

GENERAL SECRETARY

EDOUARD DOLLEANS

JOHN P. GREGG MANAGER

NEW YORK

ROLAND W. BOYDEN

pAms

BOSTON

M. C. BRUSH

ACTING AMERICAN
ADMINISTRATIVE COMMISSIONER

NEW YORK

W. IRVING BULLARD

BOSTON

RICHARD ELDRIDGE

WILLIAM BUTTERWORTH
MOLINE

PARIS

NEWCOMB CARLTON
NEW YORK

ROY D. CHAPIN

DETROIT

STUART W. CRAMER

CRAM ER TON

NORMAN H. DAVIS

October 2, 1928.

NEW YORK

GEORGE S. DAVISON
PITTSBURGH

JOSEPH H. DEFREES
CHICAGO

ROBERT DOLLAR
SAN FRANCISCO

LUCIUS R. EASTMAN
NEW YORK

JOHN H. FAHEY
BOSTON

SAMUEL M. FELTON
CHICAGO

EDWARD A. FILENE
BOSTON

RICHARD F. GRANT
CLEVELAND

E. R. GRASSELLI
CLEVELAND

CARL R. GRAY

Hon. Benjamin Strong, Governor,
Federal Reserve Bank of New York,
33 Liberty Street,
New York, N.Y.

OMAHA

JOHN HAYS HAMMOND
WASHINGTON

W. A. HARRIMAN

Dear Mr. Strong:

NEW YORK

E. M. HERR
EAST PITTSBURGH

I have your letter of the 29th containing your

NOBLE F. HOGGSON
NEW YORK

HERBERT C. HOOVER
PALO ALTO

HERBERT S. HOUSTON
NEW YORK

resignation as a member of the International Chamber of Commerce.

CLARENCE H. HOWARD
ST. LOUIS

EDWARD N. HURLEY
CHICAGO

ERNEST LEE JAHNCKE

This letter will be referred to the members of the Executive

NEW ORLEANS

NELSON DEAN JAY

C. F KELLEY

PARIS
ANACONDA

Committee at its next meeting.

FRED I. KENT
NEW YORK

FREDERICK P. KEPPEL

IVY L. LEE

May I express my regret that you feel unable

NEW YORK
NEW YORK

ALEXANDER LEGGE
CHICAGO

JAMES A. LOGAN, JR.

to continue with the International Chamber of Commerce and the

PARIS

A. LONG
KANSAS CITY

JAMES R MACCOLL
PAWTUCKET

American Section.

GEORGE MCFADDEN
PHILADELPHIA

CRISTY MEAD

E. G. MINER
DWIGHT W. MORROW

NEW YORK
ROCHESTER

NEW YORK

FRANK MUNSON

JOHN W. O'LEARY
EDWIN B. PARKER

NEW YORK
CHICAGO
HOUSTON

REGINALD H. PARSONS

LEWIS E. PIERSON

JOHN J. RASKOB

H. H. RAYMOND
WILLIAM C. REDFIELD
FRANKLIN REMINGTON
GEORGE M. REYNOLDS

HENRY M. ROBINSON
CHARLES M. SCHWAB

WILLIAM P. SIDLEY
H. A. SMITH
JEREMIAH SMITH, JR.
CHARLES A. STONE

SILAS H. STRAWN
GERARD SWOPE

E. P. THOMAS
THOMAS J. WATSON
CHARLES F. WEED
OSCAR WELLS

HARRY A. WHEELER
OWEN D. YOUNG

SEATTLE

NEW YORK
WILMINGTON

NEW YORK

NEW YORK
NEW YORK
CHICAGO

LOS ANGELES

NEW YORK
CHICAGO

HARTFORD
BOSTON

NEW YORK
CHICAGO

NEW YORK
NEW YORK
NEW YORK
BOSTON

BIRMINGHAM
CHICAGO

NEW YORK



THE

JULIUS H. BARNES

DULUTH

720/563

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Day Letter

Day Message

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symbol appearing after the check.

RECEIVED AT

NEWCOMB CARLTON. PRESIDENT

Blue

Night Message

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CLASS OF SERVICE SYMBOL

Nits

NL
If none of these three symbols
Night Letter

GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT

appears after the check number of
words)this is aday message. Otherwise Its character Is Indi ated by the
symbol appearing after the check.

PROADotAY N
1918 DEC

B189W 1'7

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FEDERAL RESERVE BANK OF NY EQUTABla BLDG nrYoRKcin
THE FAMILY HA.S AL-GREAT LOSS STRAIGHT° DIED MIDNIGHT PARIS TIME LAST
NIGHT PNEUMONIA FOLLOWING SPANISH INFLUENZA
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(SEND TO FILES) 44
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COPY OF TELEGRAM

1
Dew York, December 6, 1918.

Baeil Miles,
1718

H

Street, !gashington, D. C.

,

I am attending services for '.7il1ard and em sending flowers from the family.
Benjamin Strong.

CHARGE

Mr. Strong.




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OF SERVICE

SYMBOL

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WESTERN UNION

Nite

NL
If none of these three symbols
Night Letter

appears after the check number of

wordsfthis is a day message. Otherwise its character Is Indicated by the

NEWCOM B CARLTON, PRESIDENT

GEORGE W. E. ATKINs. F ST VICEPRESIDEhIT

symbol appearing after the check.

REsotai,ALL
FY WASHINGTON DC

FEDERAL RESERVE BANK
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CURTIS FROM SEVENTEEN EIGHTEEN SERVICES FOR WILLARD AT
GRACE CHURCH TOMORROW FRIDAY AFTERNOON AT FIVE °CLOCK PROBABLY

NOA7 OF US FROM HERE WILL BE ABLE TO GET =Y IN ORDER
TO BE PRESMIT WE REPLY ON YOU TO SEND FLOWERS AND IF YOU CAN
BE P7777NT YOURSELF




NO SIG.

1918-




TELEGRAM SENT OVER LEASED WIRE
F.DERAL RESERVE BANK OF SAN FRANCISCO

To

-V '-

Mr. George :.',eyer,

Federl 9cserve 7:3snk,
New 'York.

i-.2i-( ,
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'

April 7, 1220.

I

Deputy Governor Day tells me Nils now postponed 22d.

Accordingly he has secured followin aocomiaodetioas

' enyo Me_ru

Sof,. and upper berth in three-berth (eck

tpril 17th:

chin, 5 neck, and sofa in three-berth cabin, t deck.
He is m,,king every effort to improve these assignments

through various channels including representative of Mitsui here.

is loyo Kisen Kaisha is controlled by Mitsui and Jtp-neae Government

-lso interested, perhaps you will want to see what can be done
irou.-,11 New lark.

These lines usually hold something to list

moment for distinguished J-*nese wh6 may be travelling.

y accommor7ion is -Jright but thin t Governor Strong

his son need cbin to themselves which they do not have under
?resent assignment.
Advise

r. Ty of cny action taken in

Fa

!'.1ew "York.

telersphir6; you cirect to avoid delay and relieve Governor Stran
ictio is resting quietly in Phoenix where his son will join

hiTI.

tomorrow.
hcve

dvised hiss of this telegram.
EASIL Y1LPS

N

MA

WE CONFIRM OUR TELEGRAM AS ABOVE:


MIS I6A-25M-5-29-19


0

ASSISTANT CASHIER

DEPUTY GOVERNOR




FILINu
DEW

{14




October 7, 1921..

Dear Basil'
Enclosed is that memorandum with two foot notes.

Before handing it to Mr. McMurray, may I ask you to read

it all over once more for the purpose of making sure that
in your opinion there is nothing contained in the memorandum

which would disclose its authorship.

If you are quite

satisfied on that point, would you mind handing it to Mr.
McMurray with a word of caution that bn no account should

it be printed with my name attached.

Otherwise, I cannot

see any objection to its being printed for a most confidential circulation which I understand is contemplated.
Yours sincerely,

Basil Miles' Esq.,
sio Department of State,
Zashint;ton, D. C.
BS:MM

Enc.

-Vet-note number one:

Since this memorandum Iv.s written the first census by enumeration has

been taken in Japan, the results of which indicate that the annual increase in
population is less than had previously been indicated by the method
employed in estimating population increase.

formerly

It may be that the common belief

in Japan as to the pressure of rapidly increasing population cannot be wholly

On the other hand, it must be realized that the great mass of

substantiated.

the population occupy only the three islands
and that the

of Kiushui, Shikoku

large island at the north, tukkaide, is

and Ronde,

but eparsely populated.

This is not because the land is not suitable for oultivetion; it is in
suitable for the raising o!' live
are

not disposed to

northern island.

stock; but ic

settle in the more

apparently becauee

bleak climate which

Japanese

charecterizes this

It apeare to be true, likewise, that the Japanese do not

naturally emigrate to new

lands, and emigration to the

is much more liable to flow to more settled coUntriee
have

the

fact

already been

extent that it does occur

where conditions of living

esteblished and stabilized, and where in fact the conditions of

living do not impose

the hardships and require the ingenuity and enterprise of

the pioneer, but rather permit what

might be termed a parasitical

more densely populated Japanese islands,

prosperity.

however, appears unmistakable

of over-population in proportion to the areas of

In

evidence

cultivatable land.

Foot-note number two:

The observations

first, second

and third indicate a certain parallel

with the policy of Germany in recent years, and the history of German
economic development and its possible consequences.
military methods and ideas there seems to

which has

military and

With the adoption of German

have developed in that

class of Japanese

been subject to the influence of that system, something of the same

spirit of amoition and of arrogance which had become so characteristic of Germany
during

the

last 20 years.

the parallel is



complete in

On the other hand, it would be
all particulars.

unjust to

Admitting that

the

consider that

Japanese

have

adopted Western methods and ideas somewhat as one would put on a suit of clothes,

it must not be overlooked that Japan only abandoned the feudel system

some eo

years ago, and only since that time obtained the benefits of modern education.
It would to like comparing the motives and methods and judgmente of a boy of 15 with

those of a mature man of 50 4r 30, to hold the Japanese as fully responsible for
these borrowed ideas as Geraany should be held responsible for the idea dlich
culminated in the world war.




4teferreol

t* in let.ter

/1/17

INTERNATIONAL CHAMBER OF COMMERCE
moment a stabilization of the internal valuta
must be attempted. This stabilization May
in a certain measure be followed by a reinstatement of real gold values, i. e. in the case of
the Mark by putting the Mark on a gold basis
as was the case before the war. To a certain
extent this has taken placealbeit in a fictitious
wayin so far as the German Government has
at various moments fixed the customs duties
on imports in Germany at the sum equivalent
to the desired amount in gold Marks. As an

intermediary measure one should strive to

attain stabilization, which means the creation

and brought down to a figure which need not
lead to state-bankruptcy.
If the same principle were applied to other

33

countrie, a fairly simple solution might possibly
be found there for the existing difficulties.

one full gold-mark.
The task must then, however, be undertaken
to determine which value shall be attributed to

the bonds issued by the German Government
and other German public bodies during the
period 1914-1922, and which value shall he
given to the Mark-notes issued by the German

Reichsbank and to the balances in currentaccount in the various private banks and the
Reichsbank.

All these bonds, notes and balances should
be converted into the new stabilized paperMark.

DEFLATION OR DEVALUATION

Two Memoranda submitted to the Genoa Conference

not impossible figure. A subsequent conversion, suppose the time had come for it, could
then in a very simple manner be effected from
I/20x to the gold-mark, so that in the end the

total German debt would be in gold-marks




by

derably; expressed in the currency of the country
the prices have risen considerably ; this,
however, is only parlty true. One should

M. G. -VISSERING and M. 0. LEPREUX

indeed not forget that the francs which are
now current in France as well as in Belgium
have not for a long time been on a parity with
pre-war gold-francs. They also receded to
about 50/100x, in fact almost to 40/100x ; and
similary the Treasury bills and other loans have
been emitted in these countries by the Government themselves on a basis of 40 to 50/100x and

paid for by the buyers of these bonds in a currency of a value reduced to 50 or 40/110x. It
would therefore hardly be justifiable for France
and for Belgium to try to work up the value of
these Treasury bills and other bonds to

One of the most important questions discussed at the Genoa Conference was that of Standardization
of Currencies. Upon that occasion a memorandum was submitted by M. Vissering, a member of the
Dutch delegation, who is President of the Netherlands Bank and was also a representative at the recent
Banker's Conference in Paris, while a reply thereto was presented by a Belgian delegate, M. Lepreux,

Vice-Governor of the National Bank of Belgium and Director of the Belgian Overseas Bank.
These gentlemen have kindly authorised the publication by the International Chamber of these
memorgnda, which have not hitherto been published.
It will be recalled that this question was briefly referred to in Digest No 22, relating to the work
of the Finance Commission at the Genoa Conference, while a summary of the problem of the Stabilization of the Exchanges appeared in Digest No 5.

100/100x.

Not only would this mean an almost unbearable burden for the State, but also a per-

unfair advantage for
holders of
It will however be inevitable to cut deeply fectlybonds, who only paid 50the4.0/100x for
these
to
into the sore, and it is even a question whether them and would be re-imbursed at the rate
it should not be wiser to convert all the loans of 100/100x. I consider therefore that France
since '1914 to 1/20x. This of course will cause as well as Belgium can return to the pre-war
injustice to those who subscribed to the loans gold-parity, and nevertheless consolidate and
issued between 1914 and 1918, when the Mark refund their bonds and fiduciary currency on
was considerably above 1/20x but war causes a basis of 50 to 40/100x. They would even not
so many injustices and it will be impossible to be warranted to do this in another way, but
devise a way which is lust to all persons concer- it follows logically that it would be a mistaken
ned. The problem would otherwise become too
policy for France and Belgium to try to arrive
complicated.
at progressive deflation, which would mean
Suppose all these loans were converted in a that their franc, as current now, should be
new uniform loan at, for example, 4 %, then raised in value as against gold to 100/100x,
the awe-inspiring debt of Germany, which runs whilst as against merchandise the consequence
almost into 300 milliard of paper-marks, would be
reduced to a reasonable and for the Government

PARIS ()Tune)

DIGEST No 29

Let us take as an instance France and Belgium, who so emphatically declared their wish
to return to the old gold parity through deflation. I put to myself the question whether
there is not here once more a confusion regarding the expression " deflation " which has
been used from the French as well as from the
Belgian side. The result of the inflation, as I
already had occasion to remark above, was

of a new papermark, which for instance in
Germany in regard to various circumstances
that the relation between prices of commodities
were best fixed at 1/20th of the theoretical and the fiduciary currency has changed consivalue of the goldmark ; or to remain within the
nomenclature of this memorandum, at 1/20x,
or 1/100x, (or 0.05 gold-mark). Perhaps that
in course of time this 1/20x can disappear to
make place for a gold mark of full value at the
rate of 20 stabilized Marks paper-currency to

Rue Jean Goujon

would be that the prices of commodities express-

ed in fiduciary francs would be reduced to

about 50 % of what they are now. This would
mean that as regards merchandise the present
paper-francs would be unjustifiably and arti-

ficially enhanced in value, that the present
holders of those paper-francs were favoured

STABILIZATION OF THE EXCHANGES
BY M.

