The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1920-12-11
FOREIGN TRADE
TRUST FORMED
National Corporation 10 Buy
Goods Foreign Countries
Unable Go Pay For.
PAY CASH TO PRODUCERS
Plan Advocated Before Meeting
Of American Bankers Held
at Chicago.

CHICAGO. nec. 10. Organization %
4 corporation to finance foreign trade.
20 be backed by bankers. manufac-
turers and merchants over the entire
country. was endorsed today by prom
ineut speakers before a conference
meeting under the auspices Or the
American nauheru' association.
The proposed corporation would be
formed under the Edge law with .
capital u tioo. 100000 available Is
American producers a. cash Iaymeut
for their goods on which foreign buy
ers would b. unable - pay cash. This
foreign trade, speakers said. was nets
emHarg a. the commercial progress ~
the United States and some method of
financing forelEn trade must he
worked out % enable manufacturers
lo take their place Do world trade.
iierbef2 Hoover puenking before
the afternoon session. declared that IL
fhe project were successful today :
conference would have been the most
m8meutous since the nrmlstioe
You are gathered here for the fun
damenial purpose ~ d0ina somethins
ItNHE8NfNN sM NA# MWNMtfWM NNA ga WMAMNkHN
situation hy every means AR. Hooy-
ef said. You have 4 great problem.
fur nur farmers today are suffering
freat losses and our werkmcn great
unemployment This q aue 90 a con-
GideFabio degree to the stagnatlon "a
orders for our export sulplus From
fhis staHnatiou tho consuming power
20 our own homo market g. reduced
snd the effects are aCeumulating upon
nM
1--WE must face the issue that these
economic Ills arise ffum the vicious
economic circles that can he broken
lu one way onis and that BY the es-
enlistment az credits abroad, not the
dangerous short time credits which
have already become over extended.
hul the lang time Investment Ia re-
productive enterprise"
Mr fouver declared that present
problems should be solved by the proc
rsH0a 81 business and the individual
initiative 81 man rather than b. the
government"
Government promotion. he snid
would lead % vicious ends and would
he subject 90 ~every pressure that
desperate forciwn statesmen can In
woke
"0ur EXPERIENCES la the war showed
that foreign governments borrowing
our money ON easy terms could not
and Ola not eNpsud n with the econo-
mv 81 private individuals. That has
resulted ln vast waste The whole
process ~ Inter- governmental loans IN
involved in imitation. ln waste and IN
Intrigue The only direct loans ~ our
government from today on should bo
humane loans 90 prevent starvation
peciaring that " America wanted
Europe'a trade she must help that
continent now. A q Bedford. vice
president 81 the international Cham
hrr II Commerce. painted an enrour-
sgiug picture of Europe ~ the recon
Htructiun period.
We have moral and 4 business
ablnation 90 help Europe he said
We can't he prosperous and the rest
- the world poor Fundamentally.
hinFs are very much sounder than
hey were have inst returned from
italy and France. where I found the
peopie grappiing with situation
which is very dlscouragimg. but which
tney are meeting in phenomenal
way There ~ no six hour day for
amy enc ~ France"