The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-04-30
Secretary Of Commerce Red
field Tells American Acad-
envy Of Political Science 1t
Will Follow End Of War.
SHOULD BECOME SECOND
IN WORLD COMPETITION
Ultimate End Of War Is Loss
He Says, But This Nation
Should Gain Great Perman-
ent Trade Advantage.

Philadelphia. April S0.-oreat CON-
mercial expansion for the United
States a. q result OF the European
war was forecast By Secretary wilt
ian G. Redheid, OF the department or
commerce. In n speech here today be-
fore h American Academy Of Polit-
lean and Social Science. Both Ger
many and Great Britain. the secretary
Of commerce said, we're in danger Of
losing their supremacy In the foreign
trade. II the war continued.
No one, l think" he said. would
be surprised TO md the Unit.d States
second In the worlds competition,
nor, u the Val shall long continue,
be astonished to find her first"
Secretary Redneld, whose subject
was Americas international Trade
as Affected by the European War"
reviewed commercial conditions In
the world OF trade prior TO the out
break OF the war. showing that Great
Britain, Germany and the United
States ranked In the order named In
competition for foreign business. lie
said that the United States, when
h0stilities began found itself unpre-
pared TO meet the situation either
financially or in "A commercial way.
II is not necessary he said. to
review the history OF the critical
months OF August and September last.
! never think OF that period without
thankfulncss to the men In private
business and finance who with great
courage and wise pulled US
through those trying weeks. l hope
they will acknowledge as freely that
the government d!d what IL was able
then TO do To the same end. We are
concerned. however. chiefly to con-
slider what the extraordinary change
II which has come over the face OF
u foreign trade since these things
were done.
~ floating debt OF perhaps four
hundred million dollars has been paid
In goods. and not In sold. Some of
the gold We had exported 20. pay what
we owed before the war has come
back 20 us In pay for debts due US. 1t
IL amounts since the FIRST OF Deem
Der to over Elk hundred million dol
lars. We are saving money as n ma
tion at an astonishing rate. The ma
tions 81 the world turn TO US for cash.
- NhhANAAN urn w uNf knfH WfNAlhtlH
n and neutral, not only 20 furnish
them goods but TO loan them the
money with which to pas for the foods
they buy from us. We are lending
the world money and We are selling
the world goods, and both to such an
extent that our foreign financial out
look and the conditions OF our exports
trade has taken on within ten months
an entirely new significance. a new
spirit has come to our commercial
life-a new sense OF relationship tu
others and of our power TO help them
II of our ability To supply them"
The secretary said that there was
too much industrial inertia" when
the necessity for broadening the for
eiga outlook OF the country developed.
Training IN national inability had
done It's work. he continued, and
when the hour Of opportunity struck.
relatively few of us were ready TO
take the step % progress"
business men, he said, however.
were awakening TO the opportunity
and accepting the necessity for ell
Client development. He mentioned
the establishment Of American hanks
abroad as a forward step.
1T Is doubtless risky he cOntin-
ued. "to f~oretell what the ultimate
effects OF the current war shall be up
on our commerce. We know where
we we're before the war began-a
great and growing competitor of 9TH
ers who had many advantages over
US. We know where We are now
while the war goes on-ihe one great
industrial and commercial country
which II mt peace and cetrain 4 re-
main 80. These things we know and
We are glad that they are so. One of
our great competitors has Deen for
eight months out OF tho market. No