Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1918-12-09

OPPRESSION III IOfeSeeln& the future,
in anticipating Its conditions and its
interested with the future Of the Ital-
ian market and l will come to thar.
The war has imposed great bur-
dens on all the countries involved in
1t. Italy had to bear her WI which
she did with determination and It
may be that, together with other
countries, her material wealth has
been reduced by the demands Of the
war. although that cannot be ascer-
tain Is that she has gained, az I am
sure is the 3 with other countries,
in immaterial wealth, che benefit Of
which, enormous during the war, Will
surely be felt for a long time after
the conclusion Of peace.
The great task with which she had
to cope called forth all her energies
and her spirit Of sacrifice. Improved
industrial methods were adopted, CO.
operation and coordination Of efforts
were standardization women, old
mel and boys under military age
came forth to do the work Of the
millions OF men drafted for military
service, so that production should not
be c~urtailed-in fact in some lines it
showed an increase. To compensate
for the waste Of the war, her people,
we'll known for their frugality.
doubled their savings. u
ITO illustrate in one way the re-
suit Of her efforts suffice it for me to
say that the capital Of stock COM
panies marked an increase Of owe
two hundred and sixty million COL
lars in the first six months of this
year. quite unprecedented in the his
tory Of our stock companies. This
accumulation Of capital represents
but a part of the savings mace. De-
posts with Savings Ban&a in fact
showed an increase during the same
periods. The nature Of the invest
ment Of the capital thus accumulat-
ed is a sure index Of the trend Of our
productive activities.
I'm the light Of all that, gentlemen,
with the advent of peace I anticipate
an era of intense economic activities
in my country, favored not to a small
degree by that tranquility and Sc
curity which tho acquisition of her
natural frontiers will afford her. We
must not lose sight of the fact that
an adequate economic development of
through the unfortunate frontier that
was assigned to us in 1866, which
exposed some OF our main lines of
communication to easy and sudden
attack from the outside. That con-
slant nightmare has fortunately been
removed.
Thus the Italian market will offer
a favorable field to your enterprises.
Notwithstanding our Industrial de-
gether with many staple products, as
cotton, coal. mineral oil, lumber, to-
bacco, etc.. a considerable quantity of
outside manufactures. In the matter
Of development Of your trade with
the Italian market. 1t zoe without
saying that much will depend on the
shipping and banking facilities avail
able. With regard to the latter the
outlook seems quite encouraging as
banking concerns have been opened
In Italy, while in this country. agen-
! cies Of Italian banks have been estab-
lished. Thus financing of your exports
! to Italy. which I feel is essential, will
be facilitated.
1T is to be hoped that the develop
ment Of our trade intercourse will not
be retarded by the lack Of sufficient
shipping facilities. I desire' to call
your attention to another point which
to my mind Is Of great importance. In
fostering such intercourse. Some
American concerns operating on the
other side Of the ocean have been in
the habit Of carrying on business in
Italy through their European agen-
cies, established outside OF the Ital-
ian market. I am inclined to think
that it did not work well.
You know that every market has
peculiarities Of its own which can be
properly understood only on the spo..
Consequently American concerns. de-
string to cultivate trade relations with
Italy ought to have In u market
= direct agent or representative who,
through his acquaintance with the
home situation and the knowledge he
will personally acquire Of the market,
would be a decidedly important fac
tor in seuring business.
Tn another aspect Italy should at
tract YOUR attention and induce your
activities. You have but to recall
the map Of the Mediterranean coun-
tries to appreciate the important geo.
graphical position Italy occupies when
international trade is considered. We
know only too we'll that some Of those
countries which in the past have had
very little chance to develop their re-
sources, will offer ar important field
to commerce when under a new
political regime that will consent to
q free display Of their economic ener.
gies. Italian ports as ports Of trans-
shipment or transit will help not q
little in the carrying on Of such trade
It is hardly necessary for me to say
that Italy, faithful to n of her ira,
ditional policies, will aid in making
transshipment most convenient, will.
offer all possible facilities to trade il
transit through her ports.
LET me conclude by saying thai
ton of normal trade. the italian mar.
ket will be open to you under the
most favorable auspices The wal
which we fought side by side for the
defense and triumph Of our commo
ideals has cemented u old ties OF
friendship. and today the relations
between our respective governments
and nations are the warmest and mos,
cordial, l am gratified to say. Fur.
thermore the war has brought about