Arizona republican., 1916-01-05

on which he would accept the premier
ship and he is said to have refused to
consider the proposal at the present
time on the ground that Greece would
now be unable to be of any practical
assistance to the entente powers be
yond what it is already doing. He,
however. left the matter for consid-
GRAFTON, presumably in the spring,
when Greece's aid may be valuable
to make their improvements and to
develop their resources. The country
which furnishes the capital susually
sells the materials and does the work
The country that wants the business
must finance the purchases The same
thing is true, but less directly. in the
case Of government loans. But there
is no doubt that the loans of one ma
ton to another form the strongest
kind of economic bond between the
two. 1t is commonly said that trade
follows the flag. 1t is much more
truly said that trade follows the in
vestment or the loan"
DR.. Pratt emphasizes the need for
trained men to handle foreign trade
problems and urges their education
along special lines. Schools and col
leges so far have seemed unwilling to
see the need, he says. or if they do
have failed to give the thorough in
struction necessary.
Commercial preparedness advocated
by DR.. Pratt would foresee that war
profits are not permanent and that at
the end of the war new markets must
be sought by American business
1T is possible he says, that when
the war and the immediate readiust-
ment to follow are concluded a large
part of our present exports viii cease
to flow to Europe. 1t is probable
! that Europe will ne unpreparcd to
resume her purchases from the United
States on a scale as large as before
the war. Moreover. the sales that
will be made will be probably largely
on credit for a considerable time. 1t
would seem, therefore. to he the part
of prudence for us to distribute our
/ trade so widely over the worlds mar
kets that the cessation of our business
with Europe will be proportionately
less important"
The war has demonstrated. says DR..
Pratt. that the United States is not
economically Independent. The bust
ness public he says. does not fully
appreciate the financial crisis through
which the country passed during the
period Immediately after wars out
break. 1T is not too much to say
that the United States experienced the
severest financial strain in her history
during that period he declares.
DR.. Pratt urges a definite foreign
commercial policy by the United
States. This. he says, is gradually
taking shape under a wise and care
full administration American invest /
ments abroad are being encourag ed. /
But after all the continuing of a for
eign commercial policy is not so much |
dependent on officers Of the govern |
ment as on the American public-on
public opinion-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
domestic markets We're large enough |
are chatting under restraints of tenn
porary handicaps in developing for
egn markets.
altogether the business community |
and the public desire to shake off our
commercial dependence on Europe and
to establish ourselves commercially !
independent This desire finds ex-
pleSSlOn IN the pubic interest IN IN
ternational affairs and in our own
foreign policies
OF suggestions that combinations be
permitted in developing foreign mar
kets, DR.. Pratt says:
1T 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
development of foreign markets"
Free ports modelled after those of
Hamburg and Copenhagen are recon-
mended in the report. which says ad-
vantages of free ports could be OBJ
tanned by further liberalizing the
present bonded warehOusing system.
the practice of manufacturing in bond
and drawback regulations Changes
required could be 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 year. In
diVidual instances of business brought
TO American houses through efforts Of
the bureau are related briefly