The sun., 1919-06-23
WAR. WORN NATIONS
(. S SEEK ''l!|1l. TRADE OUTLET
tS;E 2-sNS
Europe Desires. American Cap.
!, ital. Chiefly to Buy Raw
,-v. Materials.
NJ A. II. BALDWIN,
Asststdnt Mdu1oer.

FOREIGN Trade Bureqp, the Guaranty
4Ttst Cootpanyv 81 Nep York.
Specially Wiifln Tor Latin American
\, SeottoBSoj THE Stu.
The International trade situation to-
da5 has a number OF aspects which the
AMERICAN manufacturer or exporter
should understand fully IL he is to steer
his course safely in the troubled waters
OF. foreign commerce for the next two
years or more. He should keep in mind
the very important fact that European
M tfons are now very keen competitors
In the Latin American market and will
assurediy make strenuous efforts to in
firence the. development of world fnanc-
Ing and trade to the end that the profits
will mainly result with them.
We are being urged to give aid to
Europe by Investment, and tho mer-
chants and manufacturers there would
much prefer that our capital should be
nsde available. 60 them for purchases
carried out on their initiative without
restriction as to where purchases should
be made and they would naturally draw
very largely from their own sources Of
supply In using this capital. They all
control very large sources Of their own,
both OF raw materials and manufactured
products
This attitude Is natural enough. hut
when this plan Is analysed Il Is seen
that such procedure would mean that
the neutral markets OF the world would
also be attacked more actively than
ever by our competitors, using our capt.
tai aid for that purpose. 1t is signifi-
cant that high financial authority sug-
gssts that we should advance no fur
Their loans to foreign governments. but
should fulhl our duties in connection
with the vast task OF rehabilitation by
using non-official credits for sending
our raw materials. food and clothing
and machinery to Europe.
A Limit to AItruism.
This viii in Itself Imply a very cofisid-
cradle aid to tho restoration of the for
eign trade OK ONT. Tivala In other markets
OF the world. but as this foreign trade
Is So Vital TO them we can perhaps re-
gard that phase Of the situation with a
generous spirit. But in exercising this
generosity thErs Is a point beyond which
we should be diminishing our own legit-
Innate share OF, the commerce. OF neutral
countries, especially With the Latin Am
erican markets and the, Far East, and
there seems no convincing reason that
We should carry our altruism quite TO
that degree. go
We are told that there Is very gen.
etal feeling abroad that we should can
Gel the dabts owed by the allied countries
to, the United States Us further con-
tribution to the war. 1t IL implied that
our late entry into the hostil,tIes was a
tacit admission that we should have
shared the entire. burdens and that we
ought now to recognize this obligation.
1t 10 probably unlikely that any action
will be taken by Congress to cancel these
debts and It Is not expected that any
European country will seriously press
the matter. '' .r 49,
This suggestion was In fact first made
by distinguished American publicist
and no doubt the idea met with the
cordial approval of many abroad TO
whom the Interest charges of four or
i've hundred million dollars year that
must be paid to the United States doomed
large, az "A factor in future taxation and
burden upon their Industries. 1t cannot
be denied, moreover. that our competi-
ton is really much feared.
Swedish Loan Being FIoated,
Ours is the fortunate country IN the
world to-day, and IT will be a difficult
task to balance our wish to assist the
war stricken countries against our rea-
senable ambition 10 maintain our position
az an exporting nation and do this In
way to convince the European nations
OF the fairness OF our attitude.
There Is now being foated in this
country swedish loan OF $25, 900, 600,
all OF which. Il 10 announced, will be
expended for the purchase of American
goods This is only; beginning, and
1t Is certain that many other countries
will ask similar aid as soon as the
peace treaty in signed. Rumania, for
example, win buy very largely once her
credit is such that her bonds are made
attractive and safe TO American in
vestors.
France has thus far maintained n
very rigid policy OF restricted purchases
abroad, but this strictness will, no
doubt. be realized as soon as conditions
become more normal in that country.
Her wish to divert to her own marketsL
to her own merchants and manufacture
ers everI francs worth OF business that
It Is possible for them to undertake 10
natural enough, but II Will soon be seen,
even In France. that this policy would
II carried too far. delay very materially
the restoration Of Industry and normal
living conditions.
Meanwhile. the Latin American and
other markets OF the world are open TO
US and during the coming two years we
have an opportunity to Prove TO them
that we can supply their needs I'm a
way to meet their approval. BY doing
this We will. no doubt retain as large
share as we deserve OF International
commerce.