G. VISSERING

I venture .to lay the following suggestions
before the Conference of Genoa.
The Commission of Experts has recommended

it was, on the one side, declared by France,
Belgium and Italy, that it is their sincere desire

and intention to return to the pre-war value.
that various countries who are now suffering
whilst, on the other side, a number of
under a debasement of their valuta, should States, situated in Eastern Europe, made the
return, as soon as feasible, to the gold standard, reservation that on account of the dislocation
according to circumstances with or without a of their monetary system, they would need a
devaluation of their fiduciary money against considerable time to put their currency back
the pre-war parity.
on a gold basis, even though applying devaSeveral opposite opinions were expressed luation.
when these proposed resolutions were being
It seems to me that these various opinions
discussed in the Sub-commissions on Currency
and Exchange and finally in the plenary session

of the Financial Committee, and more particularly

prove that there still exists a wrong conception

of the real condition in those different countries, as well as of the means by which a return

to normal conditions should be reached, and

MEM.

-2that this confusion is caused by a faulty analysis

of the inflation which has arisen and still
exists inuithese7countries.

In my opinion a sharp distinction snould be

issued these bonds in a constantly varying
valuta. This change in the valuta, however,
was not observed by the public at large. Let
us take, in order to illustrate these conditions,

an example which is clear to everybody, and
let us take as such Germany.
Before the war the Mark, as well in the form
1.An inflation in trade and industry, cau- of bank-notes as in the form of credits in cursed by over-production and by the storage of rent-account, either with the Reichsbank or
too many commodities, rendered possible by with private banks, was entirely maintained
too liberal bank-credits. This inflation might on its gold-parity. A Mark in Germany was
be named : " Trade-inflation ".
the equivalent of a fixed quantity of gold and
made between two kinds of inflation :

this equivalent was fully acknowledged abroad,

2.An inflation caused by the Government,
communities and other public corporations
who have continuously emitted too many
bonds, against which they obtained from the

because the German Reichsbank took care
always to send a sufficient quantity of gold

credits in current-account (giro) or who were
able to induce the Central Bank either directly
or indirectly to issue a constantly increasing
quantity of banknotes.

in foreign countries.

abroad, as soon as the rate of exchange showed

signs of a tendency to rise against Germany,

Central Bank or from private institutions endangering the full gold value of the Mark

The first kind of inflation, the so-called
" Trade-inflation " can partly be fought by
the proved principles of banking of pre-war
times, more particularly by the raising of the
rate of interest of the banks of issue This
raising of the rate of interest can exercise a
favourable influence, if trade and industry are

This condition was only

understood by a few practically and theoretically well-informed people.

abroad, then the interest policy of the Central
Banks is doomed to remain almost powerless.

The Mark in the form of bank-notes and of
current-account credits (giro) was thus made
loose of the gold and became an independant
object or valuta, which lacked all elements of
intrinsic stability. Thus it has been possible
that this unobtrusively and tacitly created
valuta, which gradually got to be known as the
" paper mark ", became subject to such violent
fluctuations, that this paper mark, in the beginning after some weeks but later even daily,
changed in value as well against the exchange

place also a rationing of credits to be given to
trade and industry.

the loans either in the form of treasury-bills
or other kinds of bonds were emitted under

In order to arrive at a stabilisation of the
fiduciary money and of the exchange, it is of
much greater importance to stop the evil of
the inflation caused by the Government and

rity amongst them and, suppose it had been

in such a condition that their business is sensi-

tive to competition from abroad and if the
amount of interest payable on bank-credits

is of consequence. If, however, inflation has
caused such a dislocation of the currency
in the own country that a considerable difference has arisen between the buying power of
fiduciary money in the home country as against
the buying power of the exchange of the country

In order to stop the continuing inflation, of other countries as against commodities.
stronger measures will have to be taken in This fiduciary instrument nevertheless continued
regard to trade, amongst which in the first to be called " Reichsmark " and consequently

other public corporations. Therefore it is
necessary that the origin of this kind of inflation
should be correctly analysed in the first place.
Governments have always issued their Trea-

sury bonds and their loans in other forms,
nominally, in the same valuta of the home
country, but as a matter of fact, they have




account. This divergence in opposite direction

value thereof, then it would have been necessary

of prices of commodities on the one hand, and

to express the various emissions in the years
1916 and 1817, when the Mark fell first to

in fact a perceptible warning to the public

subsequently to 75 % and 70 % and in 1917

ed.

the same denomination of " Reichsmark ". In
reality, however, there was a very great dispapossible to give, at the moment of the emission,

a separate name or a distinctive sign to the
reiterately issued Reichsmarks, a name or
sign indicating the difference in value with
previously issued paper marks, an immeasurable

list of varying mark-valutas would have come
into existence in the course of years. Suppose
for instance that it had been possible to stamp
those Marks with a token indicating the diffe-

of fiduciary currency on the other, was therefore

90 %, then, within a short time, to 80 °,/, that the intrinsic. value of the latter had changalready to 60 % of its pre-war value, in 90/100x

(x=gold Mark) 80/100x, 75/100x, 70/100x,
and finally in 1917 in 60/100x. In that case

it would have been openly shown, as was

already actually the case, that the emission of

(Commodities and their prices include
of course services and wages and their remuneration).

A similar salutary warning was lacking as
regards the inflation due to the action of the
Government and other public bodies, because
there was no clear indication that the frequent
issues of Government bonds were in reality
based on an each time different value of the

and the payments on these Markbonds had
similarly taken place in an again and again
varied valuta. It is therefore of the utmost
keep in mind the fact that the
importance
Government 'have issued the Markbonds in a national currency.
It is therefore of the utmost importance that
valuta different on each occasion and that

the buyers of these bonds have, on each

occasion, paid in a Mark-valuta of different

With the beginning of the war, an end was
suddenly made to this by the refusal of Germany (a refusal which took place in all other
countries) to allow freely the export of gold
for international settlements. The new condition with all its disastrous consequences created hereby, remained for a long time hidden to
the eyes of the world.

rence with the pre-war gold Mark in fractional

value.

In the so-called trade-inflation the circumstances brought of themselves a different solution for these intricate problems. Indeed, the

continuous fluctuations in the valuta of the
fiduciary Marks were almost immediately
reflected in a corresponding change in the oppo-

site direction of the prices of commodities.

During and after the war much was said about
the increase of prices. To a certain extent an
advance in prices has taken place in as far as
the economic life was influenced by artificially
limited production, restriction of free importations of goods from abroad, and through hoard-

ing by the bona fide trade as well as by profiteers and even by private people on account of
an anxiety which Germans so expressively called
Angstbedarf. Naturally these various factors

exercised their influence and enhanced the

prices of goods in comparison with their prewar values. In most countries, however, high
prices mean a higher price of commodities as
expressed in the amount of currency circulating
at the moment, and sight is lost of the fact that
prices of commodities expressed in that fiduciary currency must in the long run rise to the
same extent as the intrinsic value of the fiduciary currency has been reduced. There was
therefore, in this case, not a real rise in prices,
but only an increase in the amount of the constantly deteriorating fiduciary currency which
has to be paid out.

In this connection I want to state that, in

the fixing of prices of commodities automati-

cally and, I might almost say, instinctively,

the depreciationi. e. the change in the intrinsic
value and therefore in the buying power of the

fiduciary currency at homewas taken into

full light should still be thrown at this moment
on the ever continuing changes of value.
If the German Government has issued during
the year 1917 German bonds in Marks which at

that period represented only a real value of

60/100x and in 1919 issued bonds with a real
value of 25/100x, in 1920 of 12-10/100x and
finally in the last months of 1921 and the first
of 1922 issued bonds of only 1/40, 1/60 or even
1/80x, it is appropriate to consider that the
German Government received from the buyers
a counter-value of equally diminished buying

power and that the Governments can never
be obliged to pay nor can the holders ever
claim to receive a greater value than the one
on which the bonds changed hand between
them. If one desired to repay these debts
equitably it would be necessary to define for
each emission of a loan or of the slice thereof

what the intrinsic value of the Mark was at
the moment of emission. Practically, this

cannot be done but it is possible and necessary
to keep this principle in mind.
A settlement or payment of all these Government loans and debts of public corporations in
the valuta which obtained for each of them at
the moment of emission is outside the range of
possibilities, for it would necessitate a simultaneous circulation of perhaps 60 different kinds
of fiduciary currency. A solution must there-

fore be found in another direction, and it
seems to me that in this instance also, as so

frequently happens, the most difficult problems
can be solved in a very simple way, provided a
correct diagnosis of the real condition is
made.
The solution, in my opinion, must be found in
a conversion of all the debts and claims existing

at present and eventually also all contracts
(as wages, rents, charters, etc.). At a given

-5without justification and that the whole people
in France and Belgium would come to suffer
through the continuing dislocation of the
economical conditions, especially as regards
prices of commodities.

I am not now considering the position of
Italy, because it is too different from that of
France and Belgium; as regards Italy, the problem would have to be specially studied to find
a solution.
We confine ourselves for the moment to the
examples mentioned above, merely with a view

to exposing and exactly analyzing the problem.

If the same principles should have to be
applied to the other countries, it would of
course be necessary to consider the present

nerated paper currency of the country, haq
brought many of the best individuals and
several very useful institutions to a financial

catastrophe and the insured have experienced
that even the most solid insurance-companies
have been brought into serious difficulties by
the fact that the best investments have been
involved by this confusion in the evil consequences of inflation.

There is another consideration of a moral
character which should not be lost sight of.
The legislation of many countries prescribed
that the investments for these personae miserabiles must consist mainly in such bonds. The
State therefore has not only officilly recommen-

ded these investments as the safest but it has
also obliged trustees, etc. to select such funds
for their investments. All this should be a
position of each, nation separately.
sufficient ground for the Governments to
There still remains, however, another very provide a special arrangement for these kinds
important and serious problem to be dealt of securities ; it is not merely a question of
with, viz, the redemption of the loans and the interests of the individuals and institutions
the liquidation of the pre-war contracts.
directly concerned, but it is of public interest
The loans contracted before the war offer that all these individuals and institutions be
quite a different case, and in my opinion it saved from the detrimental situation into
is essential, even for the States themselves, which they have fallen through the sole fact
to devise special arrangements for these pre- that before the war they have shown full confidence in the Government. It is therefore
war loans.
extremely desirable that the necessary measures
Firstly these pre-war loans did not represent be taken in order to re-establish all these
such considerable amounts, that there would pre-war gold loans in the various countries
have been special difficulties for the debtor- upon their former gold basis. As to loans
States to fulfil the services of these loans, and issued during the war, the holders of such
even at the present time, this would not neces- bonds cannot claim the same advantages, for
sarily be impossible in most countries. These they may be expected to have known that, in
loans have been issued upon a gold basis ; the taking up these bonds during the war, they were

investors have paid for the bonds in gold-

value and the Governments have received and

afterwards spent this gold-value.

Moreover the

running special risks.

In view of the preceding remarks, I take

bonds in question have been taken by the best
elements of the population, not only the most
saving people, the least speculative, those
having before everything full confidence in the
solvability of the State, people who, moreover,
could not or would not themselves look after

liberty to submit the following principles

their financial interests, as scientists, physicians,

bonds issued during the process of depreciating

women, but these bonds were also taken by
preference on behalf of the personae miserabiles
that is to say minors and such persons, religious

institutions and in a general way by those

looking for gilt-edged securities in view of the
duty to secure for the personae miserabiles the
safest investments. Many institutions of a
social characteras, for exemple, life-insurance compagnies, etc. looked by preference

for such bonds for their investments. And

now the regrettable fact that these gold-loans
have been mixed up with the loans in the dege


I.that one should guard against the error
that a country which seriously desires to replace its currency and its standard on the prewar gold parity, tries to attain this end by a
continued deflation, in such a manner that the
fiduciary currency should also be put on the
old gold parity. This conception of deflation
would econominally be wrong, and would tend

to confer an unwarranted privilege upon the
holders of bonds emitted during and after the
war, the great majority of which have been paid

for in an already depreciated currency

2.that in countries where paper-currency

has very considerably depreciated, it would be
desirable to adopt a transitory measure consisting of a stabilization of this paper money on a

-6parity to be determined according to circumstances (for Germany e. g. at 1/20x) so that the
loans issued during, and if possible also those
issued after the war, are converted to the value
thus fixed of the fiduciary currency

the conditions for the maintenance of a stabilized currency are fulfilled, and that therefore
these measures will only be possible after the
budget has been more or less balanced in these
various countries and the balance of payment
has approached equilibrium. I need not enter

3.--that in other countries, where the depreciation of paper-money has not exceeded
50-40 % of the prewar parity, it would also be
advisable to adopt, as soon as possible, a basis

into details because these stipulations have been
categorically and clearly expressed in the Genoa

France and Belgium about 40-50/100x), with
the same effects on the loans issued during and
after the war

6.that it would, moreover, be desirable that
measures be taken that the payment of interest

4.that all debts contracted by the Government and public corporation during and after
the war should be converted into uniform 4 %
loans in the currency thus stabilized

ties contracted before the war on the old gold
basis, be affected on that pre-war gold basis;
subsequently that the salaries of Government

of stabilization for the paper-currency (for

resolutions, which have already been adopted
by the Financial Commission).

and amortization on the loans of Govern-

ments and communities, as well as other liabili-

officials, including professors of Universities and
similar people are, brought back to their pre-war
gold value.

5.that the circulation of paper-currency
(It might be equally desirable
should for the time being be continued, till salaries and wages of people not into revise the
the Governthe moment seems opportune to replace the ment service, but this could not be done unless
current paper-money by the stabilized currency one finds a solution for problems of a still
(i. e. in Germany on the basis of 20 Marks of much more complicated character.
1/20x against one Gold Mark ; in France and be advisable to commence already toIt would
Belgium 2-272 paper-francs against one ggld- a solution in this direction. It goes look for
without
franc).
(It is hardly necessary to repeat that such a
measure for stabilizing currency, even on the
above mentioned basis, cannot be taken unless




Genoa, April 24, 1922.

saying that the nominal rise in wages as far as
they are paid in paper-currency can naturally
be done away with as soon as these wages are
replaced on the pre-war gold basis).

International Chamber of Commerce, Digest No. 29, Deflation or Devaluation
TWO

Memoranda submitted to the Genoa Conference

1?y M G .V issering and M.O.Lepreux

7

REMARKS ON M.

BY

I.

VISSERING'S MEMORANDUM

M.

0.

Introduction

LE PREUX

Review of the Arguments contained

II

A distinction may be made between two

kinds of fiduciary inflaiton : credits-inflation
and notes-inflation.
The first of these consists in the exaggeration

or over-expansion of credits granted by the
banks to commerce and industry.

The second

is the result of the excessive issue of paper
money either directly by the State or by a

bank on behalf of the State, or indirectly as the
result of credits opened for the State or of the
issue of securities not absorbed by real
saving.
Credit inflation has been especially noticeable
in Anglo-Saxon countries. On the Continent.

particularly in Belgium, the increase in the

number of bank-notes in circulation has been
the fundamental cause of inflation, and it is
therefore proposed to devote special attention
to this aspect of the problem.
If time permitted, we should have liked to

in the Memorandum

M. Vissering seems to raise two principal

objections to this method of deflation.

