The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-13
New Legislation.

The probability is, therefore, that
Congress will have great deal of highly
important work to do during the next
SIX months. Unless the shipping laws
are amended it is questionable whether
the country will be able TO develop its
new merchant marine efficiently. This
is of the greatest Importance, as Ameri-
can producers and manufacturers never
had such a favorable opportunity as eX-
lists to obtain lucrative foreign trade.
With the Webb Pomerene law on the
statuts books. steps have been taken to
organize strong selling agencies to rep
resent American merchants in countries
which are badly in need OF our raw
materials and merchandise. The situa-
ton must be handled intelligently, for
with proper legislation there is no doubt
that We shall be able to strengthen our
foreign trade connections and build up
a lucrative banking business in markets
In which European merchants and bank
ers formerly had everything their own
way.
To make the most of such trade op-
rortunties it will he necessary for us to
make large loans TO countries from
which We hope to derive highly profitable
business. That may be done through the
purchase OF large blocks OF foreign Sc
curities, arrangements to issue which in
this country arc being made. Action a
few days ago by the American group OF
bankers interested in the loan to China,
in arranging to send a representative to
carry on Investigations at Pekin and to
collect necessary data. was an incident
Of movement that is likely to develop
interestingly later on. There is an i'm
mense volume of business in China and
elsewhere awaiting American business
men possessing the initiative, resources
and business sense necessary to take ad-
vantage of the extraordinary opportuni-
tios resulting from the worldwide COM
plications growing out of the war. These
connections cannot be formed in a day,
but the business Is there and American
merchants and corporations will obtain
Il If they go after it in the right way.
That they intend Ito do that Is evident
from the preliminaries arranged and
from the splendidly organized companies
experts of which have been studying the
problem Of successfully meeting the
strong competition to which our business
men Will be exposed.
Inasmuch AZ the United States en-
tered the war with the most efficient
organization Of any nation and with the
only machinery available for capacity
production OF a high order, there is
reason to believe that our manufacture
ors and producers Will give good &C
count OF themselves in the coming strug-
gle for world trade. The Federal au-
thorties will cooperate in the movement
and their assistance will he valuable,
because It was the refusal OF such sup
port which forced the American men,
bers OF the Six Power Loan Syndicate
Of few years ago TO withdraw precipi-
tately from the undertaking. 1t is evil
dent that our business men in connecting
for foreign business can work now un-
dor new safeguards and that their in
forests will be protected so far as il Is
possible for the Government to protec,
them, A new era, therefore, Is open
ing up before that large class of cor.
porations and private Arms having re-
sources aud activltie.. large enough to
enable them TO compete advantageously
for the business OF other lands.
Payments for War Contracts.
Favorable action by Congress on the
bill TO validate informal contracts given