The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-02

after several years Of light trade and
/ slack Industry, of dormant enterprise
I and small ambition for expansion" said
, Mr. Vanderlip. The business world Is
seeing signs OF better times. II has been
an evd.nt fact that much OF this new
prosperity is related directly or indirectly
/ To tine War
I'VE know nothing OF when the war
! will end and nothing of how long this
/ special demand will continue. We know
that possibly before IL ends foreign pur-
| chases In this market will have to be-
/ curtailed because the means of payment
| may be lacking
"ln some quarters there Is an easy
| going optimism which seems to believe
that these enormous purchases will 60
on. somehow bsoa use the chief buyers
mus, have the goods. On that theory
! some sections OF the country declined to
| take any share ~ the recent loan. made
TO stabilize the exchanges. even though
those same sections were vltally inter-
ested In the expectation of products. and
then they even INDUCED in criticism OF
thos. who did participate. chiding them
for making Investments abroad, although
| every dollar Of the loan was to he eN-
pended in this country.
There is a class Of business men
whose concept Of foreign trade seems
not TO be- broader than their rule OF cash
AT the dock. They seem to feel that
foreigners must buy from US and we
have only to FIX the terms and see that
we get cash in hand before We ship
That theory OF imperative purchases
is erroneous No matter how much an
individual or Il country may need TO
buy, neither AN individual nor country
can buy unless the me:,rs can be found
u pay Payment means something NOR.
than merely giving mental assent 10 "A
purchase
Mr.. Vanderlp said that he knew OF
but three ways of paying for foreign
purchases--in gold. by exchange credits
and by loans Very little can be paid
for In gold the rest must be managed. in
our case, by our purchasing products or
securities abroad or by making loans.
when We pass beyond the use of
|, credit payment must take the form OF
transfer of property Of some kind but
examination shows very little property
Of IA nation that can he transferred over
seas. Lands and structures cannot be
moved II won't do to move away "A
country's productive equipment. and as
for securities OF foreign corpora ions
. they are not good as obligations Of for
eign Governments since they ARE subject
! t. home taxation.
i, "a great stimulus IL the industries OF
, this country has been the war" said tn.
Z banker. ''rhe wheels have been started
the dead inertia has been overcome
To-day the business machine ls running
c at a speed and with a rover never ex-
o ceeded ON the one hand the vast for
cign trade balance In our favor ha.
p given us an easy money situation thai
!, is unparalleled. while on the other q
y crop OF unexampled value has added tC
a the stimulation. II seems REASONABLE,
, clear then that We may look forward fo
, | some time to n tremendous volume o
: business. Our problem now is to ge
4 ourselves independent of the war bust
O ness as quickly as possible. which witt
Y the exercise of intelligence and coopera
ton we can do.
n Tax Forced by Lawmakers.
e Fortunately this II country o
y widely diversified resources. Its prod
~ ucts and it's Industries are SO vel, bal
. anced that they are more nearly mutu
u ally supporting than those of any othe
). country In the world. When We ar
+. doing the amount Of construction whic
, our national growth requires we hav
l., good times generated within our bor
" ders with little help from abroad, Tha
- Is " position that We want To get int
!, now.
, I'VE have a motto in this COUNT }
y. United we stand divided We fall Tha
N, mercial affairs as in political life. Tn
n, efforts that have been made to enforc
- competition have been without any car
"a for the economic effect resulting. with
d out any regard for the Increased cost,
ar Lawmakers In seeking to cure unfai
n practices. which form but IA fraction +,
4 "A per cent. of the total business, hay
2. hamprred all business in II most costl
A. manner. We have paid IA tax to thl
,s theory OF enforced competition tina
might almost be compared to the cost
n. some of the belligerent nations of III
II war, and that tax has been laid upo
n all Of US.
r. mo consumer of goods can escape
Id and people of small income suffer mo,
no from 1t. Increased pay affords no +,
Ar lief to the wage earning people froi
lie the burdens OF wasteful production. fo
every increase In wages means an IL
crease In living costs 10 the entire POI
ulation. The only way to better III
n. condition OF the millions Ia by MOI
d. effectually organising the forces of pr,
~ duction 80 the output can be Increased -