1.The first and more important of these is
the following

The State Debt was floated at a time when
the currencies were depreciated. A recovery
in currency values would involve a gratuitous
and injustifiable advantage to the holders of
Government securities ; on the other hand, it
would impose upon the State a burden which it

only support with difficulty. It is
inconceivable that such a situation should be
left without a remedy.
Deflation has thrown the different economic
factors out of gear ; deflation involves an
attempt to return to the situation which existed
before the crisis, and it is evident that this eau
only be done by a gradual re-adaptation of the
could

examine in detail some of the economic theories
contained in the memorandum under considera- various elements to each other, and that
ration.
We should, for example, have liked taken of the new factors,
account must be to
define exactly the reciprocal influence of the which have arisen during the crisis.
various factors affecting prices, and to show
If
debt were converted into
clearly the fluctuations caused by the war in goldBelgium's present would be crushed under
francs, the State
the actual value of gold, in prices expressed in
terms of the gold-unit and in the relative value the weight of an intolerable burden and the
people as a whole would be made to pay for an unof the former gold-units.
fair advantage accorded to a group of citizens. If,
But, although we hope one day to be able however, the portion of the country's loan, which

to discuss these important points, we will

confine ourselves for the moment to making
a few practical suggestions regarding the conclusions arrived at by M. Vissering in his memorandum, towards Belgium.

In advocating deflation, we express our
intention to restore gradually our paper-franc
to the level of the gold-franc, so as to reduce the

nominal cost of living and to re-establish, as
far as possible, the pre-war scale of values.



was floated in gold francs, were refunded in
paper-francs, or even if loans floated at the
time when the currency unit was beginning to
fall away from the gold standard were refunded
in paper-francs of a still lower value, the soun-

dest and steadiest elements of the population

would suffer a grave injustice : they would have

to bear a part of the loss resulting from the

war, a loss which ought to be divided as fairly
as possible among the community as a whole.

The object to be aimed at is therefore to with its corrective in the " scales of depre-

refund as accurately as possible to the holder
of Government securities the real value of the
amount they advanced.

In order to do this, it is prOposed to use
" scales of depreciation ". This method is
applicable as a lesser evil in countries with a
extremely depreciated currency, both as regards

public debts and the settling of long-term
contracts between individuals. It is however
only a "lesser evil ", a difficult and dangerous
remedy which is only applied for want of a
better one.

The principle which governs the whole

queStiOn is respect for engagements, inviola-

ciation " is only to be compared to the methods
employed by Philip IV of France and the princes
of the middle ages for debasing their currencies,
which so seriously shook public confidence in
the value of money.

Briefly, we are not in favour of " scale of
depreciation " for the settlement of war loans,
because we believe there are other means of
solving the problem. The following is a suggestion in this connection

The pre-war debt would remain as it

is.

Having been issued in gold-francs, it will recover

its normal condition when the franc is restored

bility of contractual obligations. All agree-

to its gold parity. And on this point, be it

the " scale of depreciation " brings home to
him, as an irrevocable fact, the partial expro-

unshaken and the trouble caused by a deva-

noted that, even so, the crisis will have seriously

ments must be interpreted in good faith ; their prejudiced the holders of these securities, since
only basis is the intention of the parties con- during the whole transition period, their annual
cerned.
income will have only been paid in a depreNinety-nine people out of a hundred do not ciated currency and at a rate of interest lower
sufficiently understand an economic pheno- than the market rate. Moreover, even after
menon such as the gradual depreciation of the the return to the gold parity, it is highly procurrency unit during a period of inflation. To bable that the value of gold, will remain for
Most people, a franc remains a franc ; they some considerable time at the level to which
doriot appreciate the difference between the real it was reduced by the war.
value of the franc at one period and at angther.
As regards post-war loans, conversion will
If " scales of depreciation " are used, people
be imposed at the proper moment into irrewill imagine that their interests are affected,
they will be convinced that they are victims of deemable securities yielding a low rate of inten injustice ; and their grievance will be all the rest, calculated in such a way as to refund on a
greater because they will attribute it to the fair and equitable basis the real value of the
amount advanced to the State at the time the
artificial intervention of the law.
loan was floated. No doubt, such an operation
Moreover, this injustice will, very frequently, would not be effected without protest, but no
be not only apparent, but real. In many cases, real injustice would be involved, since the
the money, which the small investor puts in a bond-holders would receive in actual value an
lc-An represents the savings of many months, amount equivalent ' to th'e amount they adeven years ; in so far as his capital has conti- vanced for the community. Thus, the load
nually been expressed in currency, it is affected which the State will have to bear will be reduced
by progressive deflation ; the francs thus inves- to reasonable proportions; andwhat is more
ted, always represented for him francs in their importantby this means public confidence
full purchasing power ; hence the application of in the value of the national currency will remain
priation, of which he is the victim. Again, the
"scales of depreciation" can never be anything

but a series of approximations extremely difficult to determine ; even if the parts are, on an
average, fairly accurate, they are inaccurate at
the beginning and the end of each period in
question. If one thinks of the transfers and
sales of claims which may occur between the

conclusion of a contract and the date of its

execution, what a multitude of individual injus-

tices are inevitably involved in such a preceeding !

Viewed from this stand point, devaluation,




luation will be avoided.
2.
The last few words are intentionally contrasted with M. Vissering's assertion that defla-

tion would " involve further economic disorganization" Is not this begging the question ?

It is readily admitted that certain economic
factors have undergone some modifications
during the crisis and that they will have gradually to be brought into line with the progress
of deflation. Is it, however, right to accept

as an established fact, that a new economic
order of things has been established on the
basis of the depreciated value of our franc ?

4r

9

We are firmly convinced to the contrary, and
that is why we advocate deflation.
Before the war, there existed a scale of values

which was the result of an infinite series of
exchanges on a stable basis. This scale of

values was expressed by the relations between

would like to add a few general remarks in
order to make our point of view quite clear.

1.. We are fully aware of the difficulty of
putting deflation into operation. It requires
both a determined and careful policy ; it implies

the prices for different commodities and the a gradual and methodical re-adaptation of
remuneration paid for different kinds of ser- the various economic factors affected by the
vices. Inflation, by abolishing stability in the crisis, especially of salaries and public debts.
money unit, i. e. the unit of measure of values, Even so, it will be a painful process and will
has thrown out of gear the comparative order give rise to opposition ; we are aware that
result has beenThe
complete periods of falling prices are trying for industry
of values.
economic dislocation. Certain factors, work- and business generally. We consider, however,
men's wages for instance, have followed the that the interests of the country at large should
come first, and that therefore certain sacrifices
have only done so gradually or have scarcely should be made ; and we have maintained our
changed at all, as for example the remunera- confidence in the complete economic recovery
tion for intellectual work. The prices of cer- of our country.
tain products, such as foodstuffs, are higher
than the average level ;
others, such as 2. There are special characteristics of the
rents,
have remained below this level. Briefly, the financial crisis in Belgium, which put her in a
equilibrium is far from being restored. In place by herself. Our monetary inflation is
Belgium, where a difference of only from 1 to 2 chiefly due to the milliards of marks put in
has to be overcome in order to return to the circulation by the Germans during their occugold level, we are convinced that the simplest pation. These marks constitute a claim against
way of restoring that equilibrium is to return Germany to us, the returns upon which will
to the former scale of values. It will be noticed be devoted towards the improvement of our
in this connection that the phenomenon comes circulation. Further, the amounts due to
about automatically : upon several occasions, Belgitim on Reparation account will assist
it has been observed that agreements were her, once the most urgent work has been comrise in prices with comparative rapidity ; others

made on the basis of a fictitious currency

pleted, to effect a gradual recovery in her
exchange.

returning to the former gold value.
There is another side of the question, which
calls for special attention. The tendency of
inflation is partially to dispossess all those

If we are of the opinion that the goal which
Belgium should place before herself is a return

- whose claims are expressed in terms of the cur-

has only suffered relatively slight depreciation.

rency unit : for convenience, let us call them
" creditors ". If the franc is restored to its

to the gold parity, it is because her currency
If, however, the gap between the paper-franc
and the gold-franc should increase, the problem

gold value, the temporary prejudice would change its aspect. We may perhaps be
Iformer to the creditors will be repaired and the forced one day to recognize the hopelessness
paused
equality between parties will be re-established. of our effort and to accept stabilization ; but
Contracts, which are not yet due to be carried
out, will therefore be executed on a fair basis.

we earnestly hope that this will not be the case

Those which in the meantime have been carried

means of saving Belgium from what we cannot

out, have been executed in violation of legitimate rights ; it is too late to protest. Generally
speaking, however, creditors as a group, will
be in much the same position towards debtors
as they were before the crisis; on the whole, the
injustices caused by the evolution of inflation
will be reduced to a minimum.
III.

Conclusion

The above are the arguments which we wished

to oppose to M. Vissering's objectionsand we




and we are anxious first of all to try every

help calling " monetary bankruptcy ";
If the assumption of M. Vissering's must
one day become an accomplished fact ; if the

present state of affairs were to continue for
some time and consequently were to bring about

a general revision of values ;in short, if the
economic situation were to be re-established
on the basis of the depreciated currency
we should cease to advocate deflation, which
in such a case would be not only inopportune
and useless, but even harmful, since as a matter
of fact the old wounds resulting from inflation

1

10 would gradually and automatically right themsclves.

deflation would
conditions,

these

produce further dislocation without any true

compensation.
IUnder

years, the depreciation was fixed at an almost
stable level, and was incorporated in all manifestations of economic activity.
The Minister of Finance emphasized this fact

to the Argentine Congress in the following

5. M. Vissering recognizesand on this

words : " Owing to the influence of the perma-

Republic to stabilize currencies we showed that

rable to devaluation, it was only adopted after

stabilizing the rates of exchange somewhere
around a fixed legal parity and in assuring
elasticity of the currency within the country,

The same thing occurred in Brazil in 1906.
The legal rate of exchange of gold against the

nent depreciation of our currency, all prices,
point we are in full agreement with himthat salaries, services, work and contracts have, to
the right measures to ensure the stabilization a certain extent, become, adapted to the eco\ of currencies can only be taken in countries nomic life of the community. This state of
where the budget has been balanced and where things has, so to speak, percolated into our
the balance of payments can be maintained. system ".
In a memorandum which we wrote on the
In spite of these factors, admittedly favouattempts made in Brazil and the Argentine
if in these two countries they succeeded in

it was because a succession of prosperous years
had enabled them to have a favourable balance
of payments for a long time.

There is, however, one point, which must
not be lost sight of in connection with these
two examples.

In order to bring about a legal stabilization,
we consider that a currency must, for a fairly
long time, have remained stable somewher6 near
the lower level.
The reason why Argentine and Brazil believed
that at a certain moment, they could consolidate

the loss on the exchange was that, after many

a long discussion between its partisans and those
of deflation.

paper milreis was fixed at 15d., which was
the average for 1906, and also for the preceding 30 years *. It was only adopted provisionally on the understanding that it could
be raised if economic conditions allowed ; and, as

a matter of fact, it was slightly raised later on.
All that we have said above shows that there
can be no question of actually realising devaluation in our country. The efforts Belgium

has already made entitle us to hope that by
carrying on the work she has begun, she will

succeed, thanks to a wise and resolute policy,
in gradually inproving her financial situation.

Genoa, April 26, 1922

July 17, 1922

Les changes itrangers, J. Decamps, p. 173.




Paris

Imprunerie Rte.', et GROUT/ET, 7,,, rue de tiondy

4o3o




The International Chamber of Commerce has already issued
on the following subjects (separately in English and

publications
French)

BROCHURES
1.

EXPORT CREDITS.

STANDARDIZATION.

TRANSPORTATION

DOUBLE TAXATION, Part I. (Report

1. Channel Tunnel and Ferryboats.
. International Through Freight
Trains.
In. Uniform Measurement of
Ship's Tonnage.
iv. Free Zones in Sea-ports.
TRANSPORTATION
.

Ili.

Chamber).
DOUBLE TAXATION, Part H. (Spe-

cial Report by British Natio-

nal Committee), English edition
only.
COMMERCIAL ARBITRATION.

FINISHING CREDITS.

International Bill of Lading.

u.

of the Select Committee of the

Combined Transport under
a single Waybill.
Dangerous Merchandise.

CALENDAR REFORM.

PATENT LAWS AND COMMUNITY

MARKS, English edition only.
CONSTITUTION AND RULES OF PROCEDURB.

TREATMENT OF FOREIGN BANKS.

PROCEEDINGS OF THE FIRST CON-

FOREIGN EXCHANGE.

GRESS (London 1921).

BARCELONA CONFERENCE.

SELECT COMMITTEES, List of Mem-

bers.

RAW MATERIALS.

ORGANIZATION OF THE INTERNATIONAL CHAMBER OF COMMERCE

TRADE TERMS.

(February 1922.)

CONSTRUCTION.

DIGESTS
FIXING GERMANY'S WAR DEBT.
THE PAYMENT OF THE GERMAK DEBT.

LIST OF FAIRS AND EXHIBITIONS,

- THE WIESBADEN AGREEMENT.

UNLAWFUL COMPETITION AND BELGIAN LEGISLATION.

INTERNATIONAL COMMERCIAL ARBI-

TRATION, by OWEN D. YOUNG.
EUROPEAN PROBLEMS FROM AN AMERICAN STANDPOINT.
STABILIZATION OF THE EXCHANGES.
RULES,
1921, by
THE HAGUE
CHARLES S. HAIGHT.

THE REFERENDUM SYSTEM OF THE
CHAMBER OF COMMERCE OF THE
UNITED STATES,
GOODWIN.

by ELLIOT H.

LIST OF FAIRS AND EXHIBITIONS
(1922).
THE INTERNATIONAL CHAMBER OF
COMMERCE IN 1921.
THE ECONOMIC SITUATION IN POLAND.

BUSINESS ORGANIZATIONS AND "THE

HAGUE RULES, 1921."

UNIFORMITY OF LEGISLATION

THE
ECONOMIC
SITUATION
CZECHOSLOVAKIA.
ADMINISTRATIVE

IN

COMMISSIONERS'

SURVEYS FOR MARCH 1922.

IMPROVEMENT IN FUEL CONSUMPTION METHODS.
THE TRANSPORT COMMISSION AT THE
GENOA CONFERENCE.

THE FINANCE COMMISSION AT THE
GENOA CONFERENCE.
THE ECONOMIC COMMISSION AT 'THE
GENOA CONFERENCE.
THE TER
THE UTILIZATION CF

MEULEM PLAN FOR THE ECONOMIC RECONSTRUCTION OF EUROPE,
BY Al LEWANDOWSKI.

THE PROBLEM

OF DOUBLE TAXA-

TION.

RE-

GARDING BILLS OF EXCHANGE.

STATISTICAL RECORDS AND COMMERCIAL LIFE
ITALIAN CUSTOMS POLICY.
BUSINESS ORGANIZATIONS AND THE

HAGUE RULES 1921" (continued).
*

1922 (Second Edition).

LIST OF FAIRS AND EXHIBITIONS

(3rd edition).
THE FUTURE OF ARBITRATION, BY
RAYMOND STREAT.

AMERICAN VIEWS ON THE QUESTION OF REPARATION:, AND INTERALLIED DEBTS.

These brochures were issued in connection with Hie London Congress.

tine 1921.

In the Press
Tenth annual Meeting of the Chamber of Commerce of the United States,
by, Basil Miles.

INTERNATIONAL CHAMBER OF COMMERCE

- PARIS BASIL M I LES

NOV

AMERICAN ADMINISTRATIVE COMMISSIONER




'3

33, RUE .JEAN GOUJON
TEL. ELVSEES 62-42

November 2, 1922.

