Norwich bulletin., 1914-11-26
SOUTH AMERICA TRADE WAITING
Leopold Grahame Tells Board of Trade-Ameriean Manu- lecturers Have Opportunity Before ThemEffort Go After is What is NeededShps and Banking Facilities too, Must be Adequate.

That South American trade, amount. | ing to untold millions can be shared in by American manufacturers if effort is made to get it, now that the supply from Europe is cut off by the war between the European nations was what Leopold Grahame of New York told the November meeting of the beard of trade Wednesday evening. The meeting was held at o'clock in 1 the large dining room of the Wauregan house
 President James c. Macpherson call ed the meeting to order just after 8 l o'clock and Secretary Henry w. lib bits read the minutes of the last meet ing which were approved
 New Members.
 Applications for membership were presented and accepted from W. Rus | sell Bard and Russell E. Hunt. invitation For South American Trip. A Communication from a. meeting I of mayors in Baltimore was read by 1 Secretary Tibbits, conveying an tnyi- | tation for the board of trade or city ! to have a representative on a commer-a 1 cia1 cruise which is planned to be made entirely, around South America in | order to study and get acquainted with business conditions in the South Amer ican cities.
 1 President Macpherson advised that
 further information ought to be obtain l ed before taking action, and on the l further suggestion by Ebene7r Allen and motion by 4. A. Browning it was voted l to have the chair appoint a committee to report at the next meeting. It was | voted also that the chairman constitute | the committee.
 President Macpherson addressed the l 50 men present and said that he be- | lieved the year 1914 would rightly be 1 considered the most portentous of | many and while WRr was devastating Europe we have had our own vicis- l situdes, but the secretary had been
 recently informed that no city of equal population had shown so little non- employment and other indica- | tions of unsettled business conditions l If we rightly considered our situation l we surely have reason to be thank ful.
 Business With South America.
 President Macpherson introduced 1 Mir. Grahane, who was to speak upon 1 the topic Business Relations With Latin-American Countries. The presi-
 dent mentioned that MT. Grahanne was | a recognized authority upon South 1 American topics and had been an ed- 1 itor in Buenos Ayres and the Associat- ed Press representative upon Senator Hoots trip to South America.
 In beginning his instructive ad- dress which held the close attention of
 lis hearers. MT. Grahame quoted as ! 1 bassador had said recently at Phila- deIphia:
 "The possibilities offered by the pur-
 chasing power of Argentine commerce | are well worthy of positive effort not words, but aetions not wishes, but | will. I do not believe I am wrong when 1 say that the Argentine Repub- lie offers to American manufacturers today a consumption market Of not less than $t00, ,000, ,oo0 over and above
 
 1 to obtain such result it would be 1 worth while to expend in action a part of the effort now spent in more or
 less theoretical methods in thinking
 of it."
 If the opportunity is seized. a permanent ami growing
 trade can be secured. But the United
 States is not the only nation striving for this trade. Great Britain has al-
 ready had her consular agents send lists of all articles made in Germany
 for export to South America and these were shown in exhibitions for the ben eft of British manufacturers. Mean
 while the business men of America
 were being regaled with speeches, ban
 quets and suggestions from people who givc but very meagre and confusing 1 information on the subject.
 No Abnormal Conditions to Meet.
 There are no abnormal conditions tc
 be met in getting the South American trade. Shipping is matter of hrst
 importance.
 But the shipping now plying between North and South America Is not fl l condition to compete, either in capa- city or speed, with the fleets of the European countries. The first thing to secure is adequate shipping facil- , ities.
 At the present time mail is very slow to and from South America. Tht . ! SJAA2 sal 10 inst YaceiVad Z letter from Buenos Ayres dated July !, $. This vas making good time. Banking and Credits.
 Equally important as an clement 1T the effort to secure a larger share O. trade in South America are the ques ? tioDs of banking and credits. The in :, itial step of the National City bank il j. 1 opening branches in the leading Soul
 American cities was an excellent be I ginning. But it was imperative if bus t mess is to be done on anything lik 7 a large scale that the banking arrange ell ments like the trade itself must b. d widely distributed throughout tn n country and not limited to a. singl e bank institution or group The pro h visions Of the federal reserve ac e should mark new era in the conlmer 0 cial relations Of North and Sout . America Under that enactment na C tional banks are not only permitted t establish branches in foreign countrie = but all member banks have conferre ] upon them the authority to discoun = or otherwise negotiate sound commer s cfal paper, which each bank in tur7 = may rediscount with a reserve, banl c This practically means that America n bankers will henceforth enjoy tn if privileges previously held e1clusivel B. by European banking institutions.
 On the Question of Credits. . On the subject of credits Mir. Ora Il hame pointed out that although at tn : present time, owing entirely to tn B abnormal condition created by the wa, ;, a longer term of credit might be re quired than in the case in the ordinar . course of trade, the statement ths ss unduly long credit was an indispen - sible condition to trade with Sout = America was not altogether correc :" version of the case. Merchants an
 importers in South America arc accus
 toned tc buying their nherchaudis
 on 30 days sight draft; but that ter7 n of credit in the past invariably meaT e five or six months to the America .. shipper as a result of the delays an = difficulties of speed of the ships trad ing between North and South. BJ - with ships of higher speed and capaci D. ay than those now operating the terI
 of credit to be given would necessaril