Straight Talking by Mr. Thomas Lamont at International Chamber of Commerce Congress: Credit at Low Ebb Amsterdam, July 10.
The chief topic to-day at the session of the Congress of the International Chamber of Commerce was the economic reconstruction of China and the prospects of future Joans.
Mr, Thomas W. Lamont, the well known New York banker and chit of the American delegation, thanked the Chinese delegates for coming half way round the world to participate, for the first time, in the proceedings of the Congress.
He warned them that the international credit of China was at a Jow ebb and no large loans could be made in New York or Europe se took careful mea tablish their financial ical stability. upon the fact that great part of the foreign indebted. ness to China is in default and tha: much of the security earmarked for the service of Chinese loans had been sequestered. All holders Chinese loans, he emphasized, irreupective of their nationality, mus: receive equal and fair treatment, Mr. Lamont expressed the confidence of the International Chamber of Commerce in the aims and aspirations of the Chinese Government, and the faith of the Chamber in the ultimate achievement these aims. He added that the International Chamber of Commerce sincerely desired to construction of sist in the restable government to be establish An Opportunity Offered The President of the Chamber, Mr. Pirelli, earnestly pleaded with China to set her house in order.
He said it was extremely difficult for them.to understand conditions in China, They frequently received news of military movements, which caused great concern to well-wishers of China, but they were confident military feudalism would definite disappear, Mr. Pirelli said that the Chamber was 4 Chine representative of all the economi: forces in China, would be formed to collaborate with the International Chamber of Commerce. If the present Congress succeeded in attairing mutual knowledge, understanding, must follow, and they would certainly succeed in establishing mutual friendship.
Referring to. China's internal trade, Mx, Pirelli remarked—that the day when the interior is opened up to direct contact with other countries by improvements in transport and communications, and China was really able to play her part in the world's business, would be fa day full of promise for the progress of mankind.
The International Chamber of Commerce, he said, believed, with Dr. Sun Yat-sen, that the primary force of human evolution was operation, not struggle. Therefore, the International Chamber of Com: merce had decided to offer the industri financial or-mess-men_ of China its services in their efforts Sor national and economic reos-
Chinese Delegation Welcomed Sir Arthur Balfour, Vice-Presient of the Chamber, said that the British delegation associated itself very warmly with the welcome 12- sored to. the Chinese delegation. They felt the greatest gratification at the enlarged opportunity afforé- ed by the presence of the Chinese delegation, and they felt privileged sharing the laying of the foundation-stone of a new and inspiring Wing in the great edifice which the International Chamber of Commerce had already become, The entrance to China, he Said, with her four "hundred million people and her immense economi potentialities, was a memorable The British delegation, continue! Sir Arthur Balfour, had been impressed by the outline of financial policy given by Mr. Chang Kiangan, who had declared that the tonal Government intended to retrain from inviting foreign loans for adnviistrative purposes unt they had reorganized the various sources of revenue already at the: r disposal,
Text read from the printed page and cleaned; old type leaves the occasional error.