Benjamin Strong, Esquire,
15 Nassau Street,
New York, N. Y.
Dear Ben:

The Washington office tells me they have been
trying to get the Federal Reserve Banks to become Associate
Members of the International Chamber of Commerce, but without
success because the banks say, as Government agents, they are
too much involved to join an international association of this
character.
I have suggested that the Washington office "beat
the devil around the stump" by having the Governors or Reserve
Agents of the various banks join as individuals, and not in
their official capacity.
In looking this matter up I found
that I was mistaken in thinking tilat you had already done this.
My records here do not show your name among the Associate MemIf you feel
bers of the International Chamber of Commerce.
rich, I wish you would consider this not only for yourself,
but also in regard to your fellow Governors.
From what I have seen of its workings over here,
I believe the International Chamber of Commerce is worth supporting, particularly at this early stage when it is just sucI have asked the Washceeding in standing on its awn feet.
ington office to send you proper application blanks and other
dope which will show exactly what you will be let in for if
you decide favorably.

BM/CDG

November 13, 1922.

Dear Basil:

Thanks for your two letter of hovember 2 just received.

This one

answers your inquiry about the membership in the International Chamber of
Commerce.

Frankly, i have advised against the eserve Bank joining the
Chamber, and were I to really act upon conviction in the matter I would not
have the Reserve Bank a member of any organization of any kind except the

local bankers, associations, the membership of which is comrised principally
of our own members.

There are various reasons or this which I will not

elaborate in this letter, and there are certain dangers - political and other that we must carefully wutch.

On the other hand, there is not any reason why I should not be

a

member personally, and while I have so far declined simply because the list
of these memoershipe is so impressive that it has become a rank extravagance,

I nevertheless will join this and get on board with you and Elliot.
Send me the papers and I will sign up.
Yours sincerely,

Mr. Basil Miles,
coi Colonel James A. Logan, Jr.,
18 Rue De Tilsitt,

?aris, France.

BS. MM







e,

A4-1

AMERICAN
DIRECTO,PS AND ALTERNATES

INTERNATIONAL CHAMBER OF COMMERCE

PRESIDENT

ETIENNE CLEMENTEL
FRANCE

S H. BOOTH
_ ..AM BUTTERWORTH
JOHN H. FAHEY
EDWARD A. FILENE
HARRY A. WHEELER
OWEN D. YOUNG

VICE PRESIDENTS

AMERICAN SECTION

A. C. BEDFORD
UNITED STATES

LACEY C. ZAPF, SECRETARY

BARON JANSSEN
BELGIUM

MILLS BUILDING, WASHINGTON, D. C.

A. J. HOBSON
ENGLAND

1400 Woolworth Building
May 16,1921.

vIERICAN COMMITTEE
A. C. BEDFORD, CHAIRMAN
NEW YORK

JAMES S. ALEXANDER

VITTORIO ROLAND/ RICCI
ITALY

NEW YORK

GENERAL SECRETARY

GALVESTON

EDOUARD DOLLEANS

HARRY A. BLACK
GEORGE P. BLOW

PARIS

LASALLE

AMERICAN ADMINISTRATIVE

WILLIAM P. BONBRIGHT

COMMISSIONER

NEW YORK

FREDERICK P. KEPPEL.

WILLIS H. BOOTH

NEW YORK

J. H. BURTON

NEW YORK

WILLIAM BUTTERWORTH

MOLINE

A. S. CLARK
NEW YORK

W. CLIFFORD
MINNEAPOLIS

PARIS

Mr. Benjamin Strong,Jr.,
Federal Reserve Bank,
15 Nassau Street,
New York City.

'A

ROBERT DOLLAR
SAN FRANCISCO

JOHN S. DRUM
SAN FRANCISCO

Nf

Dear Mr. Strong:

1

t

A

"21

CRAWFORD H. ELLIS
NEW ORLEANS

JOHN H. FAHEY
BOSTON

EDWARD A. FILENE
BOSTON

You are invited
national Chamber of Commerce.

to become a

member of the Inter-

L. S. GILLETTE
MINNEAPOLIS

THOMAS S. GRASSELLI
CLEVELAND

CARL R. GRAY

OMAHA

W. A. HARRIMAN
NEW YORK

We need not point out to you the advantage accruing to the business interests of the United States through adequate
support of such an international organization as has now been set up.

E. M. HERR
EAST PITTSBURGH

NOBLE F. HOGGSON

NEW YORK

HERBERT C. HOOVER

PALO ALTO

HERBERT S. HOUSTON

GARDEN CITY

J. R. HOWARD
CHICAGO

ALFRED HUGER
CHARLESTON

The International Chamber of Commerce is a federa tion of the world's leading commercial organizations and broadguaged,forward-looking,business men, firms and corporations. It
will hold periodic meetings at the great commercial centers. The
first annual meeting will convene in London next summer.

ALBA B. JOHNSON
PHILADELPHIA

JACKSON JOHNSON

ST. Louis

C. F. KELLEY
ANACONDA

FRED I. KENT

NEW YORK

ALEXANDER LEGG
CHICAGO

ROBERT F. MADDOX
ATLANTA

JAMES R. MAcCOLL
PAWTUCKET

GEORGE McFADDEN
PHILADELPHIA

The International Chamber of Commerce will place before the governments of the world questions upon which business men
are in accord. Machinery is being provided for the settlement,by
arbitration if necessary, of international and private commercial
disputes and misunderstandings. Through a referendum system,international business opinion on problems of common interest will be
recorded.

AUSTIN McLANAHAN

BALTIMORE

E. G. MINER
ROCHESTER

DWIGHT W. MORROW

NEW YORK

J. D. A. MORROW
WASHINGTON

WILLIAM H. NICHOLS
NEW YORK

THOMAS A. O'DONNELL

Los ANGELES

Each country is represented on the Board of Directors.
A National Bureau at home, under the guidance of the American Corn mittee, and an Administrative Commissioner,residing permanently at
headquarters in Paris, constitute the connecting link between the
business interests of the country and the International Chamber.

EDWIN B. PARKER
HOUSTON

FRANK S. PEABODY
CHICAGO

JOHN J. RASKOB
WILMINGTON

WILLIAM C. REDFIELD

NEW YORK

The enclosed pamphlet describes briefly the plan
and purposes of the organization, and gives details regarding membership.
For your convenience an application blank is attached.

FRANKLIN REMINGTON

NEW YORK

GEORGE M. REYNOLDS
CHICAGO

L. K. SALSBURY

MEMPHIS

May we have the pleasure of presenting your name to
the Board of Directors?

CHARLES M. SCHWAB

NEW YORK

Very truly yours,

CHARLES A. STONE
NEW YORK

GERARD SWOPE

GEORGE C. TAYLOR

HARRY B. THAYER

NEW YORK

NEW YORK
NEW YORK

E. P. THOMAS
NEW YORK

HARRY A. WHEELER
CHICAGO

OWEN D. YOUNG


NEW YORK


Enc.
WI 0:5

For the American Committee.

W.I.CLDAKER

INTERNATIONAL CHAMBER OF COMMERCE
APPLICATION FOR ASSOCIATE MEMBERSHIP
(Corporations and Firms)
, 192

To THE AMERICAN COMMITTEE,
INTERNATIONAL CHAMBER OF COMMERCE,

MILLS BUILDING, WASHINGTON, D. C.

Application is hereby made for Associate Membership in the International Chamber of Commerce.
In accordance with the provisions of Article X, Sections 1, 2, and 3, of the Constitution, there is transmitted herewith a check' for $100 to cover dues of 300 francs and to defray the expenses incident to American
activities in connection with the International Chamber.
Name

Address
(Number)

(Street)

(City)

(State)

(Country)

Line of business
Names of commercial or trade organizations with which affiliated

In case of election, we agree to comply with all of the provisions of the Constitution of the Interna2
tional Chamber of Commerce.
(Signature)

(Title)

Make check payable to the "International Chamber of Commerce, A. S."




(OVER)

gpmamp, PROVISIONS OF CONSTITUTION 14513mi
qui

REGARDING
ASSOCIATE MEMBERSHIP
ARTICLE II

Individuals, firms and corporations engaged in business activities in countries the organizations
of which are eligible to membership are eligible for associate membership. Duly elected associate members
in good standing shall be entitled to attend general meetings and, subject to the rules of such meetings,
shall have the privileges of the floor, but may not vote. They may also receive publications issued by the
International Chamber.
Organization or Associate members of each national organization may be elected organization or
associate members of the International Chamber of Commerce if they fulfill the following conditions :
To be proposed for election by the national organization of the country.

To be accepted by the Board of Directors of the International Chamber in accordance with the
rules laid down in the Constitution and By-Laws.
ARTICLE X

1. The annual dues of each organization member shall be 300 francs if it is entitled to one delegate,
and 500 francs for each additional delegate tio which it is entitled under the provisions of Article VI. In
all cases the dues shall be determined by the number of delegates to which an organization is entitled and
regardless of the number by which it may actually be represented at any general meeting.
The dues of each associate member shall be 300 francs.

Remittance of dues for the first year shall be transmitted with each application to the Board of
Directors, computed upon the basis of the number of delegates recommended by the national organization.
Compliance with this requirement shall be a condition precedent to election to membership. If the Board
of Directors modifies the representation as recommended by the national organization, the dues paid for the
first year shall be adjusted upon the modified basis. Thereafter, the annual dues shall be payable to the

General Secretary of the International Headquarters in the month of January of each year through the
national organization for the country in which the member is located. No credit shall be given for any
part of the first year of membership which had elapsed before election to membership.

The national organization in each country may add to the amount of dues payable to the International Chamber a reasonable proportionate assessment for each member of the International Chamber in
its country to defray the expense of operating the National Bureau, and the maintenance of the Administrative Commissioner and his staff at the InternationalHeadquarters.
Economic and educational institutions of the countries represented in the membership of the International Chamber may, upon the recommendation of the national organization of their respective countries, receive the publications of the International Chamber, upon payment, however, of an amount similar
to the dues for associate membership, viz : 300 francs annually.
ARTICLE XI

If any organization or associate member fails to pay the current annual dues before April 1, notice of delinquency shall be sent to such member through its national organization. If the dues remain unpaid on June 1, the Board of Directors may terminate the membership for non-payment of dues and strike
the name from the list of members.







May 17,1.221.

Dear Sir:

Replying to your favor of the 115th instant,

after consideraiva, I have decided that I will not be
able to accept the invitation of the International
Chamber of Commerce to become

a

member of its organiza-

tion.

My duties at the bank take, practically all of
my time, so that I would be unable to take any part in
the activities of the organization, which makes it seem
inadvisable for me to become a member.

Yours very truly,

W. I. Oldaker, Esq.,

c/6 International Chamber of Commerce,
1400 hoolworth Building,
He

York, N.

BE:MEL

Y.

1=1141111.11111M.Pr
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"I am sure that this meeting in London has done

g

the purpose of stimulating business and closer co-

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much to bring all countries closer together for

operation, and the good which has been accomN

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plished cannot be measured in the terms of dollars
and cents."-Clarence H. Howard, President, Cornmonwealth Steel Company, St. Louis, Missouri.
"The further one gets from the London Meeting,
the more clearly he sees the outstanding features,
and I am impressed now, more than I could express
to you while there, with the grasp and breadth of

vision combined with the unusual patience and
perseverance which really made the meeting possible. It was a real convention."-Felix M.
McWhiner, President, The Peoples State Bank,

Indianapolis, Indiana.
"Meetings of this character are surely what the
entire world needs to heal up its trade wounds."Harold Merckle, President, Thaddeus Davids Ink
Company, Inc., New York, N. Y.

E..-

N-

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"Everyone who is watching the work of the
International Chamber must feel that under the
able leadership it is accomplishing much more
than could have been expected considering the
short time that it has been in operation."-Henry

Z
Z

"I am glad to say that I feel the potentialities
of this organization are very great and that its
meetings can hardly fail to result in much that

g-2

nationalproblems."-Mercer P. Moseley,

a

M. Morse, Export Manager, Regal Shoe Company,
Boston, Massachusetts.

will contribute to the profitable solution of inter-

Vice-

President, American Exchange National Bank, New
York, N. Y.

"It received, as it deserves, the whole-hearted
support and co-operation of the business men and
bankers of all the important countries."-Watkin
W. Kneath, Vice-President, The National Bank of
the Republic, Chicago, Illinois.

E.-

.E-

....E

"I want to say I was very much impressed by
the possibilities for good work to be done by the
International Chamber. I realize as never before
how important the meetings were, and how much
could be gained by merely personal contact with
representatives from various other nations. It
seems to me that the International Chamber, if
rightly handled, will knit the whole world together

--.E.

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The International Chamber of Commerce has
issued publications on the following subjects:

E
E

M

II. International Through Freight Trains.
III. Uniform Measurement of Ship's Tonnage.
IV. Free Zones in Sea Ports.
a

Single

III. Dangerous Merchandise.
4. Treatment of Foreign Banks.
5. Foreign Exchange.
6. Barcelona Conference.
7. Raw Materials.
8. Trade Terms.
9. Construction.
10. Standardization.
11. Double Taxation, Part I (Report of the Select
Committee of the Chamber).

=-

International
Chamber

N

of

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Commerce

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N
E
E.

13. Commercial Arbitration.
14. Finishing Credits.
15. Calendar Reform.

-2

only.

16. Patent Laws and Community Marks, English
edition only.
17. Constitution and Rules of Procedure.
18. Proceedings of the First Congress (London,
1921).

E

20. Organization of the International Chamber of

C

DIGESTS

Commerce.

E.-

_E

E
C
E
E

12. Double Taxation, Part II (Special Report by
British National Committee), English edition

19. Select Committees, List of Members.

E-E--=
-E

The

N

2. Transportation:
I. Channel Tunnel and Ferryboats.

Waybill.

N
E-

BROCHURES
1. Export Credits.

3. Transportation:
I. International Bill of Lading.
II. Combined Transport Under

E
E

1. Fixing Germany's War Debt.

The Payment of the
- 2. Wiesaden Agreement. German Debt-The
b

3. International Commercial Arbitration, by
Owen D. Young.
European Problems from An American Standpoint.
Stabilization of the Exchanges.

The Hague Rules, 1921, by Charles S. Haight.

in reference to commerce, and will be a great
preventative of any future wars."--Edward E.

The Referendum System of the Chamber of
Commerce of the United States, by Elliot H.

E

Boston, Massachusetts.

own Association of Commerce is a member of the

E,

that our own ex-president, Willys W. Baird, is to
be the delegate of this Association at the London
meeting in June. We are sold on the proposition.

E
E-_---

==--

==

N
N

N

=
E
N
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E
E

E
.E
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-----

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E
N

E
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=

List of Fairs and Exhibitions (1922).
The International Chamber of Commerce in

N
C

=

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=---

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Blodgett, Blodgett, Jones, Burnham & Bingham,

"We are proud, gentlemen, to tell you that our

International Chamber. We are proud to state
In addition to that, I am personally for it, I am
strdpgly for it, and all we need today is vision,

confidence to see the possibilities of this wonder-

ful organization. When you are asked to give it

your moral and financial support in the weeks and
months and years to come, I hope you will have
the vision and the courage of your convictions to
support it."-Mr. Joseph R. Noel, President of the
Chicago Association of Commerce.




Goodwin.
1921.

The Economic Situation in Poland.
Business Organization and "The Hague Rules,
1921."

Roster of Officials

Uniformity of Legislation) negarding Bills of
Exchange.

Statistical Records and Commercial Life.
Italian Customs Policy.
Business Organizations and "The Hague Rules,
1921" (continued).

List of Fairs and Exhibitions, 1922 (second
edition).
Unlawful Competition and Belgian Legislation.
The Economic Situation in Czecho-Slovakia.

