The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-05
MARKS EPOCH
IN AMERICAS
FOREIGN TRADE
Chicago Convention Shows
Broadening Interest in
Export Fields.
SURVEY OF SESSIONS
Direct Selling in South Amer
lea Discussed by Auto
mobile Executive.
SURVEY OF SESSIONS
BY Sto1 Correspondent OF tbs spS.

| The closing of the Sixth National For.
eisn Trade Convention in Chicago on
April rs marked the passing OF the first
milestone In the development Of Ameri-
can Foreign commerce. The slogan OF
I'M, ,ne convention was Greater Prosperity
through Greater Foreign Trade"
! The convention agnifed particularly
however, the awakening of the great
middle West to the Importance OF looking
beyond our own shores for industrial ex-
pansion-a step which marks the be-
ginning of a new epoch in our foreign
commerce.
Even before the convention began the
bankers of the Mississippi Valley met
and discussed plans for controlling their
own Foreign business-plans which may
.ake some years to materialize, but
wnich nevertheless will develop In due
course and which will mean eventually
the centralizing OF Mississippi Valley in
terests within that territory.
According TO the report presented at
the close of the convention by its chair
! man, James A Farrell, president of the
United States Steel Corporation, the
carrying out of the several bills 70,
which the convention was assembled
| seems to be assured.
The report particularly empha sized the
Importance of completing at the earliest
possible moment the Governments ship
building programme. II recommended
disseminating Government operation OF
| Government owned ships and the imme-
o,ate transfer Of such vessels to general
commercial service under sale and con.
| tract arrangements. II also pointed out
the 1aults OF our shipping. navigation
Classification and measurement laws.
| Increased cable and wireless service
| coal and fuel deposits along trade routes
definite plans for aerial navigation. free
zones for facilitating manufacture and
commerce. a bargaining tariff. the de.
velpment of the International parcel
post, establishment OF consular and dip
lomatic service on basis that will at
tract more competent and ambitious
| young men and the reinstating OF rail
road dtfferential rates were all recon-
mended in the report.
Neither was the Mexican situation
overlooked. for measures to protect in
vestments abroad were suggested. The
report stated that the convention had
clearly demonstrated our need of ex.
banding export trade to stabilize condi-
tons at home. and emphasized especially
the vital interest of labor and agricul-
ture in the maintenance of foreign trade
Some sixteen hundred official delegates
attended the convention. which was ar
ranged by the National Foreign Trade
| council. which has its headquarters in
the India House Of this city The open-
ing session was concerned with Amer
icas Need of Foreign Trade" Edward
| Brizer. president of the Vacuum Oil
Company. asserted that the United
States faced an industrial crisis unless
ways could be found to increase exports
OF Industrial products.
1T is evident" he said, that a real
awakening has occurred throughout the
United States as to the vital Significance
OF this great problem. Eyes are being
cast overseas that never before looked
beyond home boundaries There is a
| realizing sense that opportunity is at
hand and conditions are favorable and
that rapid action is essential.
I'VE have now embarked on a great
national shipping adventure-and we
are as yet mere novices at the game. II
is not too strong a statement to make
that our national prosperity in export
commerce will depend upon the wise and
intelligent operation of our merchant
marine.
Individual operators of oversee
vessels must be given liberal privileges
by the Internal Revenue Department TO
charge against war profits the excess
value of ships constructed during the
war. for in not a few cases It was due
TO the action of the Government itself
that construction contracts already
placed were increased almost hundred
fold "
Kent Discusses Acceptances.
Speaking of trade balances, Fred l.
Kent of the Bankers Trust Company
asserted that "our trade with South
America, while against this country.
should not be so in such proportion as
has been true in the past" Mr.. Kent
was assigned to the discussion of Amer
ica's Financial Equipment for Foreign
Trade" He emphasized particularly
the development OF our discount markets.
THE carrying of long time investments
on acceptances," he said. lis not justih-
able and should not be undertaken. The
issuance of acceptance credits for ex-
ports should be limited to one ninety
day sight drawing. with three renewals
as a maximum, preferably with two re-
newals where conditions warrant, with
only one renewal when goods covered are
turned over inside OF six months and
payment is received and exchange can
be RENTED. and without renewals in
every case where foreign exchange con-
ditions do not interfere"
The second session on the afternoon OF
the Gath commenced with an address by
j. 4.
MARKETS. in Washington. The exposition
Of statistics showing the importance of
agriculture, to our foreign commerce
even before the war was the major fea-
ture of the discussion. Mr.. Brand said
in part:
Agriculture is interested not only in
the direct export Of raw farm products.
but It has a very great interest in the
export of manufactures produced at
home from farm products, Cotton and
tobacco manufactures of all kinds.
leather and leather products. and many
foodstuffs serve to swell the total Of the
nations export trade by calling upon
agriculture. 1t is estimated that in
1918 approximately 100000 900 worth
| OF manufactured articles. prepared from
the raw materials OF agriculture. went
into foreign trade.
Speaking on one OF the vital topics OF
the convention-"The Mississippi Valley
and Foreign Trade"-John NJ. Parker,
president of the Mississippi Valley AS
ISOLATION, said:
World trade routes are being altered.
The Panama Canal opens easy access
TO the as yet unexpected but naturally
rich markets of Latin America. the Pa
cifc Islands and the Orient The use
| of our navigable waterways as means
OF developing easy grade and low cost
transportation to and from our ports
for the greater portion of our producing
region has begun in earnest"
No more vibrant chord was struck.
however, than when James W. Hook,
president of the Allied Machine Com
pany, declared that American goods
should be sold abroad by Americans. Mr..
Hook referred TO America as the great