Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-12-13
REDF|ELD URGES
Making Most Of U. S.
World Trade Oppor-
tunities - Great Eco
nOnlc Prize

nOmlc Prize
Washington, Dec. 12-Measures for
making the most of Americas world
trade opportunity are foremost in Sec
rotary Redfield's report Of the many
activities of the Department Of Com
merce presented today to Congress.
The department probably conducts
more different phases of government
work than any other. and while all are
touched upon in the long, report
measures for promoting foreign trade
and an account of the years CONNER
cial operations stand at the top OF the
list.
The visible balance of trade in favor
of the United States on merchandise
transactions for the fiscal year ended
June 80, iii, was s3.634, $50, 905," says
the report. The total of our mer-
chandise export trade was 1928. SOC. 600
and Of our import trade $265a. 35o. 1855.
During the three-!nonth period from
the close of the fiscal year to October
!, the merchandise exports have been
S1,3 9,2lS.625, the imports s129.91S,017.
and the net visible balance $3.50. 235, sos.
The department earnestly hopes
for the passage early in the coming
session OF the so-called Webb bill. now
pending in the Senate. This measure
will have an important bearing in pro
noting our foreign commerce. 1t will
strengthen one of the weakest points
in our foreign trade and will give con-
tidence to many a manufactures and
merchant to undertake foreign bust
ness from which now, for lack of the
authority this measure Will give, he
feels himself excluded.
This country now holds the greatest
reserve of gold the world has ever seen.
1t is a great economic prize. On il, as a
secure base, rests our national, state,
municipal corporate and private cred
its. Let il be seriously diminished and
the volume of credits that we can give
is thereby diminished also. There are
but few ways in which this reserve,
based on which our credits depend. can
he adequately protected from economic
attack. Among these methods are loans
abroad, investments abroad, sales
abroad services abroad. BY one or an
other of these methods or by combina-
lions of them we can keep the ,ur-
rent OF exchange so flowing that cir
gold reserve may resist serious d;inin-
uti0n. In so doing we conserve our
power to do business on a large scale.
This means employment. activity. Oc-
Cupation. We are becoming accustom-
ed to loans abroad. We are beginning.
but as yet only beginning, to make in
Vestments abroad on any considerable
scale. We are not yet rendering SER
o. lay la =
insurance or transportation
We must hold as fully as we can the
volume Of our foreign commerce intact,
IF we fail to take these economic move
ments at their true value. the result
will he upon our own heads and We
shall only have ourselves to blame We
may, indeed, continue as a going con-
Germ, but we can not hold a place of
financial and industrial and CONNER
c:al power in the world unless we keen
the credit giving power This situation
is comparatively new to Americans: it
has come upon US suddenly; it has
arisen out Of the shock Of war. 1t is the
more necessary therefore to make il
plain that if we would prosper to the
fun we can no longer think tho
thoughts Of former days Of relative
isolation. We are in the family of a fl
rancial and commercial world, and if
We would keep our place and influence
therein we must play our due part rs
ne Of the family.
THE establishment Of free ports at
strategic points on our coast would be
a potent factor in maintaining and ex-
tending our foreign trade. Properly
placed, constructed, equipped, organ
lied and operated. they would add to
the employment of labor and to the
returns of capital. BY industries and
areas, the cost of duty on materials
used in the manufacture of articles
exported from these ports would be re-
duced. the cost OF carriage might he
substantially eliminated the expense
of railway transportation could be
lessened. The opportunity for use of
our inland waterways could be i'm
proved and goods could thus be man
ufactured for export on the water front
in such way as to have much expense
Any who may fear that there will be
difficulty in readjustins our costs to
meet foreign competition after the war
because through the esta blishment Of
industries in such ports it will be pos
Sible to save economic wastes which
weigh heavily against us but which
under our present system are unavoid-
able. The processes OF manufacture
ing for export would be greatly sim
p1itied when they involved the use Of
foreign dutiable ma terials and the pro-
cedure under the customs law could
he made more easy not only without
risk of losing revenue but with pos
Sibie gain to the taxable values of the
country.
Testimony offered by American
business men at home and abroad and
~ our diplomatic representatives. gives
assurance that the commercial attache
service is amply fulfilling its mission.
The results attained during the
three years since the commercial at
tache service was established call for
its extension. At present certain large
and important markets for American
products are scantily covered Some
sections are not covered at all During
the last year urgent requests for the