The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1914-05-29
Trade Meeting Heard
. Captains OF Industry
Continued from Page One.

loIeISu lTduc pOliCg VI dSCepleu byS-
tenn of developing foreign trade.
The new tariffs, creating a greater
competitive condition, and the new
Federal Reserve act, authorizing ma.
tional banks to engage in foreign
business, have introduced new ele.
ments into the conditions of the
import and export trade.
The heads of industries keenly
realize that this business, especially
the export trade in manufactures,
is so large that II bears a vital
relation to industrial conditions i'm
the United States. The convention
will urge better provision for com.
mercial attaches, and a greater de-
gree of attention to trade extension
In the diplomatic service. President
Wilson has been asked to address
the delegates, and the convention
was opened To Mr.. William G. Red.
field, secretary Of commerce.
James ]. Hin of st. Paul was
one Of the speakers.
Discussing "The Future of ON
Foreign Trade" Mr.. Hill intimated
that the United States might be
i'm danger OF running into such a
widespread industrial distress AZ
England now found itself "from at
tempting to hold markets against
competitors while maintaining a wage
scale that does not permit her 10
meet their prices and does not Offer
TO capital an inducement into new
fields of development"
He compared the per capita value
of foreign trade of the United States
which is SAL, to that Of Germany
which is SCI and that of the United
Kingdom, which Is S125. He said
II was a short-sighted optimism that
has concentrated attention for many
years on the increase OF our ex
ports and manufactured products
Germany was constantly capturing
English markets because of the In
ability of the English manufacturer
Ito change his working condition,
In conformity to general change.
that have taken place. The United
States was following England's ex
ample.
Growth Of German Exports.
"The power of the English trades
unions became practically arbitrar,
in fixing wages, hours and genera
working conditions. Germany found
that, with more advantageous wage
scale, she could go into the worlds
markets and compete ut prices which
England could meet. Hence ths
enormous growth OF German exports
Hence competition which the
United States itself cannot meet In
many lines. and which II could not
meet at all did not immense and
excessible natural resources, and, In
certain lines of manufacture, the
use OF highly skilled labor and highly
complicated machines which cheaper
labor is not competent to handle
give us a temporary advantage.
Industrial Distress In England.
! fBut that advantage, like every
other exceptional local condition In
the world trade, tends to be equal
lied and disappears" He pictured
the industrial distress in England
and said 1t would seem that rational
conduct might save the day, but
the burden placed by unwise re-
,stricted legislation and unnecessary
taxation upon. business in the United
States are producing their natural
effects here also. Just such mis-
takes as Great Britain has made
and Is making may confront the
American working man with, a lost
job, and empty cupboard and no
younger and more promising land
TO which he may emigrate, Losing
gradually the advantages, that our
position and resources have given
us up to recent date nothing
but deeper wisdom and a keener
sense of justice toward all factors
that must unite to create national
prosperity can keep us at the front
in the race with other nations or
even insure US against disappoint-
ment, disorder and economic distress