The Birmingham age-herald., 1914-03-25
many and Great Britain, and particularly to encourage American inventive ability.
Simply a Change of Method

President Wood of the American Woolcn company recently intimated in his report to the stockholders and in personal con- versation with friends that the only fac tor which may stand in the way of estah- fishing satisfactory competitive conditions was the lack of skilled labor.
 He also announced that his company purposed establishing agencies in Great Britain and later upon the continent of Europe. Some of the large manufactur- ing corporations have within the past 15 or 20 years, and particularly since 1901, established agencies which as whole en- circle the globe. The Standard oil com pany was the first to do this and at least 10 years before the sovereignty of the United States over the Philippines was ac- knowledged had established an intiucn- tial agency at Manila. The United States Steel corporation is one of the larger man. ufacturng industries of the United States which has in recent years established selling agencies in other parts of the world and in addition has been and is now constructing great warehouses in , which may be stored completed commodi- | ties so that there may be no delay De- tween the giving of the order and the ex- ecuting of 1t.
 An Early Symptom
 The latest information brought from Flu rope was based upon a personal lnvesu- gation which was made by representa- tive of one of the larger banks or New York This statement serves in some measure to counteract some Of the Juos- ments, which may or may not nave been hasty, of the effect of the new tariff law The test which has been possible within the first four months of the operation or l the law and since January 1 when the woolen schedule went into effect has been regarded as not entirely satisfactory. some have explained this by saying that the l time has been too short. that We must , wait full year-certainly wait till the crops this year are harvested-before good | judgment can be formed as to the ef- feet of the new tariff law. The fact that the law seems to have resulted In a re- duction of revenue is regarded as not very important, since the probabilitfe that | this would be the effect were recognized when the tariff bill was under discus | sion. But whether or not the new tariir ! law has not given results that are re- garded as satisfactory or encouraging to the people of the United States it cer- ! tanly has not brought about results which the foreign manufacturers expected when the law was under discussion, and which they have always regarded as cer- tain to be gained If the American policy were changed so that instead of high protective tariff a low tarlrr were put l upon the statute books.
 ! Great Britain and the continent of Flu rope now recognize that the American manufacturers possess today strong com- petitive ability. They can compete with the manufacturers across the seas in the markets of the world and have done so, with success which was one of the most impressive of all the phenomena Of international trade.
 In addition, the manufacturers across lthe sea find that ocean freight charges the premiums for insurance and other costs furnish a certain amount of protection to American manufacturers, even af against commodities which are marketed upon the Atlantic coast or in states east of the Allegheny mountains. If foreign commodities are marketed in remotei parts of the United States there also are to be added the railroad transportation charges. although the payment of these charges may depend upon the kind of con- tract the purchasers make with the for. eign manufacturers. The recent statis
 tics which report imports and exports con-
 tain hint of a possible, even presum-
 able. change in American manufacturing
 methods on account of the tariff.
 Another Factor
 Men of finance of this city occasionally
 spoke among themselves while the new
 banking law was under discussion before
 
 vailed in Europe that the enactment ol
 the measure into law would speedily b, followed by very large imitation of tn, currency, which would greatly stimulat, the exportation to the United States O. manufactured commodities.
 Since the bill was enacted into law tn,
 opportunity has been excellent for a care fu study in Great Britain and the con tinent of Europe of its provisions anG this har led to the belief that there wil
 be no appreciable imitation of the cur eency under the law.
 It seems now likely that as has beel
 the case in the United States so also il
 treat Britain and upon the continent O
 Europe the actual and permanent effect
 # the new tariff law were not clearl,
 'oreseen and that the economic effect f it, however beneficial in the long run were not forecast either by those who be
 ieve in a high protective policy of thos'
 yho prefer a low tariff.
 FOR RENT
 frVEO- STORY HElLOING. 16XnIn TIT.