The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1916-01-06

VI lulll OitF, GOhN'I VI
pubic service plants improvement Of
h,rltrs aud docks. ana digging Of
cans Is.
New countries generally are poor.
They look to older and richer coun-
tries to supply them with the capital
TO make their improvements and to
develop their resources. The coun-
try which furnishes the capital usu-
ally sells the materials and does the
work The country that wants the
business must finance the purchases.
The same thing is true, but less d.
.rectly, in the case of government
loans. But there is no doubt that
the loans of one nation to another
form the strongest kind Of economic
bond between the two. 1t is com
monty said that trade follows the
flag. It is much more truly said that
trade follows the investment Or the
loan"
Needs Trained Men.
DR.. Pratt emphasizes the need for
trained me INTO handle foreign trade
problems and urges their education
along special lines. Schools and col
legcs g., far have seemed unwilling to
see The need. he says or II they 40,
have failed to give the thorough IN
sttuction necessary.
Commercial preparedness atvocat-
ed ~ Ir. Pratt would toresce that
war laofts are nor permanent and
that at the end Of the war new MIL
keis. must lie sought by American
business.
ut is possible" he says, that
when the war and the immediate re-
adjustment to follow are concluded, a
large part OF our present exports will
cease to flow to Europe 1t is prob
able taht Europe Will be unprepared
to resume its purchase from the
United States on scale as alrge as
before the war. Moreover the sales
that will be made will be probably
largely on credit for considerable
time. 1t would seem. therefore, to
be the part of prudence FOR us to dis
tribute our trade so widely over the
worlds markets that the cessation of
our business with Europe will be pro-
portionately less important"
The war has demonstrated, says
DIR. Pratt, that the United States is
not economically lndepent. The bus
mess public, he says, does not fully
appreciate the financial crisis through
which the country passed during the
period Immediately after the wars
outbreak. ut is not too much to say
that the United States experienced
the severest financial strain in Its his
tory during that period" he declares.
Urges Definite Policy.
DR.. Pratt urges definite foreign
commercial policy by the United
States. This. he says, is gradually
taking shape under wise and care
full administration. American invest
ments abroad are being encourages,
But after all the continuing Of for
eign commercial policy is not so much
dependent on officers of the govern
ment as on the American public-on
public opinian-and the American
public is just awakening to a realiza-
ton of the situation.
Questioning as to the value and
utility of foreign trade is gradually
giving way to enlightened study and
exploitation. Those who only short
time ago were apt to declare that do
nestle markets were large enough
are chafing under restraints oil tenn
porary handicaps in developing for
eign markets.
Altogether the business commun-
ity and the public desire TO shake off
our commercial dependence on Eu-
rome and to establish ourselves COM
mercially Independent. This desire
finds expression in the public inter-
est in international affairs and in our
own foreign policies
OF suggestions that combinations
be permitted in developing foreign
markets, DR.. Pratt says:
ut would seem the part OF wisdom
at this particularly critical moment
in the development Of our foreign
trade to extend this privilege by def
mite enactment or Interpretation to
manufacturers DESTROYS OF combining
with other manufacturers for the de-
yelopment of foreign markets"
Free ports modelled after those OF
Hamburg and Copenhagen are rec
commended in the report, which says
advantages of free ports could be OBJ
tanned by further liberalizing the
present bonded warehouslng system,
the practice of manufacturing in bond
and draw back regulations. Changes
required could me made in the main
the report adds, by treasury order.
New work undertaken by the bu-
reau and reorganization plans are
gone into at length. The commercial
attache service is described as the
most important development in the
bureaus work during the var. In
diyidual instance sof business brought
to American houses through efforts or
the bureau are related briefly.
Salem, Ore, brewery is to be
turned into longanberry juice fac