_

The American Committee
Individual Comments
Publications

5
5
5-

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OFFICERS

Er

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President

-1E-

ETIENNE CLEMENTEL, France

E
M

AMERICAN COMMITTEE

A. C. BEDFORD, United States
MAURICE DESPRET, Belgium

A. C. BEDFORD, Chairman

E
E

Vice-Presidents

JAMES S. ALEXANDER
HARRY A. BLACK
GEORGE P. BLOW
WILLIAM P. BON BRIGHT

=

SIR ALBERT J. HOBSON, England
MARCO CASSIN, Italy

H
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General Secretary

M

EDOUARD DOLLEANS, Paris

----==

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American Administrative Commissioner

_ -='

BASIL MILES, Paris

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New York
New York
New York

WILLIAM BUTTERWORTH
ROY D. CH A PI N

pot

.

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American-Directors and Alternates
WILLIS H. BOOTH

E
E

ROBERT DOLLAR

Joins; S. Daum
CRAWFORD H. ELLIS

say within living memoryto be re-established at
all."Viscount Birkenhead, Lord Chancellor of
Great BritainLondon Congress, June 17, 1921.

=-E

m

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Z.

"Thirty years of practical experience as a man
of business convinced me that collaboration between Governments and business men is the only

g

San Francisco
San Francisco
New Orleans

F. W. CLIFFORD

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E

H

Boston
Boston
Minneapolis
Cleveland
Omaha

JOHN H. FAHEY

EDWARD A. FILENE

.

L. S. GILLETTE

THOM AS S. GRASSELL1
CARL R. GRAY

W. A. HARRIMAN

E

JOSEPH H. DEFREES

H

NOBLE F. HoNNsoN

JOHN H. FAHEY

--,.

Ne New York

HERBERT C. HOOVER
HERBERT S. HOUSTON

NELSON DEAN JAY
OWEN D. YOUNG

-V

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,--=--

2
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H_

MEMBERSHIP

The International Chamber is financed

H

E

through membership dues.

There are two classes of memberships

=g

a

Organization and Associate. Organization

H_

Membership is confined to national and
local commercial, financial, and industrial

-.;-=-J
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organizations. Associate Membership embraces corporations, firms, and individuals.
The annual dues for Organization Mem-

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effective means of getting things done. Such collaboration is impossible without an organization
which not only will afford opportunity for the free
interchange of views between leaders of finance,
industry and commerce throughout the world, but
also will serve as the mouthpiece by which busi-

and 500 francs for each additional delegate,

plus $25. An Organization Member is
entitled to one delegate for each 200 mem-

DARWIN P. KINGSLEY

JAMES R. MAcCou.
GEORGE MCFADDEN
AUSTIN MCLA NA HAN

S. CR/STY MEAD

E. G. MINER
W M. FELLOW ES MORGAN
DWIGHT W. MORROW

FRANK S. PEABODY

-- =

JoN J. RASKOB
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_

WILLIAM C. REDFIELD

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Remittances for dues should be transmitted in the form of checks or drafts to
the order of the "International Chamber

H

Commerce, A. S."
Applications for membership should be

_
E

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--_.

made to the American Section, Interna-

H
=._--y_

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FRANKLIN REMINGTON
GEORGE M. REYNOLDS
HENRY M. ROBINSON
.

L. K. SALSBURY
CHARLES M. SCH WAB
CHARLES A. STONE
GERARD SWOPE
GEORGE C. TAYLOR

HARRY B. THAYER

E. P. THOMAS
DANIEL WARREN

HARRY A. WHEELER
Mills D. YOUNG
OWEN

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---,-_

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more toward breaking down some of the prejudices
that have hampered the movement of international

-

S.

Wilmington
New York
New York
Chicago

Los Angeles

private business than they ever could have done
had the conference not been held."Mr. George
M. Reynolds, Chairman of the Board, Continental

a_
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and Commercial National Bank, Chicago.

"During my travels through Europe, I personally

found that it will mean a great deal toward
cementing the friendship of the Nations."E. D.

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Frohman, Vice-President, The S. Obermayer Company, Pittsburgh, Pennsylvania.

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"One thing sure, the need was never greater for
such an organization as yours than exists today.
I surely believe you will accomplish great good."
V. D. Skipworth, Vice-President, Wilson and

a
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Company, Chicago, Illinois.

N.

"I trust that the value of the International Chamber of Commerce will be fully appreciated

7,="--

Memphis
New York
New York
New York
New York
New York
New York
New York

.r.--E

Chicago

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New York

operative spirit of so many leading business men
of so many nations will of itself be very beneficial.
Out of this intermingling and interchange of ideas,
friendships and mutual understandings should

have been reached and these men, returning to
their respective countri s, probably can do much

E.
- --

Chnigcagno

'

"Undoubtedly the bringing together in a co-

- - --7..

Atlanta
Pawtucket
Philadelphia
Baltimore
New York
Rochester
New York
New York
Washington
Cleveland
New York
Los Angeles
Houston

ROBERT F. MADDOX

--='

a

Chicago

ALEXANDER LEGGE

WILLIAM H. NICHOLS
THOMAS A. O'DONNELL
EDWIN B. PARKER

H

bers, up to a maximum of ten delegates.
Associate Membership dues are $100 per
annum. Corporations, firms and individuals engaged in business activities are
eligible for Associate Membership.

St. Louis

J. D. A. Moaptow
S. T. NASH

H_

a
a

Anaconda
New York
New York

C. F. KELLEY
FRED I. KENT

ness men may make their views known to their
Governments. This organization already exists
and is in full operation. It is the International
Chamber of Commerce."M. Lucien Dior, French
Minister of CommerceParis, October 7, 1921.

g
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Charleston
Philadelphia

ALFRED HUGER
ALBA B. JOHNSON
JACKSON JOHNSON

H

bers are 300 francs for the first delegate

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Chicago

J. R. HOWARD

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East Pittsburgh
New York
Palo Alto
Garden City

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the world is in the next decadeI might almost

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NewMeYotlroin
York
Minneapolis

E. A. S. CLARKE

WILLIAM BUTTERWORTH

tional Chamber of Commerce,
Building, Washington, D. C.

a
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----=.

American Section
A. C. BEDFORD, Chairman
LACEY C. ZAPF, Secretary




New York
New York
Galveston

WILLIS H. BOOTH
J. H. BURTON

"Such a body (i. e. the International Chamber
of Commerce) in my view could have discharged
very useful functions before the world catastrophe
of 1914. Its contribution to our postwar difficulties
is not only useful but essential, if the prosperity of

----_--

------

a

COMMENTS

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throughout this country and that it will receive
the support in members and finances which it so
richly deserves."William W. Coleman, Bucyrus
Company, South Milwaukee, Wisconsin.

"Men came together from all corners of the

globe; men of many tongues but of one thought H

to arrive at a better understanding of each others

problems and to endeavor by discussion and

mutual concession to devise means for facilitating,
.'._.

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safeguarding and promoting the means of International trade."David E. Schwab, Vice-President,
Krower-Tynberg Company, Inc., New York City.

MEMBERSHIP

The

The International Chamber is financed
through membership dues.

LE_

There are two classes of memberships

International
Chamber of Commerce

Organization and Associate. Organization

Membership is confined to national and
local commercial, financial, and industrial
organizations. Associate Membership embraces corporations, firms, and individuals.
The annual dues for Organization Mem-

bers are 300 francs for the first delegate

LE_

5

WHAT IT IS

5

AND

E=

WHAT IT DOES

and 500 francs for each additional delegate,
plus $25. An Organization Member is
entitled to one delegate for each 200 members, up to a maximum of ten delegates.
Associate Membership dues are $100 per
annum. Corporations, firms and individuals engaged in business activities are

eligible for Associate Membership.
o_

Remittances for dues should be transmitted in the form of checks or drafts to
the order of the "International Chamber

"We want to trade with the world."

5
5

President Harding

"We have only begun to think internationally."

Secretary Hughes

of Commerce, A. S."
E-

Applications for membership should be

N

made to the American Section, Interna-

tionalChamber

of

Commerce,

Mills

AMERICAN SECTION

Building, Washington, D. C.




MILLS BUILDING

WASHINGTON, D. C.
E-

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111111111111111111111Winmm
WHAT IT IS

WHAT IT DOES

The International Chamber qf Commerce is a worldwide federation of financial, commercial, and industrial
interests, free from governmental or political control and
free from motives Of private gain.
lt is the medium through which business men of the
nations give concerted expression to their common
judgment and desires.
Its membership now embraces: Argentina, Australia,
Austria, Belgium, Bulgaria, Costa Rica, Czechoslovakia,
City of Danzig, Denmark, France, Great Britain, Greece,
Guatemala, Haiti, Italy, Japan, Luxemburg, The Nether-

Presents to the governments of the commercial nations
those reforms essential to the restoration of world commerce and continued prosperity.
Bases its conclusions on exhaustive studies made
through its international commAtees of business men.
Provides a medium through which the business men
of the world express their common judgment upon vital
problems in the fields of finance, commerce, and

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lands, Poland, Portugal, Serbia (The Kingdom of the

Serbs, Croats, and Slovenes), Spain, Sweden, Switzerland,

and the United States.
A National Organization, similar to the Chamber of

Commerce of the United States, unites the business

forces in the respective countries.
Each country is represented on the Directorate of the
Chamber and on its numerous committees. Each coun-

try is also directly represented by an Administrative

Commissioner who resides at the seat of the Headquarters and serves as the connecting link between the

Headquarters and the members in his country.
Through its permanent Headquarters in Paris, and its
staff of experts there, it is constantly functioning in an
effort to promote better international business relations
thus assuring peace and prosperity throughout the word.
The International Chamber gives to the business men
of America an opportunity to confer in committee meetings and in general meetings with business men of other
nations and settle with them difficult problems by the
understanding which

a

-

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a_
--.-

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comes

only through

intimate

knowledge of the facts of the situation. In conference
lies the hope of peace, the hope of business security.
But conferences are useless unless they face realities
squarely, omit prejudices and seek to adjust those
problems brought before them regardless of politics and
attendant jealousies.

industry.

Provides a center for organized effort in removing
artificial and unnecessary obstacles to trade between
nations and in overccming foreign trade resistance.

Provides a Research Bureau which acquaints itself

with the international economic issues at stake and with
industrial conditions prevalent over the world. This

Bureau is consulted by the officials of many nations

charged with the task of developing economic programs
f or discussion at international conferences.

Provides a place where meetings in the interest of

every nation engaged in foreign commerce may be held,
with access to trained staffs or helpers, that make definite
the requests which the business men of the world have
to submit.

Provides an accredited body capable of conducting
negotiations with governments for the things necessary
for the well being of world trade.
Gathers the best obtainable data on subjects of vital

interest to world exporters and importers and makes

it available in pamphlet. form for International Chamber

Members. This information is compiled in an original
manner and the facts are presented in such an unbiased
fashion as could only be done by an organization like the
International Chamber.

=-- - r.--

CURRENT ACTIVITIES

7: - --_-

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--_-,
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==-

The International Chamber of Commerce is evolving
a basis for a Uniform Ocean Bill of Lading.
It has prepared a comprehensive code for International
Commercial Arbitration to eliminate costly and ineffective litigation between business men of different
countries,
It is working on a plan for the collection and dissemination of comparable statistics.

legislative provisions with respect to bills of exchange
and other export problems.
It is calling attention of governments to burdensome
war-time restrictions in regard to passports. and visas.
It is making a careful study of the great losses winch
business men suffer through lack of adequate laws for.
the protection of international industrial prosperity and'
for the suppression of methods of unfair competition.
It will suggest remedial measures for the protection of
trade marks, copyrights, etc.
The International Chamber is engaged in drafting a
uniform basis for legislation which will remove existing

al-

.
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It is about to publish a list of preferred definitions of
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trade terms used in international transactions.
EIt is urging the removal of export taxes which are a
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hindrance to the freedom of trade,
unfair and burdensome tax practices such as double
3
It is committed to a policy of instituting measures for
E
taxation.
the conservation of fuel and raw materials.
It is consistently campaigning for the modification of
_,2000011100110ffimiumumnimmilinummannomminummuntiondonsumuniiiimilmiummummunnornimorniiiiiimmummormirmiz
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AMU-

INTERNATIONAL CHAMBER OF COMMERCE

:OMMITTEE

OWEN D.'.

.CHAIRMAN

NEW YORK

4

JAMES S. ALEXANDER

PRESIDENT
NEW YORK

American Section

FRANK B. ANDERSON
SAN FRANCISCO

W. W. ATTERBURY

WALTER LEAF
GREAT BRITAIN

PHILADELPHIA

JULIUS

ARNES

VICE-PRESIDENT FOR THE
UNITED STATES

WASHINGTON. D. C.

DULUTH

HARRY A. BLACK

JULIUS H. BARNES

GALVESTON

WILLIS H. BOOTH

JOHN P. GREGG. MANAGER
MAXMNECOMMXINDOMIC
WALLACE I. OLDAKER, FIELD SECRETARY

NEW YORK

0. E. BRADFUTE
CHICAGO

M. C. BRUSH
NEW YORK

W. IRVING BULLARD

GENERAL SECRETARY

EDOUARD DOLLEANS
pAms
AMERICAN ADMINISTRATIVE

BOSTON

COMMISSIONER

WILLIAM BUTTERWORTH

BASIL MILES

MOLINE

NEWCOMB CARLTON
NEW YORK

December 6, 1927

ROY D. CHAPIN

pAms

DETROIT

STUART W. CRAMER
CRAMERTON

GEORGE S. DAVISON
PITTSBURGH

JOSEPH H. DEFREES
CHICAGO

ROBERT DOLLAR
SAN FRANCISCO

JOHN H. FAFIEY
BOSTON

SAMUEL M. FELTON
CHICAGO

EDWARD A. FILENE
BOSTON

E. STANLEY GLINES
BALTIMORE

Honorable BenjPmin Strong, Governor
Federal Reserve Bank of New York
33 Liberty Street
New York, N. Y.

RICHARD F. GRANT
CLEVELAND

E. R. GRASSELLI
CLEVELAND

CARL R. GRAY

My dear Mr. ,Strong:

OW ANA

W. A. HARRIMAN
NEW YORK

E. M. HERR

ftsTramumi

NOBLE F. HOGGSON
NEW YORK

HERBERT C. HOOVER
PALO ALTO

I want to acknowledge receipt of your check renewing
your membership in the International Chamber of Commerce for the
year ending December 31, 1928.

HERBERT S. HOUSTON
NEW YORK

CLARENCE H. HOWARD
ST. LOUIS

EDWARD N. HURLEY
CHICAGO

ERNEST LEE JAHNCKE
NEW ORLEANS

NELSON DEAN JAY
PARIS

C. F. KELLEY
ANACONDA

FRED I. KENT
NEW YORK

FREDERICK P. KEPPEL
NEW YORK

IVY L. LEE

You know that Mr. Owen D. Young, Chairman of the American Committee, has stressed the importance of international cooperation among the practical business men of the commercial nations of
the world as an absolute necessity in order that those problems affecting the full development of international trade and prosperity may be
solved.

NEW YORK

ALEXANDER LEGGE
CHICAGO

A. LONG
KANSAS CITY

JAMES R. MAcCOLL
PAWTUCKET

GEORGE McFADDEN
PHILADELPHIA

CRISTY MEAD
NEW YORK

E. T. MEREDITH
DES MOINES

One of the results of the Stockholm Meeting is the reorganization of the Committee on International Settlements.
As you know,
the men who serve on our committees are specially fitted for the particular subject under consideration, which accounts for the splendid
progress made.

