The Birmingham age-herald., 1914-06-18

must be chosen by the leaders of Amer fean industries. They must curtail the output Of our factories, thereby throwing many skilled artisans out of employment or they must gain more and more foreign markets.
 The great harvests which are promised Tor this year are likely considerably to increase the export trade of the United States in the year 1914, at least for food products. as compared with exportation In recent years. But the leading authori- ties are now convinced that unless there be great improvement in the cultivation of the soil. so that larger and larger crops are harvested, We cannot rely upon food products for the maintenance of our ex- port trade. We have not for two or three years been relying on these products The change in our export trade in the last 10 years has been the. most striking phenomenon of the international trade of the entire world. It was this change which made it expedent for the leaders Of American industries to meet at Wash ington and to perfect their organization whereby through cooperation, through the attaining of adequate banking and financing facilities and especially reas- enable cooperation with the government ar Washington our export trade may be maintained and increased whatever may be the effect of the tariff.
 At about the time of the inauguration Of President Mckinley the United States was exporting, of whole or partial man. ufaetured commodities, only a little over D per cent of the entire amount of our exportations Last year the money value of our exportation of manufactured com- modities was slightly in excess of the money value of our exportation of other products. This relation must be .main- tained or else there must be a larger ab- sorption of manufactured products in the domestic trade of the United States. Pres ident Farrell. who has been chiefly oc- cupied since the organization of the United States Steel corporation with the develop ment of our foreign trade in manufactured commodities. is of the opinion that if the leaders of American industries act in CO., operation and pursue the foreign mar kets with diligence it will be discovered that within the next five years, 10 at the most, our exportation will consist of con- modities almost entirely or at least par tially manufactured.
 This will entail the hearty cooperation of the government at Washington, a CO., operation which will make it possible for our manufacturing interests to put out their commodities at the minimum cost of production. That involves, however, reas- enable and favorable consideration for large combinations of capital engaged in industry. The great bulk of our expor- tation of manufactured commodities will inevitably represent the production of the large industrial combinations. None of those who took part in the gathering at Washington was opposed to governmental regulation and supervision provided only its authority can be exercised by compe- tent men. In Great Britain and in Ger many there is constant governmental SUD- port for the policy of very large scale production. This subject of the mainten- ance and increase of our export trade will be studied by the light of the statis- tics which will be made public by the Washington authorities sometime in July