The Birmingham age-herald., 1914-08-24

the eastern slope of the Andes was completed
 The house established successfully cotton manufacturing industries in South America. It was the high devel- opment of this industry which was al most unknown to our own public which caused John Bassett Moore, when re turning from his official visit to Buenos Aires few years ago, to speak to his friends in New York of his astonish ment over and admiration for the ex- tent to which--chiefly under the in fluence of the house of Grace-cotton manufacturing was progressing in Peru and Chile.
 Joseph P. Grace's View
 A year ago, MT. Grace, when chatting about the commercial advantages to the United States which the opening of the Panama canal to navigation would bring, said that we ought speedily to double our commerce with South Ameri- ca, especially with the west coast. He hoped that banking facilities as good as those provided by Great Britain and Germany would be established in Peru and Chile as soon as possible after the Panama canal received commerce car riers. MT. Grace said at that time that the great obstacle which would prevent a rapid increase of our trade with South America was the fine trade sys- tenn and the adequate financial facili- ties which Germany had established in South America for the purpose of se- curing great part of the South Amer ican trade The United States. he said. would be compelled to labor constant ly and with patience, as well as with great wisdom, to secure the trade with South America which we ought to have and which we have so long over looked.
 Suddenly the war situation in Europe, in the opinion of MT. Grace. has opened up opportunities in South America to us which otherwise we would have been a long time in securing. Trade in two con tingencies are adequately met. First, the American bankers must re-establish the credit situation and upon thoroughly adequate basis. The American banks are now attempting this, and MT. Grace's view is shared by all others who have some knowledge of what is under way with the banks-namely, that they will be able speedily to announce that the credit basis has been thoroughly well established so that our exporters may sell with conii- denee to South America, feeling certain that the payments for their commodities will be made as easily as would be the ca SC if there were no war in Europe.
 In the next place, there must be safe conduct for commerce bearers, and MT. Grace has no doubt that this would be speedily provided.
 South America will within the next F .ne market for vast amount of commodities. Some of these are imperatively needed. If the South American countries cannot get these com noaties in Europe or in Great Britain they will surely turn to the United States. The business thus obtained should in MT. Graces opinion, be preserved. If We once gain increased markets in South America we ought to be able to retain them.
 Iron and Steel Products
 South America has been for some years one of the great markets of the world for American electrical apparatus. In that traoe we have he'd our own against Great Britain and Germany. Our exports of this kind of manufacture are already heavy and are increasing. There is likely to be in Chile an additional investment repre- senting heavy export in the great railway shops which Chile is about to build for her railroad. An American firm was