to all the business I have ever done in South America, and I am not afraid to risk anything that may develop in that line in the future." Señor Don Augusto Villaneuva, of Santiago, president of the Bank of Chile, told of the "Experience of Chile in regard to the purpose of that country in diminishing or attenuating partially at least, the very serious inconveniences pertaining to inconvertible paper currency which in Chile had been of such a nature as to substantially disturb the normal development of business for many years."

Señor Julio Zamora, financial agent of the Bolivian Government, spoke of the need for the reorganization of Pan American business. He suggested that the leading men of South America should direct their steps toward bringing about a complete reorganization in the industrial field through a policy of reasonable protection and a spirit of enterprise. He said it was the duty of the United States to look forward to the commercial and industrial development of Latin America because of the preference for United States capital, the elimination of Germany from the field of trade, and the opening of the Panama Canal.

Mr. Julius G. Lay, foreign trade adviser, Department of State, and Mr. H. H. Merrick, president of the Chicago Association of Commerce, also read important papers.

The afternoon session of Thursday was devoted to the discussion of engineering aids to commerce, and was attended by many prominent engineers, among them Percival Farquhar, of New York; H. C. Parmelee, of New York, who presided; Charles Whiting Baker, consulting engineer; V. L. Havens, editor International Engineering; Maj. George A. Soper, of New York, representing the Sanitary Corps of the Surgeon General's Office, and C. W. Sutton, of New York.

The session of Thursday evening was expressly set aside in the program for subjects which had been postponed or were not classified, the speakers being Mr. Herbert S. Houston, editor of the Spanish edition of World's Work; Señor Pedro R. Rincones, consul general of Venezuela in New York; Capt. H. R. Moody, packing service, United States Army; Mr. Frederick L. Hoffman, vice president and statistician, Prudential Insurance Co.; Mr. Leon N. Bensabat, of Rio de Janeiro, and Mr. Peter H. Goldsmith, American Association for International Conciliation.

The session of Friday morning was devoted to topics related with commercial intelligence, including advertising and publicity, and newspapers and periodicals. Mr. Frank P. Noyes, president of the Associated Press, delivered the opening address, in which he declared that the distribution of unbiased news is more powerful than any propaganda that can be carried out.

Mr. John L. Merrill, of New York, president of the All America Cables, another speaker at the morning session, declared that "the

manufacturers and merchants are beginning to realize that the world's important commerce belongs in the wires and not in the mails." He said that the All America Cables is "American through and through." During the week the conference had been in session a cable had been installed in the Pan American building, linking up directly through New York with the cables to Latin America, covering more than 18,000 miles.

The aid being given to industry by the business press was discussed by A. C. Pearson, of New York, president of the Associated Business Papers. He declared that the present Webb-Pomerene bill "which promises so much for foreign trade in the United States was made possible largely by the cooperation of the business papers." He said that in order to succeed, however, they must "make a thorough study of foreign conditions."

Other speakers at the Friday morning session, which was presided over by Mr. John Vavasour Noel, of New York, president of the Noel News Service, included Señor Alfredo H. Collao, publisher of La Prensa of New York, who told of the needs of further publicity in regard to Latin American affairs in order to build up Pan American trade; Mr. W. W. Davies, representing La Nación, of Buenos Aires, and Mr. Robert S. Barrett, former commercial attaché at Buenos Aires.

At the closing session of the conference Friday afternoon, which was devoted to a discussion of educational and social auxiliaries to commerce, including vocational training, language study, exchange of students and professors, Señor Francisco J. Yánes, assistant director of the Pan American Union, declared, in his opening address, that "the unceasing work of the Pan American Union in encouraging the study of English in Latin America and that of Spanish in the United States is showing splendid results, the study of Spanish in this country having made great strides."

In addition to Assistant Director Yánes, other speakers at the afternoon session were Dr. Samuel McClintock, Federal agent for Foreign Trade Education; Dr. Roy S. McElwee and Dr. W. E. Dunn, of the Bureau of Foreign and Domestic Commerce; Prof. J. MorenoLacalle, assistant professor of Spanish, United States Naval Academy; Dr. H. E. Bard, secretary Argentine-American Chamber of Commerce, New York; Miss C. E. Mason, Tarrytown on Hudson, N. Y., president of the Pan American Round Table; and Mrs. Glen Levin Swiggett, of Washington.

Dr. Luis F. Corea, former minister of Nicaragua, vice president of the K-P Corporation, New York, after brief remarks, introduced a resolution of thanks to the governing board of the Pan American Union and to Director General Barrett, which was unanimously carried.

The Hon. Breckenridge Long, Assistant Secretary of State, on behalf of the Acting Secretary of State, then addressed a few words of farewell to the delegates.

Finally, Director General Barrett, before adjourning the conference sine die, gave a general review of the work accomplished by it and summed up its conclusions as follows:

If the work and results of the conference can be unofficially summarized in the form of expressing the sentiments of the majority of those in attendance, as judged by their addresses and comments, the following conclusions should be cited:

1. The early establishment of ample freight, mail, and passenger steamship facilities between the principal ports of the Atlantic, Gulf, and Pacific ports of the United States and the corresponding ports of Latin America.

2. Through reciprocity and mutual cooperation in trading methods and regulations, in business ethics, and in general treatment of commercial relations, including export and import combinations and other governmental aids to commerce.

3. The meeting by the financial and business interests of the United States of the legitimate financial needs of Latin American Governments and private undertakings. 4. Safeguarding of patents, trade-marks, and copyrights of each country in all the other 20 countries through the present international bureau at Habana and the early opening of one in Rio de Janeiro.