E. G. MINER
ROCHESTER

DWIGHT W. MORROW
NEW YORK

FRANK MUNSON
NEW YORK

JOHN W. O'LEARY
CHICAGO

EDWIN B. PARKER
HOUSTON

The International Chamber is fortunate in that it has the
active interest of men Whom no private organization could persuade or
afford to assemble.

REGINALD H. PARSONS
SEATTLE

LEWIS E. PIERSON

Your continued interest is much appreciated.

NEW YORK

JOHN J. RASKOB
WILMINGTON

H. H. RAYMOND

Yours very truly,

NEW YORK

WILLIAM C. REDFIELD
NEW YORK

FRANKLIN REMINGTON
NEW YORK

GEORGE M. REYNOLDS
CHICAGO

HENRY M. ROBINSON
LOS ANGELES

CHARLES M. SCHWAB
NEW YORK

WILLIAM P. SIDLEY
CHICAGO

H. A. SMITH
HARTFORD

CHARLES A. STONE
NEW YORK

GERARD SWOPE
NEW YORK

HARRY B. THAYER
NEW YORK

E. P. THOMAS
NEW YORK

GUY E. TRIPP
NEW YORK

THOMAS J. WATSON
NEW YORK

OSCAR WELLS
BIRMINGHAM

HARRY A. WHEELER
CHICAGO




675/659
Enclosure.

WALLACE I. OLDAKER
Field Secretary.

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UIERICAN
DP

INTERNATIONAL CHAMBER OF COMMERCE
AMERICAN SECTION

PRESIDENT

AND ALTERNATES

BUTTERWORTH
JL
H. DEFREES
JOEL\ H FAHEY

WIT

OWEN D. YOUNG

FRANCE

C. J. C. QUINN

LACEY C. ZAPF

MANAGER

MERICAN COMMITTEE

UNITED STATES
PRESIDENT FONDATEUR

ETIENNE CLEMENTEL

WASHINGTON, D. C.

NELSON DEAN JAY
HENRY M. ROBINSON

WILLIS H BOOTH

SECRETARY

VICE PRESIDENT FOR THE
UNITED STATES

A. C. BEDFORD

A. L. BEDFORD, CHAIRMAN

GENERAL SECRETARY

NE W YORK

JAMES S. ALE XANDER
NEW YORK
JULIUS H. BARNES
DuLuTH
HARRY A. BLACK
GALVESTON
WILLIS H. BOOTH
NEW YORK
0. E. BRADFTJTE
CEIICAGO
W. IRVING BULLARD
BOSTON
J. H. BURTON
NEW YORK
WILLIAM BTJTTERWORTH
Mom/.
NEWCOMB CARLTON
NEW YORK
ROY D. CHAPIN
DETROIT
F. W. CLIFFORD
MINNEAPOLIS
STUART W. CRAMER
CRAMERTON
GEORGE S. DAVISON
PITTSBURGH
JOSEPH H. DEFREES
CHICAGO
ROBERT DOLLAR
Spar FRAxcisco
CRAWFORD H. ELLIS
NEW ORLEANS
JOHN H. FAHEY
BOSTON
SAMUEL M. FELTON
CHICAGO
EDWARD A. FILENE
BOSTON
E. STANLEY GLINES
BALTIMORE
R GRASSELLI
CLEVELAND
CARL R. GRAY
OMAHA
W. A. HARRIMAN

E M HERR

NEW YORK

EAsT PrrrssuAco
NOBLE F. HOGGSON
NEW YORK
HERBERT C. HOOVER
Pew ALT()
HERBERT S. HOUSTON
NEW YORK
EDWARD N. HURLEY
CHICAGO
PEMBERTON HUTCHINSON
PHILADELPHIA
DEAN JAY
PARIS
ALBA B. JOHNSON
PHILADELPHIA
JACKSON JOHNSON

EDOUARD DOLLEANS
PARIS
AMERICAN ADMINISTRATIVE

CWHaSSIOMM

BASIL MILES

April 23

925.

Mr. Benjamin Strong,
33 Liberty Street,
New York, N. Y.

My dear Mr. Strong:
//I

Before leaving Nashington today
Mr. Bedford

asked,4

of April 20th

to acknowledge your

letter

to thank you for your offer of

cooperation in securing new members for the Inter-

national

amber.

Very truly yours,

ST. LOUIS

C F. KELLEY
ANACONDA
FRED I. KENT
NEW YORK
FREDERICK P. KEPPEL
NEW YORK
IVY L. LEE
NEW YORK

ALE XANDER LEGGE
CHICAGO
JAMES R MAcCOLL
PAWTUCKET
GEORGE McFADDEN
PHILADELPHIA
S. CRISTY MEAD

C

J. C. QUINN - MANAGER.

C;XC

NEW YORK

E. T. MEREDITH
DES Mousss
E. G. MINER

ROCHESTER

DWIGHT W. MORROW
NEW YORK
THOMAS A. O'DONNELL
Los ANGELES
EDWIN B. PARKER
HOUSTON
REGINALD H. PARSONS

SEATTLE

LEWIS E PIERSON
NEW YORK
JOHN J. RASKOB
WILMINGTON
WILLIAM C. REDFIELD
NEW YORK
FRANKLIN REMINGTON
NEW YORK

GEORGE M. REYNOLDS
CHICAGO
HENRY M. ROBINSON
Los ANGELES
K SALSBURY
MEMPHIS
CHARLES M SCHWAB
NEW YORK
H. A. SMITH
CHARLES A STONE
NEW YORK
GERARD SWOPE
NEW YORK
HARRY B. THAYER
NEW YORK
E. P. THOMAS

Hem..

NEW

Vol.

HARRY A WHEELER
CHICAGO
J. M. WHITSITT
CHARLESTO N
OWEN D. YOUNG
NEW YORK




THIRD GENERAL MEETING, BRUSSELS, BELGIUM, JUNE 21-28, 1925

PARIS

International Chamber of Commerce
33 rue Jean-Goujon
Paris, France
_PRESIDENT

WI.LLIS H. BOOTH
Vice President, Guaranty
Trust Company of New York
VICE PRESIDENT
for the United States

The

International
Chamber of
Commerce

A. C. BEDFORD
Chairman of the Board, Standard Oil
Company of New Jersey
New York City
DIRECTORS AND ALTERNATES
for the United States
WILLIAM BUTTERWORTH, President,

Deere and Company, Moline, Ill.
JOSEPH H. DEFREES, Senior Member,

Defrees, Buckingham and Eaton, Chicago, Ill.
JOHN H. FAHEY, Publi,her,

New York City.
NELSON DEAN JAY, Partner,

Morgan, Hades and Company, Paris.
HENRY M. ROBINSON, President,

First National Bank of Los Angeles.
OWEN D. YOUNG, Chairman of Board,

General Electric Company, New York City.
ADMINISTRATIVE COMMISSIONER

for the United States
BASIL MILES

Paris, France
AMERICAN SECTION
Mills Building, Washington, D. C.
A. C. BEDFORD, Chairman
New York City




What it Qnfeans to
cAmerican Business

WHAT THE INTERNATIONAL CHAMBER OF COMMERCE MEANS

I

TO BUSINESS MEN OF THE UNITED STATES

c

development of the International Chamber of Commerce in the period since the war
is impressive evidence of the fact that business men everywhere have a keener realiza-

THE than ever before of the interdependence of nations, and of the fact that chaotic
tion

business conditions of any moment in any part of the world affect the prosperity of every important country, the employment of its people, the maintenance of its standards of living, and
social progress generally.
Today the world understands more clearly than ever before the vital relationship between
commerce and the welfare of people everywhere. The serious disruption of trade by the war,
the destruction of property, the impairment of credit, the inflation of currencies, and the continuation of war conditions, have demonstrated that millions of human beings suffer when business is in chaos.

During the past four years, business men of the United States have been acquiring more
definite knowledge of the international situation and its great significance to them. Free from
the complications of partisan and national politics, they have likewise been enabled to exert a
constructive influence toward the solution of many vexatious problems on a business rather
than a political basis.
The character of service the Chamber performs is threefold:
1.By co-operation between business and financial leaders of the various countries, the
Chamber secures without the necessity of legislation removal of certain barriers to the
flow of commerce.

2.By securing agreement on international problems among the business interests of
the various countries the Chamber is able to bring the concensus of opinion to the attention of Government authorities in order to secure action on those matters which can only
be solved by Government action.
3.By the regular dissemination of information the Chamber helps in the solution of
difficulties confronting the development of international commerce.
The American Committee of the Internatio.m1 Chamber of Commerce believes that business men in America, working side by side with business men in other countries, can contributq
a real measure of service in the interest of peace, welfare and prosperity of their avn as well

as other peoples of the world. They regard the International Chamber of Commerce as a

practical, common-sense means toward that end. These activities have already formed a bond
of sympathy and understanding among business men all over the world, which cannot help
but be reflected in benefit to all concerned.




=

Government Economy
Through Limitation of Armaments
To bring about a general reduction of government expense, and to remove wasteful economic
burdens, the International Chamber has persistently worked for limitation of armaments.

The

c International
Chamber of

International Commercial
Statistics
One of the committees of the Chamber, composed of statistical experts and business men, is
at work on a plan to develop comparable and
up-to-date statistics whereby the status of the exchange of products throughout th'e world may be

Commerce

more accurately determined.

Development of Civil
Aviation
The Chamber has established a permanent in-

ternational advisory committee, composed of finan-

cial, industrial, legal and aeronautical experts, to
determine the steps necessary to promote the development of civil aviation for commercial purposes.

Howard E. Coffin, Vice-President, the Hudson
Motor Car Company, Detroit, is the representative of the United States on the permanent Inter-

What It Has

national Air Navigation Committee.

Improvement of International
Railway Transportation

QAccomplished

An International Railway Transport Committee
has been appointed with a view to bringing about
the adoption of a uniform gauge and interchangeable equipment on railways utilized for international traffic; the reduction of delays on frontiers;
the adoption of international waybills and other
means whereby free interchange of rolling stock
and through service may be more readily effected.

Samuel M. Felton, President of the Chicago,
Great Western Railway Company, is the representative of the United States on this Committee,
which is committed to a policy of private operation rather than State Control.

Development of Motor
Transportation
In order to develop the opportunities for utilizing motor transportation, the International Cham-

ber is considering a program to foster the con-

struction and improvement of international highways so that trunk lines for motor transport may
be available. With this end in view efforts will
also be made to simplify and unify international
laws and regulations applying to motor transport
across national boundaries.

Calendar Reform
The Chamber has conducted intensive studies of
the reform of the calendar problem, and has persistently supported the demand for constructive
changes. An international conference, of the leaders of science, religion, and business, will be held
presently in an attempt to secure agreement which
will bring about this needed reform.



E-

.

AMERICAN SECTION

INTERNATIONAL CHAMBER

OF COMMERCE
MILLS BUILDING

WASHINGTON, D. C.

-E

THE

What It Does

INTERNATIONAL CHAMBER OF

Restoration of European
Financial Stability

COMMERCE

At the Second General Meeting of the International Chamber, held in Rome in 1923,

What It Is
The International Chambor of Commerce is a world federation of business
and commercial bodies organized for the
study of economic problems of international import.
It is an agency through which the business interests of all countries, independent
of governments, may direct their energies

to the common purpose of facilitating
trade and stimulating the flow of commerce.

The project of establishing such an institution by which the judgment and experience of business men might be brought
to bear upon questions growing out of and
affecting primarily international trade was

first discussed at a meeting of business
men of England, France, Belgium, Italy,
and the United States at a conference at

Atlantic City in 1919. The Chamber was
formally organized at Paris the following
year. Since then it has grown to such an

extent that it now includes, with one or
two exceptions, representatives of all the
important commercial nations

of

the

world.

In the brief time since its establishment
it has achieved results of far-reaching importance by contributing to the adjustment
of difficulties of an international character,
by bringing about a better understanding

among world business interests and by

eliminating obstacles in the paths of trade
among nations.

business men, representing thirty-six nations, agreed unanimously upon the principles which should be applied in the economic restoration of Europe. Action was
taken in the form of a resolution covering
the following questions: a. Reparations;

b. Inter-allied debts; c. Unbalanced governmental budgets and uncontrolled inflation;
Disturbance of international credits; and
Abnormal exchange fluctuations.
At this Rome Meeting, steps were taken
to give effect to the conclusions reached by
the appointment of a special committee on
Economic Restoration to continue the study

of the commercial and financial situation
and to urge upon the governments in the
several countries the imperative need of
early action.
For many months the members of this
committee, under the chairmanship of Mr.
Fred I. Kent, Vice-President, Bankers
Trust Company of New York, labored to
impress upon neutral as well as allied governments the importance of constructive
action toward the solution of the reparations problem as the first step in economic
rehabilitation.
It is well known that their persistent efforts contributed in a substantial way toward the action which resulted in the appointment of the two Committees of Experts to co-operate with the Reparations
Commission. It is interesting to observe,
and it is a matter of much satisfaction to
business men of the United States that two

of the American representatives on the

Committee of Experts are members of the
American Committee of the International
ChamberMr. Owen D. Young, Chairman
of the Board of the General Electric Company, and Mr. Henry M. Robinson, Presi-

dent of the First National. Bank of Los
Angeles.

A fair measure of the importance of the
part it will play in the international commercial field and of the value of the practical service it will render is afforded by
what it has already accomplished.



Removal of Governmental
Trade Restrictions
In direct response to representations
made by the National Committees of the
International Chamber, various govern-

ments have eliminated many of the import
0 ment of commercial disputes, has been esand export restrictions which impeded intablished. It has been functioning for
ternational trade.
One of the specific resome months and a number of important
sults attained only recently is the discontincases have been successfully arbitrated.
uance by the British and Belgian govern,
OUnder the Chairmanship of Mr. Owen
ments of the practice of requiring affidavi
D. Young, Chairman of the Board of the
for cashing coupons and matured bonds.
General Electric Company, a code of rules
It is expected that the French government
governing the arbitration and conciliation
will soon take similar action.
machinery of the Chamber, has been developed. This code may be had upon apSimplication of
plication to the Secretary, American SecCustoms Formalities
tion, International Chamber of Commerce,
A two years' study of the customs reguMills Building, Washington, D. C.
lations and requirements of various countries has been completed by a special comProtection of Industrial Property
mittee which includes in its membership
customs experts. Practical suggestions
In order that industrial property generhave been made for simplifying and perally, and trade marks and patents particufecting regulations and eliminating those
larly, may be adequately protected, and
which are unnecessary and vexatious.
that unfair methods of commercial compeThese suggestions were considered at an
tition may be guarded against throughout
International Conference of Representatives
the world, the International Chamber has
of Governments and of the International
proposed amendments to two international
Chamber at Geneva last October. At this
conventions. Of these two, the United
conference the Treasury Department, DeStates Government is a party to the "Union
partment of State, Department of Comfor the Protection of Industrial Property,"
merce, and the United States Tariff Commade in Paris in 1883, revised at Brussels
mission were represented.
in 1900, and at Washington, in 1911, but
Under the Chairmanship of Mr. Andrew
has not ratified the "Arrangement of MaJ. Peters, of Boston, formerly Assistant
drid of April 14, 1891, for the International
Secretary of the United States Treasury, a
Registration of Trade and Commercial
group of experts on the subject of customs
Marks," revised at Brussels in 1900, and at
regulations are studying the results of the
Washington in 1911.
Geneva Conference with a view of deterJudge Edwin B. Parker, formerly Vicemining their adaptability in the United
President of the Texas Company, and now
States. This committee, in conference with
Umpire of the German-American Mixed
Government Officials, is planning for a perClaims Commission, is Chairman of a
manent Mixed Commission which may congroup which is developing the sentiment of
tinue studies that will result in further imbusiness men in the United States with reprovements in customs formalities. Simspect to these amendments:
ilar studies are being conducted in other
countries of the world,.
The Customs Convention has incorporUniform Ocean Bill of Lading
ated many reforms in the treatment of comIn the interest of ship owners and opermercial travelers, as urged by the Internaators, and users of ocean transportation, the
tional Chamber's delegation. Procedure

governing the temporary importation of

samples, etc., has been greatly improved and
simplified. The uniform card of identifi-

cation will prove of undoubted benefit to
all engaged in direct selling abroad.

