The Birmingham age-herald., 1918-11-06
Hides and Tallow

cannot hope to assist in reconstruction on
 the scale that will be necessary, and for
 that reason a federation of all the war
 service committees of all the industries
 will be the surest and perhaps easiest
 method of bringing about cooperation
 with representative agencies of the gov-
 ernment which will be created to deal
 with reconstruction conditions. This
 gathering will from one point Of view
 admirably supplement the meeting of the
 American Manufacturers Export asso-
 citation, which took place in New York
 last week.
 This association seeks the perfecting of
 an organization whereby the United
 States will be able vastly to extend its
 foreign trade. We are sure to have the
 ships that will be needed. We are liEeiy
 to secure such modification Of the stat
 utes as will put an end to certain embar-
 rassments which American shipping has
 heretofore met with. We are to have
 vast industrial plants fully prepared 10
 meet any demand which may come. anu'
 with the return of the soldiers, many or
 these plants, if not all. will find them
 selves relieved so far as the doubt re-
 specting labor is concerned.
 But 1t was pointed out to this export
 association that there is another factor associated with the development of our
 foreign trade to which full considera-
 tion must be given. That is the finan- cial factor. We shall be called upon un- lquestionably to send to other countries an enormous aggregate of commodities. Next year alone, even if the war be speedily ended, we must send to other countries at least 10000 900 tons of foodstuffs. We must export large amount of raw ma terial and also of manufactured com modities But how are these to be paid for? Certainly not for good while by imports, because the countries or the world with which we were accustomed to deal upon large scale, excepting Canada and South America. will not be in position to- send us many o1 the com modities produced In those countries. Therefore, we must lend these countries the money with which to ,pHy' for these commodities That undoubtedly will in
 volve the folating in this country Of vast amounts of foreign securities Fortun- ateIy the United States possesses the only free, and absolutely MQuid market for the ftotation of securities that IS to be found anywhere in the world. This , market has been spoken of by some whose opinion is worth. needing, as one ! M our chief national assets. Mir. Van derlip spoke the thought of many wno have been giving this subject careful fconsideration when he said to the export association that the banks and the or | ganizations which distribute securities lswill have responsibility and opportunity Of the utmost importance. For upon f them will be devolved the duty of making wise selection of foreign securities ana kthen of so handling them as to give them l;such popularity as will induce the Amer ican people to invest in them. If this ', can be accomplished then there is no lsdoubt whatever about the maintenance and increase of our foreign trade. There I is also no doubt that it will serve still l further to strengthen the position of 1 the United States as the greatest cred 1 itor nation in the world. Gatherings or l tha kind which took place in New York last week and is speedily to take place 1, at Atlantic City. contribute most en- coura ging symptoms of the awakened in l terest of the American people in the i'm portance of being prepared for aftef-war conditions.