5. Making the parcel post beneficial alike to the exporters of the United States and the consumers of Latin America through the removal of unnecessary restrictions and regulations.

6. Improvement in the administration of consular offices; developing similarity of consular invoices and fees; annulling of petty laws and regulations annoying to trade and travel; the revising and permanency of tariffs; better conditions of insurance and packing.

7. Extensive railway and highway construction all over Latin America; the renewing of railways already in existence but suffering from lack of supplies due to war conditions; the establishment, as soon as feasible, of fast aviation mail, express, and passenger service; and the building immediately of a chain of good hotels in the principal Latin American ports and capitals.

8. Better credit facilities for Latin American buyers by United States exporters; the extension of United States banking connections; and more intimate study of actual Latin American trade and social conditions by the export, import, and financial interests of the United States.

9. Study of the Spanish and Portuguese languages, Latin American institutions, history and geography by the people of the United States, and a corresponding study of the United States by the people of Latin America; general vocational training for Pan American trade.

10. The further improvement and extension of news and cable service; the employment of the best methods in newspaper and magazine advertising, catalogues, business films, and other agencies of commercial publicity and intelligence.

11. Holding of the Second Pan American Financial Conference at Washington in January, 1920, called by invitation of the Secretary of the Treasury of the United States and attended by the Latin American ministers of finance and their associates. 12. Important far-reaching announcements affecting Pan American relations, ins cluding (a) that of Secretary of Commerce W. C. Redfield, pointing out new method. and opportunities for increasing the exchange of products between the United States and Latin America; (b) that of Chairman E. N. Hurley, of the United States Shipping Board, outlining new passenger, mail, and freight steamship service; (c) that of Assistant Secretary L. S. Rowe, of the Treasury, regarding the Second Pan American Financial

Conference in January, 1920; (d) that of President Charles M. Schwab, of the Bethlehem Steel Co., stating his absolute confidence in the business possibilities and integrity of the Latin American Republics; (e) that of President Frank A. Vanderlip, of the National City Bank of New York, that the American Republics could and should avert impending industrial catastrophe in Europe by supplying raw materials necessary for European industries; (f) those of Latin American ambassadors, ministers, and delegates, including Señor Beltran Mathieu, ambassador of Chile, Señor Francisco Tudela y Varela, ambassador of Peru, Señor Ignacio Calderon, minister of Bolivia, and others, sincerely welcoming closer commercial and financial relations with the United States.

In closing the director general took occasion to express in earnest terms his appreciation of the cooperation shown the Pan American Union by the officials and staff of the Departments of State and Commerce and of the aid rendered by the special assistants for the conference, John Vavasour Noel, first assistant and secretary; Prof. J. Moreno Lacalle, recording secretary; Henry L. Sweinhart, in charge of publicity; Dr. Harry Erwin Bard and Dr. J. Romero, assistants. He further emphasized the devotion and loyalty to the success of the conference that were shown by the members of the regular staff of the Pan American Union and the temporary employees engaged for the conference.

In the evening of Friday, the 6th, a reception was given by the governing board in honor of those in attendance at the conference, in the Hall of the Americas, and the Aztec Garden of the Pan American Union.

VISIT TO THE UNITED STATES

T

HE recent visit of Dr. Eritacio Pessoa to the United States proved to be a most interesting and pleasing event of international importance. The distinguished visitor was accompanied by his wife and daughter and the following prominent Brazilians: Senhor Pessoa de Queiroz, secretary to Dr. Pessoa; Capt. Armando Burlamaqui, naval aid to Dr. Pessoa; and Senhora Burlamaqui; Senhor Lauro Müller, jr., secretary of legation, and Senhora Müller; Senhor Mauricio Nabuco, attaché of the Brazilian foreign office; Senhor Gustavo Barroso, attaché, and Senhora Barroso; and Senhor Eugenio Catta Preta, attaché, and Senhora Catta Preta.

The party left Lisbon on the French cruiser Jeanne d'Arc for New York, but on June 16 the engine of the war vessel became disabled. The accident happened only a few hours after the great United States transport, the Imperator, had passed the cruiser, and in answer to the Jeanne d'Arc's wireless calls for help the former returned to take off the passengers, thereby enabling the president elect of Brazil to arrive at New York safely and on schedule time, the cruiser meanwhile being towed to the Azores by another United States transport.

The Imperator reached New York Friday, June 20, and the future president of Brazil and his party, who were to be the guests of the United States Government, were met at the dock by a welcoming party composed of Third Assistant Secretary of State, Breckenridge Long; Maj. Gen. J. E. Kuhn, United States Army; Rear Admiral W. B. Caperton, United States Navy; Hallett Johnson, acting chief of Division of Latin American Affairs, Department of State; G. Cornell Tarler, Secretary of Embassy, Department of State; Director General John Barrett, of the Pan American Union; Commander C. S. Baker, United States Navy; Maj. F. W. Cramer, United States Navy; Lieut. Commander W. Y. Boyd, United States Navy; and various other officials, including Senhor A. de Ipanema Moreira, chargé d'affaires of Brazil at Washington, and Senhor Sebastian Sampaio, Brazilian consul at St. Louis.

On the evening of his arrival Dr. Pessoa and his party were entertained at dinner on board the Brazilian warship São Paulo, anchored in New York harbor, United States officials and high officers of the United States Army and Navy being among the invited guests.