The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-16
FOREIGN TRADE AIM
OF BUSINESS MEN
National Association Of Mann.
facturcrs Discusses the Com
mcrcial Outlook.
CALL MADE UPON BANKS

The t~wen'y-nrst annual meeting a.,
no National Association OF Mnnufar-
turcrs was called 10 order YESTERDAY
at the waldorf-Astoria by tho pre-.
dent. Col George Pope Of Hartford
The convention will be In session to-day
and will como to a close to-rnorrow
night with a dinner at which John Uayq
Hammond and Charles Maggie. forrcr
Secretary OF Commerce and Labor. vii
speak.
At yesterdays session Ludwig Sissen
chairman OF the committee on bank.us
n currency, read a report calling flf
the establishment OF an indepcndcN.
bank for foreign trade.
mo one knows how long the Eu-
ropean war will last said the report.
moi what changes will take place In
the course Of international trade. one
thing Is, however. certain we must be
fully prepared to meet in the world mar
kets the competition OF former trade
rivals m be equipped to follow the
new methods OF credit that may be pu.
into operation. The time to do these
things is not while such commercial
struggle II going on. but now. when all
the advantages are OF our side, when
we have ample means and when tbs
spirit OF foreign trad is alive among
US.
says BRnks Arc Indifferent.
Our national banks have shown vary
little interest in the effort to extend
the range of branches In foreign coun-
tries. Only one, the National CITY Bank
OF New York. has taken active steps to
develop his movement. 1t has AZ pres
ent branches in Argentina, Uruguay.
Brazil and cub and. through the ao-
QUESTION or the International Banking
Corporation. In Panama. Mexico and the
Far East. While we cannot but praise
the action OF this bank, whose efforts will
certainly assist our foreign trade. we
must nevertheless say that the service
AFFORDED Is by no means commensurate
with the requirements.
1T is to be expected that in the RI
ture this bank Will continue 70 devclop
Its activities and that more branches
Will be opened In other countries as and
when interest and prospects Justify. But
even this viii not be enough: we must
have American interests represented and
protected In every country OF tho world.
Neither the National city Bank nor any
other can be expected TO operate Offices
In countries where they may have no
prospects of business. in a word. they
cannot be expected to do so at n loss.
Their sphere OF action Is varied and
when they transact business in other
countries they must be expected TO cover
all the different phases Of banking ac-
tivity which are the sources OF =
profits they are justified In reaping.
The committee on Industrial better
mcut. OF which +. C. Schwedtman Il
chairman. presented It's observations and
recommendations on the subject OF mini
mum wage as follows:
w are Of the opinion that while Ger
tain plausible arguments are advanced
IN behalf OF tho minimum wage system,
the chief OF which being the general I'M
potency of women and minors under AL
circumstances to safeguard Their own
wage conditions. We nevertheless believe
that economically the weigh uf argu-
ment is against the extension OF tho sys-
tenn and its incorporation into our IN
dustria. fabric. We admit that statistics
disclose that in certain swea,ed Indus
tries the wage scale is lower than 8;
saou,d he.
The minimum wage sy stem might and
probably does IN such crude Industries
result in an increase Of wage which
otherwise might be difficult to obtain for
the workers, But We believe hat a leg
~is,dtiye policy OF such comprehensive
scope and the establishment Of n prIn-
clple so far reaching in It's possibility.
in which the benefit is limited and di-
rected 70 "A very few industries n n very
few localities, invites an uuwise prir'j-
pie Of legislation within the pruyino" "
private industry