New-York tribune., 1918-06-24
Merchandise, Not
Sentiment, Will
Win F oreign I rade
Banker Says Work of Recon.
struction Will Offset stoppage
Of War Business

Leading American bankers are look
ing forward to the great scramble for
world trade which is almost certain
to follow the end of the present mill
tary cataclysm. In a penetrating ad-
dress delivered at the twenty fifth an
nual convention of the Virginia Bank
crs' Association at Old Point Comfort.
Va, last Thursday, Stephen II. Voor-
nees, vice-president of the National
City Bank. analyzcd the broad con-
structive steps American traders will
have to take to win primacy in the in
tcrnational field Of barter.
Excellence of merchandising meth
DDS, rather than war cleavages, will de-
termine success in foreign trade, Mr..
voorhees, pointed out "There is a
strong feeling" he said, against the
Central Powers, and this will likely be
intensified as the war progresses.
home after home has been wrecked bv
the war machine, and thousands Of
children who have not already been
sacrificed will lose with dismal outlook
the protecting care of parents and
lace life as orphans. The history of
anlmositles soon would give way to un-
DERIVING trade principles. While q
sentiment may prevail for a period
after the termination of the war. it
can hardly be disputed that the nation
which can produce and deliver the best
article at the lowest price will secure
the business.
We arc anxious not only to main
tain but improve the place we now oc-
cupy in world trade. We are in posi-
t1on where we have All enviable supply
OF raw material. Our problem is to
convert 1T into manufactured goods,
then sell and transport them to the
point where they are needed.
England's Secret of Success
THE position of England in trade
has been effected by organized restric-
l'on OF output with increased cost. This
combination gave her competitors an
advantage which could not be over
come. We should occupy first place in
manufacturing for expectation, but we
nave been far below smaller nations
whose facilities were inferior to our
cWn: Our manufacturers turned out
in iell more than $24,oO0,O0O Of
goods. This exceeded any other two
countries. These figures have been
largely Increased, and possibly aggre-
gated $4,000 100000 last year. At the
oeglnnlng of the war about eight bill
IONS represented the total exports by the
manufacturing countries of the world,
and of this amount we supplied one
billion, or, roughly, one-eighth. In a
[eriod of three and half years we
rave rave increased this amount to four
billions. To-day, through changed con-
dltlons, we are the worlds largest ex-
porters of manufactured goods, the
amount being actually double that of
Great Britain and forms nearly one-half
OF the total value of manufactured
goods for export entering international
trade in the year 1917.
We can protect our own market
through tariffs and regulations, but in
foreign trade we are in competition
with all nations. Our problem is how
90 ADJUST ourselves to meet the situa-
ton when the war closes?
Problems of Reconstruction
ut seems patent that at the close Of
the war great demands on this country
must be made for reconstruction pur-
poses. Such demands will, in meas
cre, Offset the falling off ir the manu-
facture of war supplies. We must al!
realize that most important part Of
the war burden must be carried by us.
The foe which we met has shown great
energy and wealth of resources and
man power. The present struggle calls
tor a supreme test Of the genius and
ability of the nation"