Commercial Arbitration
Following a study by an International
Committee of the Chamber, an International Court of Arbitration for the settle


International Chamber hag developed a
basis for a uniform ocean bill of lading.
This uniform bill of lading. is now being
used by a number of the most important
steamship companies in the world. Its use
by vessels sailing under the American flag,
is now waiting upon the ratification by the

United States of a convention drafted at
Brussels in 1922, and the passage of an Enabling Act by Congress.

Improving Passport Regulations
and Practices
The International Chamber has called
the attention of the governments of the
world to the burdens of present passp
regulations and practices.
Mr. E. G. Miner, President, The Pfaudler
Company of Rochester, who is Chairman of
the group of business men that had studied

this subject from an American point of

view, presented a report to the Secretary of
State.

Upon the recommendation of the

Secretary of State, the President of the

United States sent a message to Congress
urging the simplification of passport regulations and the reduction of fees for passports and vises.

The Committee representing the American Section of the International Chamber is
co-operating with similar committees representing the Chamber of Commerce of the
United States and other important commer-

cial bodies in the United States, in studying the various bills that are now pending
before Congress affecting passport regulations. This effort will doubtless result in
crystallization of business opinion with re-

spect to legislation that will bring about the
desired reforms.

Uniform Trade Terms
One of the most practical accomplishments of the Chamber to date is the compilation of definitions of trade terms as
they are understood in the different countries of the world.
This compilation represents more than

two years of earnest study on the part of
business men who have had actual experience in the use of these terms in international trade.
The document is known as Digest No.
43, "Trade Terms Definitions." In this
book are the definitions of such terms as
C. I. F., F. 0. B., F. A. S., etc., as under-

stood in the various countries of the world.
The document sells for seventy-five cents
the copy, and may be had on application to
the Secretary of the American Section, International Chamber of Commerce, Mills
Building, Washington, D. C.
The Chamber has appointed permanent
committees for the purpose of continuing
efforts to bring about greater uniformity in
these definitions throughout the world.



Reliable Information on the
L... International Situation
American business men felt the need for

timely and accurate information on eco,..nomic conditions abroad. They wanted it
\--joresented in a manner that would bring
out clearly its significance to their own
business.

In order to meet this need the American
Section issues Bulletins and Information
Letters, for the exclusive and confidential
use of members of the International Chamber of Commerce in the United States.
The Bulletin sets out the observations of
Mr. Basil Miles, American Administration

Commissioner, made as a result of a per-

sonal visit to the country on which he is reporting. His study is based on interviews
with business men, officials of Chambers of
Commerce, and his own observations, etc.
Information Letters appear at irregular intervals, usually fortnightly. Each contains
a resume of conditions, economic, financial
and commercial in the various countries of
the world.
OTHER PRACTICAL MEASURES
NOW UNDER WAY

Elimination of
Duplicate Taxation
T. S. Adams, Professor of Political Economy
at Yale University, and formerly technical advisor to the United States Treasury Department
on tax and revenue customs, is Chairman of a
group of American business men who are co-

operating with leading tax authorities of the world
to develop an international plan which will eliminate the evils of duplicate taxation.

Uniform Bills
of Exchange
Through the International Chamber a committee

of experts is making an exhaustive study with a
view of establishing a uniform bill of exchange
and in bringing about uniform legislation governing bills of exchange.
It is hoped that the work of this committee
will eliminate many of the difficulties now ham-

pering banking and international trade on this
account.

Paul M. Warburg, Chairman of the International
Acceptance Bank, is Chairman of this committee,
with whom the American Bankers' Association,
the International Acceptance Council, the Ameri-

can Bar Association and the Commissioners on

Uniform Laws are co-operating.




frtPa-cd

AMERICAN

DM

'ORS AND ALTERNATES

INTERNATIONAL CHAMBER OF COMMERCE
AMERICAN SECTION

A. C. BEDFORD

LACEY C. ZAPF, SECRETARY

MAITRICE DESPRET

UNITED STATES
BELGIUM

SIR ALBERT J. HOBSON

MILLS BUILDING, WASHINGTON, D. C.

ENGLAND

MARCO CASSIN

- ERICAN COMMITTEE
A. C. BEDFORD. CHAIRMAN
NEW YonE

JAMES S. ALEXANDER
NEE, YORK
HARRY A. BLACK
GALVESTON
GEORGE P. BLOW
LASALEE
WILLIS H. BOOTH
NEW YORK
J. H. BURTON
NEW YORK
WILLIAM BTJTTERWORTH
MOLINE
NEWCOMB CARLTON
NEW YORE
ROY D. CHAPIN
DETROIT
A. S. CLARKE
NEW YORK
W. CLIFFORD
MINNEAPOLIS
JOSEPH H. DEFREES
CHICAGO
ROBERT DOLLAR
SAN FRANCISCO
JOHN S. DRUM
SAN FRANCMCO
CRAWFORD H. ELLIS
NEW ORLEANS
JOHN H. FAHEY
BOSTON
EDWARD A. FILENE
BOSTON
L. S. GILLETTE
MINNEAPOLIS
THOMAS S. GRASSELLI
CLEVELAND
CARL R. GRAY
OMAHA
W. A. HARRIMAN

E. M. HERR

NEW YORK

PRESIDENT

ETIENNE CLEMENTEL
FRANCE
VICE PRESIDENTS

..LIS H. BOOTH
W'" AM BUTTERWORTH
....EPH H. DEFREES
JOHN H. FAHEY
NELSON DEAN JAY
OWEN D. YOUNG

ITALY
GENERAL SECRETARY

EDOUARD DOLLEANS

PARIS
AMERICAN ADMINISTRATIVE
COMMISSIONER

BASIL MILES
PARIS

November 14, 1922

Nonorable 3enjamin Strong, Jr.,
Governor
Federal Reserve 'sank of New York
15 Nassau Street
New York, New York.
Dear Mr. Strong:Mr. 3asil !Tiles, American Administrative
Commissioner tells me that he has written to you with
regard to membership in the InternaCional Chamber of
Commerce.

EAST PITTSBURGH

NOBLE F. HOGGSON
NEW YORE
HERBERT C. HOOVER
PALO ALTO
HERBERT S. HOUSTON

GARDEN CITY

J. R. HOWARD
CHICAGO
ALFRED HUGER
CHARLESTON
EDWARD N. HURLEY
CHICAGO
NELSON DEAN JAY

PARIS

At Mr. Miles' request, I am enclosing
herewith application blanks and some small gray pamphlets
which will give you an idea of the various forms
of membership and of the aims and personnel of the
American Section.

ALBA B. JOHNSON
PHILADELPHIA
JACKSON JOHNSON
ST. Loins

C. F. KELLEY

s

Very trul

ours,

ANACONDA

FRED I. KENT
NEW YORK
FREDERICK P. KEPPEL
NEW YORK

DARWIN P. KINGSLEY
NEW YORK
IVY L. LEE
NEW YORE
ALEXANDER LEGGE
CHICAGO
JAMES It MAcCOLL
PAWTUCKET
ROBERT F. MADDOX
ATLANTA
GEORGE McFADDEN
PHILADELPHIA
AUSTIN McLANAHAN
BALTIMORE
S. CRISTY MEAD

E. G. MINER

387/265
Enclosures.

NEW YORK

B.00HESTER

WM. FELLOWES MORGAN
NEW YORK
DWIGHT W. MORROW
NEW YORK
J. D. A. MORROW
WASHINGTON
S. T. NASH
CLEVELAND
THOMAS A. O'DONNELL
Los ANGELES
EDWIN B. PARKER
HOUSTON

LEWIS E PIERSON
NEW YORK
JOHN .1. RAMOS
WILMINGTON
WILLIAM C. REDFIELD
NEW YORE
FRANKLIN REMINGTON
NEW YORK
GEORGE M. REYNOLDS
CHICAGO
HENRY M. ROBINSON
LOS ANGELES

L. K. SALSBURY
MEMPHIS
CHARLES M. SCHWAB
NEW YORK
CHARLES A STONE
NEW YORK
GERARD SWOPE
NEW YORK
GEORGE C. TAYLOR
Nzw YORK
HARRY B. THAYER
NEW YORE
E. P. THOMAS
NEW YORE
DANIEL WARREN
NEW YORE

HARRY A WHEELER
CHICAGO
OWEN D. YOUNG
NEW YORK



Second General Meeting, Rome, Italy, Week of March 19, 1923.




November 15, 1922.

Mx. lacey C. ',opt',

Ziecretary, International Chamber of Commerce,
Allis Building, Washington, D. C.

Dear Mr. Zopfs

It was good of you to sand me the pamphlets enclosed in your

letter of November 14, ,Ath regard to membership in the

International

Chamber of Camerae.
Acting upon Ur. Ulles's recent invitation to become a member,

I am sending you herewith application form duly filled out, together
with my check for one hundred dollars to cover annual dues as an
associate member.




Very truly yours,

.

AMER/CAN

DIRE,

'RS AND ALTERNATES

PRESIDENT

INTERNATIONAL CHAMBER OF COMMERCE

LIS H. BOOTH
WILLIAM BUTTERWORTH
JOHN H. FAHEY
EDWARD A. FILENE
T-" RRY A. WHEELER
..)WEN D. YOUNG

ETIENNE CLEMENTEL
FsancE
VICE PRESIDENTS

AMERICAN SECTION

A. C. BEDFORD
UNITED STATES

LACEY C. ZAPF, SECRETARY

MAURICE DRESPRES
BELGIUM

MILLS BUILDING, WASHINGTON, D. C.

A. J. HOBSON
ENGLAND

MARCO CASSIN
ITALY

AMERICAN COMMITTEE
A. C. BEDFORD, CHAIRMAN

GENERAL SECRETARY

November 17, 1922

NEW YORK

JAMES S. ALEXANDER
NEW YORK
HARRY A. BLACK
GALVESTON
GEORGE P. BLOW
LASALLE
WILLIAM P. BONBRIGHT
NEW YORK
WILLIS H. BOOTH
NEW YORK
J. H. BURTON
NEW YORK
WILLIAM BUTTERWORTH
MOLINE
ROY D. CHAPIN
DETROIT
A. S. CLARKE
NEW YORK
W. CLIFFORD
MINNEAPOLIS
ROBERT DOLLAR
SAN FRANCISCO
JOHN S. DRUM
SAN FRANCISCO
CRAWFORD H ELLIS
NEW ORLEANS
JOHN H. FAHEY
BOSTON
EDWARD A. FILENE
BOSTON
L. S. GILLETTE
MINNEAPOLIS
THOMAS S. GRASSELLI
CLEVELAND
CARL R. GRAY
OMAHA
W. A. HARRIMAN

E. M. HERR

NEW YORK

EAST PITTSBURGH

NOBLE F. HOGGSON
NEW YORK
HERBERT C. HOOVER
PALO ALTO
HERBERT S. HOUSTON
GARDEN CITY
J. R. HOWARD
CHICAGO
ALFRED HUGER
CHARLESTON
ALBA B. JOHNSON
PHILADELPHIA
JACKSON JOHNSON
ST. LOUIS

C F KELLEY
FRED I. KENT

EDOUARD DOLLEANS

NOV/Lb:W.:

PARIS
AMERICAN ADMINISTRATIVE
COMMISSIONER'

FREDERICK P. KEPPEL
PARIS

Honorable Benjamin Strong,
470 Park Avenue,
New York, New York

Dear Mr. Strong:
take pleasure in acknowledging receipt
of your letter of November 15 and the enclosed application
and che'ck.

Your action in taking this individual
membership will be a source of gratification to the
Officers and Directors of the American Section.
Your application will be submitted to
the American Committee for approval and subsequently
All be transmitted to the Council of the International
Chamber.

ANACONDA

NEW YORK

Very truly y

DARWIN P. KINGSLEY
NEW YORK
ALEXANDER LEGGE
CHICAGO
ROBERT F. MADDOX
JAMES R. MACCOLL

s,

ATLANTA

PAWTUCKET

GEORGE McFADDEN
PHILADELPHIA
AUSTIN McLANAHAN
BALTIMORE
S. CRISTY MEAD

E. G. MINER

Seer

a y

NEW YORK
ROCHESTER

387/235

WM. FELLOWES MORGAN
NEW YORK
DWIGHT W. MORROW
NEW YORK
J. D. A. MORROW
WASHINGTON
S. T. NASH
CLEVELAND
WILLIAM H. NICHOLS
NEW YORK
THOMAS A. O'DONNELL
Los ANGELES

EDWIN B. PARKER
HOUSTON
FRANK S. PEABODY
CHICAGO
JOHN J. RASKOB
WILMINGTON
WILLIAM C. REDFIELD
NEW YORK
FRANKLIN REMINGTON
NEW YORK
GEORGE M. REYNOLDS
°
HENRY M. ROBINSONCow.
Los ANGELES

L. K. SALSBURY
MEMPHIS
CHARLES M SCHWAB
YORK
CHARLES A. STONENEW
NEW YORK
GERARD SWOPE
Nvw YORK
GEORGE C. TAYLOR
NEW YORK
HARRY B. THAYER
NEW YORK
E. P. THOMAS
NEW YORK
DANIEL WARREN

N
HARRY A. VVHEELEEW YORKR

OWEN D. YOUNG

CHICAGO

NEW YORK




Second General Meeting, Rome, Italy, Week of March 19, 1923.

Novambsr 20, 1922.

My dear Sir:

am in receipt of your favor of the seveotesnth instant.
You say that my application will be submitted to the American oomxittee

for aprroval end subseJuently will be tranemittea tt the t,ouncil of the
T,tornaticael Chamber:

an afraid I do not understand this 463 1 am not an applicant
for membership, but have accepted an invitation to join which has been
ient to me a number of time6and iNhich finally I aocepte:: when it reach.!d

ma from my friend Ir. Basil Miles.

Vvt truly yours,

Lacey C. Zapf, Eeki.

Secretary, Arian Section,

jnternational Ch4mb,91r; of Comm,sr:s,
Waghliftr5B717r .

BS.MSD.




AMERICAN

DIRECTORS AND ALTERNATES

INTERNATIONAL CHAMBER OF COMMERCE

IS H. BOOTH
WT
I BUTTERWORTH
H. DEFREES
JOHN H. FAHEY
NELSON DEAN JAY
OWEN D. YOUNG

A. C. BEDFORD

IACEY C. ZAPF, SECRETARY

MAURICE DESPRET

MILLS BUILDING, WASHINGTON, D. C.

