New-York tribune., 1920-12-12

needs of the early future have PLAYED
a large part in the determination to
organize the corporation at the pres
ent time.
Perhaps the most significant feature
Of the conference just closed was tho
purpose manifested by representative
OF agriculture, business and finance to
face the problems Of foreign trade to-
gether and by united action work to-
gether for their solution. The corpo-
ration is designed to be a valuable in
strument in international. welfare, but
also it has demonstrated that to meet
an issue American citizens can come
together and unite their efforts for the
common good.
McHugh Heads Committee
Mr.. McHugh was appointed chairman
of the committee of thirty which will
formulate the plan of organization. He
said he would name subcommittee Of
nine as soon as he returned to New
York, and that this subcommittee
would work out the details.
The permanent presidency Of the cor
poration was declined by Mr.. McHugh,
bue he agreed to became chairman IF
the board
But will consent to this only on
condition that there is no pay attached
to the job," he asserted. 81 am deeply
gratitied st the outcome of the confer
ence just closed. 1t is d remarkable.
achievement that presentatives of ag-
rlculture, industry and finance should
come together at a conference like this
to agree to take COMMON action in the
interests Of MT only their own but of
the entire nations welfare. Indorsc-
ment of project to stabilize American
foreign trade. and at the same time as
sist the markets Of the outside world
that are urgently in need of goods,
means that American business and
finance are alive to the situation and
determined to bring it to a sound and
profitable outcome"
Julius II. Banes of Duluth, who was
president of the United States Grain
Corporation, has been spoken of as the
possible president of the corporation
Resolution Adopted
The follow'ng is the text of the res
olution adopted by the conferees:
"Whereas, The operation of this or
ganization Will result iii the broaden
ing of the export market, thus reliev-
ing this country Of surplus stocks Of
all kinds, with the result Of stablizing
prices and benefit ing all lines of trade,
agriculture and manufacturing, and
will have an espec al tendency to en-
courage production. thereby insuring
to labor of all kinds steady and pro-
ductive occupation;
"Therefore, be it resolved, that iu is
the sense of this meeting that a for
eign trade financing corporation. with
an authorized capital of S100,0O0,OOo,
be organized at once on the general
lines approved by the American Bank
ers' Association and comm ees Of the
Chamber of Commerce Of the Urited
States, the National Foreign Trade
Council, the American .anufacturers'
Export Association, and the American
Exporters and Importers Association;
and
"Be it further resolved, that the ex-
tension of credit by the corporation
should be confined to countries where
there is stable government and where
there is an assurance of integrity of
purpose; and
"Be is furt' er resolved, that the
operations of the corporation should be
confined to financing for the benefit of
future foreign trade; and
'Be it further resolved, that COM
mittee of representative men be
formed, giving due consideration to
geographical districts and various lines
OF agriculture, industry and finance
charged with the responsibility Of or
ganizing the aforesaid corporation"
Trade Needs Summarized
Prior to the presentation Of the re
port of the resolutions committee, FREQ
I. Kent read an address, which sum
marized the need for such a fnancia