New Britain herald., 1917-06-22
FOREIGN CREDITS
 OUR NATIONAL NEED
Department of Commerce Expert
 Explains His Views

Kansas City, June 22.-Edward Ewing Pratt .chief of tho bureau of foreign and domestic commerce., de- partment of commerce, told the na- tional association of credit men yes- terday why he believed foreign credits to be of vital importance. In part he said:
 There are three fundamental req sons why the subject of foreign credits should be uppermost in our minds to- day; first, the tremendous growth of our foreign markets and the likeli- hood that many of these new markets will be permanent; second, tho enor- nous destruction of capital now talk ing place which for many years to come will put burden on the credit structure of world trade, and third, the fact that in this greatest and most desperate war of all history. the na- tions with which we are co-operating are anxious to conserve their limit ed supplies of gold. while many neu- tral nations from whom they and we are drawing supplies are either un- able or unwilling to continue to fur- nish these supplies on tho basis of future payment.
 These three causes of our intense interest in foreign credits. appear ing to us daily in tho form of an intending mass of details with condi- tions bound to grow worse before they HA% A> utmost our powers of wise decision.
 The ways and means by which these various and grave demands are to be met, now that we have made the decision to meet them, rests largely on the gray matter of tho credit man --from the foreign credit expert of the small export firm to the president of the biggest banks and the highest officers of the treasury department.
 ''We know from the limited amount of news that trickles through from the Central Powers that very ambitious plans are being made to dominate the worlds trade after the war. A speaker at an Austrian meeting of in- vited manufacturers Is quoted as stating that plans have been perfected wherebyafter the war 13O, ,000 peo. pie. the total population of Germany and Austria Hungary. will buy their supplies from the rest of the world as a unit. We know that the various industries of Germany have been moro and more consolidated into co-oera- ting groups until virtually all German industry has united as one organic producing and selling agency backed with the full power of the great Ger man banks and the organization of tho German government.
 "One of the most important and effective steps that the Entente Pow CTS and this country can take, not only to meet this trade colossus but to more effectively promote the com mercial ideas for which we stand and to serve the interests of the lees developed countries with which we trade. is to so organize our facilities for extending credit that never in the future shall smaller and weaker coun- tries be forced to depend upon a power so dangerous to their freedom.
 Americas opportunity in this great time of stress and sacrifice is to ren- der every service in her power to herself, to facilitate the way of those who come to us with their orders, to extend her economic and industrial resources as well as her military power to those who need and merit them.
 At the present moment, can ax- sure you, with all our faults and failings. there stands no nation more universally trusted and more gener- ally liked by the people of tho many countries of the world. than our own America. Wherever you 90 that you can 10, you will be welcomed be- cause you are an American. Even our enemies assail us no longer by di- rectiy attacking our ideals and our aims, but only by inuendo and allega- tions of insincerity. There exists for American industry and American trade wonderful. worldwide goo1 will. You know how valuable an as- set 1t is. By mobiliEing and direct ing our vast credit resources to the use of those who need them. 1t lies in your hands. as credit men. to main- tain and extend 1t" DDINIcu DnKnnmI nCDC