E. M. HERR

NEW YORK

EAST Pirrsausoll
NOBLE F. HOGGSON
NEW YORK
HERBERT C. HOOVER
PALO ALTO
HERBERT S. HOUSTON

GARDEN CITY

J. R. HOWARD
CHICAGO
ALFRED HUGER
CHARLESTON
EDWARD N. HURLEY
NELSON DEAN JAY CHICAGO

PARIS

ALBA B. JOHNSON
PEULADELPHIA
JACKSON JOHNSON

ST. LOUIS

C. F. KELLEY
ANACONDA
FRED I. KENT
Nam Yosa
FREDERICK P. KEPPEL
NEW YORE

DARWIN P. KLNGSLEY

IVY L. LEE

ENGLAND

MARCO CASSIN

EDOUARD DOLLEANS
PARIS

AMERICAN ADMINISTRATIVE
COMMISSIONER

BASIL MILES

Pasts

November L2, 1922

Honorable Benjamin Strong, Governor,
Federal Reserve Bank of New York,
15 Nassau Street,
New York,
York.
-

My deal. Sir:

The letter I sent you on November 17 was a form
which we uSe here primarily for the purpose of acknowledging receipt,of applications for membership and checks for
payment
dues in the International Chamber of Commerce.
lou perhaps know that we have field secretaries who are-,
6oing about over the country endeavoring to Let prominent
business wen interested in the work of the International
Chamber.
ihe form letter referred to above is used in
connec(ion with such applications.

:of

NEW YORE

NEW YORK
ROCHESTER

WM. FELLOWES MORGAN
NEW YORK
DWIGHT W. MORROW
NEW YORK
.1. D. A. MORROW

S. T. NASH

BELGIUM

SIR ALBERT J. HOBSON

NEW YORK

ALEXANDER LEGGE
CHICAGO
JAMES R. MACCOLL
PAWTUCKET
ROBERT F. MADDOX
ATLANTA
GEORGE McFADDEN
PHILADELPHIA
AUSTIN McLANAHAN
BALTIMORE
S. CRISTY MEAD

E. G. MINER

UNITED STATES

ITALY
GENERAL SECRETARY

BEDFORD, CHAIRMAN
NEW YORK

JAMES S. ALEXANDER
NEW YORK
HARRY A. BLACK
GALVESTON
GEORGE P. BLOW
LASALLE
WILLIS H. BOOTH
NEW YORK
J. H. BURTON
NEW "Vora
WILLIAM BUTTERWORTH
MOLINE
NEWCOMB CARLTON
NEW YORK
ROY D. CHAPIN
DETROIT
A. S. CLARKE
NEW YORK
W. CLIFFORD
MINNEAPOLIS
JOSEPH H. DEFREES
CHICAGO
ROBERT DOLLAR
SAN FRANCISCO
JOHN S. DRUM
SAN FRANCISCO
CRAWFORD H. ELLIS
NEW ORLEANS
JOHN H. FAHEY
BOSTON
EDWARD A. FILENE
BOSTON
L. S. GILLETTE
MINNEAPOLIS
THOMAS S. GRASSELLI
CLEVELAND
CARL R. GRAY
OMAHA
W. A. HARRIMAN

FRANCE
VICE PRESIDENTS

AMERICAN SECTION

IERICAN COMMITTEE
A.

PRESIDENT

ETIENNE CLEMENTEL

WASHINGTON

CLEVELAND

THOMAS A. O'DONNELL
Los ANGEL.
EDWIN B. PARKER
HOUSTON
LEWIS E. PIERSON
NEW YORK
JOHN J. RASKOB
WILMINGTON
WILLIAM C. REDFIELD
NEW YORK
FRANKLIN REMINGTON
NEW Y OFIX
GEORGE M. REYNOLDS
Cai
HENRY M. ROBINSO cAaoN
Los ANGELES
L. K. SALSBURY
Mampais
CHARLES M. SCHWAB
NEW YORK
CHARLES A. STONE
NEW YORK
GERARD SWOPE
NEW YORK
GEORGE C. TAYLOR
NEW YORK
HARRY B. THAYER
NEW YORK
E. P. THOMAS
NEW YORK
DANIEL WARREN
NEW YORK
HARRY A. WHEELER
CHICAGO
OWEN D. YOUNG

regret that we overlooked the inappropriateness
of this form letter in your case ,because your name appeared
on a list of business men and bankers to whom the irectors
of the American Section had requested special invitations
be issued.
The names on this liet were divided among
officials of the American Section.
Your name was among
those assigned to wr. Miles.

Trusting that this will explain the situation
referred to in your letter of November 20, I beg to remain
Very truly yours

6/250

NEW YORK




Second General Meeting, Rome, Italy, Week of March 19, 1923.




N.0

AMERICAN
DIE 'r

14 AND ALTERNATES

INTERNATIONAL CHAMBER OF COMMERCE

UNITED STATES

WILMA BUTTERWORTH
JOSEPH H. DEFREES
JOHN H. FAHEY

PRESIDENT FONDATEUR

AMERICAN SECTION

ETIENNE CLEMENTEL

LACEY C. ZAPF

VICE PRESIDENT FOR THE

FRANCE

NELSON DEAN JAY
HENRY M. ROBINSON
OWEN D. YOUNG
AMERICAN COMMITTEE

PRESIDENT

WILLIS II. BOOTH

UNITED STATES

SECRETARY

A. C. BEDFORD
GENERAL SECRETARY

MILLS BUILDING, WASHINGTON, D. C.

EDOUARD DOLLEANS
PARIS

A. C. BEDFORD, CHAIRMAN

NEW YORK

JAMES S. ALEXANDER
NEW YORK
HARRY A. BLACK
Gm.vssraos
WILLIS H. BOOTH
NEW YORK
J. H. BURTON
NEW Yomt
WILLIAM BUTTERWORTH
MOLINE
NEWCOMB CARLTON
NEW YORK
ROY D. CHAPIN
nitration
F. W. CLIFFORD
Mrammsrouts
GEORGE S. DAVISON
PITTSBURGH
JOSEPH H. DEFREES
CHICAGO
ROBERT DOLLAR
SAx FRANCISCO
JOHN S. DRUM
SAN FRANCISCO
CRAWFORD H. ELLIS
NICW ORLEANS
JOHN H. FAHEY
BOSTON
EDWARD A. FILENE
BOSTON
L. S. GILLETTE
MINNEAPOLIS
THOMAS S. GRASSELLI
CLEVELAND
CARL R. GRAY
OMAHA
W. A. HARRIMAN

AMERICAN ADMINISTRATIVE
COMMISSIONER

BASIL MILES

prius

October 30, 1923.

1

E. M. HERR

NEW YORK

EAST Prarrssusou

NOBLE F. HOGGSON
NEw YORK
HERBERT C. HOOVER
PALO ALTO
HERBERT S. HOUSTON
NEW YORK
J. R. HOWARD
CHICAGO
ALFRED HUGER
CHARLESTON
EDWARD N. HURLEY
,CAGO
PEMBERTON HUTCHINSON
iPHILADELPHLA
NELSON DEAN JAY
PARIS
ALBA B. JOHNSON
PH ILADE L PHI A
JACKSON JOHNSON
ST. LOUIS
C. F. KELLEY
ANACONDA

FRED I. KENT
NEW YORK
FREDERICK P. KEPPEL
NEW YORK
DARWIN P. KINGSLEY
NEW YORK
IVY L. LEE
NEW YORK

ALEXANDER LEGGE
CHICAGO
JAMES It. MscCOLL
PAWTUCKET
GEORGE McFADDEN
PHILADELPHIA
S. CRISTY MEAD

E. G. MINER

NEW YORK

ROCHESTER

WM. FELLOWES MORGAN
NEW YORK
DWIGHT W. MORROW
Now YORK
S. T. NASH
CLEVELAND
THOMAS A. O'DONNELL
Los ANGELES
EDWIN B. PARKER
HOUSTON
LEWIS E. PIERSON
NEW YORK
JOHN J. RASKOB
WILMLNGTON
WILLIAM C. REDFIELD
NEW Yosx
FRANKLIN REMINGTON
NEW Y ORK
GEORGE M. REYNOLDS
CHICAGO
HENRY M. ROBINSON
Los ANGELES
L. K. SAL.SBURY
M EMPHIS
CHARLES M. SCHWAB
NEW YORK
CHARLES A. STONE
NEW YORK
GERARD SWOPE
NEW YORK
GEORGE C. TAYLOR
NEW YORK
HARRY B. THAYER
NEW YORK
E. P. THOMAS
Nsw YORK
HARRY A. WHEELER
CHICAGO
OWEN D. YOUNG
NEW YORK




To Al]. Members of the American Section:
The

International

Chamber of Commerce in Rome last March
realized that a just settlement of reparations was prerequisite to
restoration of world prosperity.
As a first step towards the solution of this problem, the
Chamber recommended an economic conference such as is now proposed.
Further, in anticipation of thistconference, the Chamber undertook
It survey of Germany's situation, particularly in regard to her
trade with other countries and her assets abroad, in order that the
true facts of her economic condition and her ability to pay reparations might be placed before the business world.
The report of Mr. Fred I. Kent, Chairman of the Chamber's Committee on World Restoration, dealt comprehensively with
conditions in Germany as he found them on his visit last summer.
Affairs have moved with such rapidity in the German economic
situation that it was deemed advisable to send Mr. Basil Miles,
American Administrative Commissioner, to Germany to investigate
subsequent developments.
Mr. Miles has returned and his report of conditions in
Germany ls sent herewith. The report is of October 5 and does
not, therefore, include the political complications of the past
few days.
Very truly yours,

Secretary




HEADQUARTERS

131-14::INTERNATIONAL CHAMBER OF COMMERCE
PARIS

at--

AMERICAN ADMINISTRATIVE COMMISSIONER

Apr. 9, 1924.

Mr. Strong:

Omitted from letter
yesterday.
C.D.Griscom.

AMERICAN

DIRECTORS AND ALTERNATES

WT'A.M BUTTERWORTH
PH H. DEFREES
IN IL FAHEY
NELSON DEAN JAY
HENRY M. ROBINSON

-

OWEN D. YOUNG

INTERNATIONAL CHAMBER. ()F

COMMERCE

PRESIDENT

WILLIS H. BOOTH
UNITED STATES
PRESIDENT FONDATEUR

AMERICAN SECTION

ETIENNE .CLEMENTEL

LACEY C. ZAPF

VICE PRESIDENT FOR THE

FRANCE

SECRETARY

UNITED STATES

A. C. BEDFORD

MILLS BUILDING, WASHINGTON, D. C.

AMERICAN COMMITTEE

GENERAL SECRETARY

EDOUARD DOLLEANS

A. C. BEDFORD, CHAIRMAN

PARIS

NEW Yosx

JAMES S. ALEXANDER
NEW YORK
JULIUS H. BARNES
DULUTH
HARRY A. BLACK
GALVESTON
WILLIS H. BOOTH
NEW YORE
0. E. BRADFUTE
CHICAGO
W. IRVING BULLARD
BOSTON
J. H. BURTON
NEW Vow:
WILLIAM BUTTERWORTH
MOLINE
NEWCOMB CARLTON
NEW YORK
ROY D. CHAPIN
DETROIT
F. W. CLIFFORD
MINNEAPOLIS
STUART W. CRAMER
CRAMERTON
GEORGE S. DAVISON
Prrrssugon
JOSEPH H. DEFREES
CHICAGO
ROBERT DOLLAR
SAN FRANCISCO
CRAWFORD H ELLIS
NEW ORLEANS
JOHN H. FAHEY
NEW YORK
EDWARD A. FILENE
BOSTON
L. S. GILLETTE
MINNEAPOLIS
THOMAS S. GRASSELLI
CLEVELAND
CARL R. GRAY
OMAHA
W. A. HARRIMAN

E. M. HERR

NEW YORE

EAST PITTSBURGH

NOBLE F. HOGGSON
NEW YORK
HERBERT C. HOOVER
Ps.Lo
HERBERT S. HOUSTON
NEW YORK
EDWARD N. HURLEY
CHICAGO
PEMBERTON HUTCHINSON
PHILADELPHIA
NELSON DEAN JAY
PARIS
ALBA B JOHNSON
PHILADELPHIA
JACKSON JOHNSON
ST. LOUIS

C. F. KELLEY
ANACONDA
FRED I. KENT
NEW YORK
FREDERICK P. KEPPEL
NEW YORK
DARWIN P. KINGSLEY
NEW Yous
IVY L. LEE
NE W YORK

.°

ALEXANDER LEGGE
Caw
JAMES R. MAcCOLL
PAWTUCKET
GEORGE IvIcFADDEN
PHILADELPHIA
S. CRISTY MEAD
NEW YORK

E. G. MINER

ROCHESTER

WM. FELLOW-ES MORGAN
NEW YORK
DWIGHT W. MORROW

NEW YORK

S. T. NASH
CLEVELAND
THOMAS A. O'DONNELL
Los ANGELES
EDWIN B. PARKER
HOUSTON
REGINALD H PARSONS
SEATTLE
LEWIS E. PIERSON
NEW YORK
JOHN J. RASKOB
WILMINGTON
WILLIAM C. REDFIELD
NEW YORK
FRANKLIN REMINGTON
NEW YORK
GEORGE H. REYNOLDS
CHICAGO
HENRY M. ROBINSON
Los

ANGELES

L. K. SALSBURY
MEMPHIS
CHARLES M. SCHWAB
NEW YORK
CHARLES A. STONE
NEW YORK
GERARD SWOPE
NEW YORK
HARRY B. THAYER
NEW YORK
E. P. THOMAS
NE W YORK
HARRY A. WHEELER

J. M. WHITSITT
OWEN D. YOUNG

CHICAGO

CHARLESTON

AMERICAN ADMINISTRATIVE
COMMISSIONER

BASIL MILES

Hon. Benjamin Strong, Governor,
Federal Reserve Bank of N. Y.,
15 Nassau St.,
New York, N. Y.
Dear Mr. strong:

PARIS

May 19, 1924.

Through the Committee on Economic Restoration, the International Chamber of Commerce has declared that the plans submitted
by the two Committees of Experts to the Reparation Commission
provide a basis for a permanent settlement of the problems of reparations; offer a real prospect of finding practical measures for
the removal of obstacles which hitherto have appeared insurmountable; that they offer opportunity for immediate action which business
men believe so necessary for an improvement in world conditions,
and that the plans, moreover, open the way for a final and comprehensive agreement in regard to those other problems which are
connected with the settlement of reparations.
The American Section of the International Chamber has
been called upon to urge American members of the Chamber to do what
they can to support the plans of, the experts.
It is hoped, therefore, that you will, as an Associate Member of the International
Chamber, do what you can to get the various commercial organizations with which you are affiliated to endorse the efforts of the
International Chamber to bring about a successful operation of the
plans drafted by the experts.
The American Committee of the International Chamber passed
a resolution at its meeting in Cleveland on May 6, urging that the
Chamber of Commerce of the United States lend its support.
Acting
upon this resolution, /the National Chamber pledged its assistance
to the full extent of its power.
A copy of the United States Chamber's position respecting this subject is attached.
A copy of this
resolution has been brought to the attention of President Coolidge
and Secretary Hughei.
This is one of the big problems on which the International
Chamber has been engaged for the past three years.
Three members of
the Committee of Experts are Directors of the International Chamber,
Two of them, as you know, are members of the American Committee of
the International Chamber.
Justly, we have pride in what has thus
far been accomplished. We are hopeful that continued cooperative
effort will ultimately bring about the desired results.
It will be
appreciated if you will let us know what action, if any, you take
in this matter.
Very truly yours,

NEW YORK




041

e.
Enclosure

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102