New-York tribune., 1920-10-17

US in tho future anv such market as
she has provided, either during or be-
fore the great war. II is equally ap-
parent that unless VIC are to retire
suddenly from our position as the
worlds greatest exporting nation we
must find markets elsewhere. And 1t
is equally apparent that these markets
must be developed largely in South
America, Asia, Africa and Oceania.
New Outlets for Trade
There are two reasons why it is
particularly desirable that we cult
vate the trade of these last mentioned
grand divisions. Those countries arc
producers of great variety of agricul-
tural articles, but are not producers Of
the larger part Of their requirements
in manufactured products. 1t happens
that at this time we particularly need
to extend our markets for manufac
tured products. The war was marked
by an almost unbelievable expansion Of
our industrial capacity.
"Our factory facilities arc greater
than they ever were before; greater
than any other country in the world
ever possessed. We cannot sell our
factory products to Europe, first, be-
cause Europe has factories of its own.
Therefore we must seek outlets to
those countries whicn have not the fac
tories and have the means with Whish
to buy.
Determined Competition
In cagtinp about for new customers
we shall be faced with the determined
competition Of the rehabilitated indus.
tries of Europe. They will seek to re-
store their grip on the markets where
before the war they were firmly eStab'
lished, and to that end will produce az
cheaply as possible and sell on thu
best terms they can give.
ave cal meet this desperately de-
termined competition only by extending
the most systematic and Intelligent en-
couragement to our producers. That ls
a matter in which necessarily the ma
tion must give the largest measure Of
aid and encouragement that 1t possibly
can. short Of making UP deficits or as
suming a paternalistic attitude.
Mote, for example, the great financial
fabric which ccnters in London and ex-
tends to every part Of the world. Our
British friends have expanded and con-
solidated their financial system very
greatly since 1914. DESPITE the wars
strain on their credit they have man.
aged by wise methods to keep the
financial rcins pretty firing in their
grip.
"Wher they lacked gold with which
to meet trade balances they found it
possible to set off one group Of ac-
counts against another and balance the
books without the actual passing Of
money. Their long established credit,
wisely employed, enabled them to
transact the business even without
possessing an adequate share Of money
metal, and since the war the expansion
of their exports and their rapid reas-
tablishment of more favorable trade
balances have been the marvels of the
CONNIE ercal world.
Government Encouragement
81 undertake to say that our own
government has signally failed to ex-
tend to its industrial and commercial
enterprises anything like the sort Of
encouragement and support that have
been given British industry by the
British government. In our case it
would not have been necessary to go
so far as Britain has gone, but it has
been and it is desirable that, so far
as we properly may, we should co0r-
dlnate all the facilities OF finance, Of
domestic and overseas transportation,
Of tariff policy, of trade agreements,
OF consolidated credit in order to d.
rect our foreign trade into new folds