New-York tribune., 1920-10-17

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ica kept out OF war just TO win an
election"
Senator Harding appealed for the re-
election Of Senator Spencer because he
helped save America from betrayal
The candidate talked for half an hour.
before he began on his prepared speerh.
The Harding party lett the special
train in East st. Louis where the Sena-
tor addressed an open air audience of
5000 before the City Hall. Then they
crossed the Mississippi in automobiles
and drove to the Coliseum. beseged by
twice as many persons as were crowded
together inside. Mounted policemen
had to ride their horses on the side
walk as Senator Harding left his ma
chine to enter the big structure, to pre-
vent the crowd from engulfng him.
In his St. Louis speech Senator
Harding said
Fellow Americans: The time has
come when this country must give
more serious thought to development
of new markets abroad. Ever since
most of us can remember we have been
i'm the habit of talking rather broadly
and vaguely about opening new mar
kcts in the world but all the time we
have gone on developing the old mar
kets moro and more intensively and
accomplishing comparatively little
toward the development OF the new
$50 far back as 1870 79 per cent Of
all of our exports went to Europe.
There was talk, even then of opening
mp new markets abroad; but it pro-
duced so little effect that in 1880 about
70 per cent of our exports went 10
Europe. In 1890 it was around 80 per
cent and in 1900 it had dropped to 70
per cent. In 1910 it dropped TO 65 per
cent.
Our Exports to Europe
I'm 1919 81 per cent OF our exports
went to Europe; that is, despite the
hugo avulson Of the war, the proper
ton Of our exports which went to
Europe remained almost absolutely un-
changed in 1919, as compared with 1910.
considering that the war compelled
Europe to turn to US for almost every
thing, it must be apparent that if there
had been no war the proportion of our
exports that would have gone to Europe
IN the decade from 1910 to 1920 would
have been vastly reduced. Either our
exports would have suffered very great
ly or else we would have been COM
outside of Europe
Even before the war, Europe was tend
ing to take q constantly decreasing
proportion of our exports. The war
has so greatly lcssened Europe's abili-
ity to buy and pay, and so greatly in
creased Europe's necessity to sell, that
we must expect hereafter still further
indisposition by Europe to buy from
Us. The present year has shown E
startling, and, as some people view it,
an alarming reduction in our favor
able balance of trade.
"The reasons for it are perfectly
simple and perfectly understandable
Europe has not the means with which
to buy. and, therefore, Just as rapidly
as possible, must cease buying from us.
Doubtless Europe VIII for generations
remain our best customer but never
thelcss we cannot hope that Europe
will again absorb anything like the pro-
portion Of our exported products that
she has taken in the past.
eve must turn, then, to new mar
kcts, and it is not difficult to decide
where these must be found. Before
the war started in Europe we were
buying from South America, year by
year, about twice as much as we were
selling to South America. We were
buying from Asia in about the same
proportion fact. We were buying
rather more than twice as much from
Asia as we were selling to Asia. From
Occania our purchases were approx
mately twice as much as were our
sales to Ooeania, while in the case of
Africa our sales and purchases pretty
nearly balanced.
Extension Of Markets
"Obviously we must hope to extend
our markets in those countries from
which we buy most extensively and
between which and US the balance of
trade is against us. South America.
ASIA. Africa, the islands of the sea
can buy from us, because they owe US
great trade balances.
Take, for eXample, Brazil Last year
we exported $93 900 600 worth Of mer-
Brazil Sl25, 100000 worth. Take Chile.
Last year we exported S70,00000O worth
OF oar products to Chile, but we i'm
ported from Chile $135000,000 worth
Take Japan. In 1919 we exported
S"26 600 600 worth of goods to Japan
while we imported from japan only
s303,000,000 worth. Take Chiua Last
wear we sold Ss2,000,000 worth cf mer~
'handise to China and bought $l05 ,000,-
coo worth Of material from China.
"Thesc countries, and those in like
Tor expanding our exports. In 1919 we
sold Sl23,000,00o worth of goods to
Argentina, but we bought Sl66 900 900
~orth OF goods from Argentina. We sold
1923 100000 worth TO Cuba. but we
bought 1897 600 900 worth from Cut a.
We sold $4,000 600 worth to the Brit
ish East Indies, but we bought from
them the enormous tOtai OF S287 900 900
worth We sold S1l9.0OO,OO0 worth of
IN h,f
Mexico S157 ,0OOO 900 worth.
1T Is very apparent. from the most
casual study of the figures, first, that
Europe cannot be expected to furnish
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