Perth Amboy evening news., 1920-05-26

FOREIGN TRADE BENEFITS Us.

has failed to rouse many of us to the
real position the United States holds
in the world today.
We go about our daily tasks as
usual. moving in our own little circle
of acauaintances, attending the meet
ings of our lodges and societies go
TO the movies" and, as long as the
weekly pay envelope comes along
regularly. we find little cause to con-
Germ ourselves whether the ships sail
the high seas or not; we are utterly IN
different as to whether these ships sail
under the American nag or some Tor
eign flag; we do not even bother our
selves as to whether or not these
vessels are carrying American goods
and American products to all parts OF
the world. These things. we reason
may be the concern of the great fnan
ciers, of Wall street, of the exporters
and importers, but they have nothing
to do, we feel. with our humble ex-
istance.
Yet. the truth is foreign trade has
a great deal TO do with each one OF
us-especially those of us who live In
such a great Industrial center as this.
We all know that the very founda-
ton of our present prosperity was the
great demand for war materials on the
part of the allies. 70 several years
every mill and factory was working 10
its fullest capacity turning out for
eign orders. At the same time many
markets in different parts of the
world, which the warning nations OF
Europe had to abandon, looked to
America for goods.
This was almost a new business for
America. While other nations had
been cultivating this foreign trade the
United states had contented itself
largely with domestic markets. al
though for a decade or more business
here was beginning to look out for
broader fields. Competition, however,
was keen and the American manufac-
turer found trade routes and money
exchanges against him.
The great war has changed
all this, giving to us not only the
markets but making New York the
financial center of the world.
And what has all this to do with the
ordinary American citizen whose one
great problem today TO maintain a
suitable home for his family after he
has found one? 1t has this much to
do with him: If foreign trade can be
developed and expanded 1t means con-
tinued prosperity on a permanent
basis for the very industries that pay
the ordinary man his wages. Few oil
use realize. perhaps, that right here
in Perth Amboy we have some OF the
greatest exporting concerns in the
sountry. Take n copper and other
Naetais, for instance, and the vaseline
made here, America does not begin to
consume all his product. The world
1t the market for Perth Amboy manu-
facturers and the greater this market
becomes the greater the benefit TO this
immediate vicinity and everybody
living in it.
But in order to derive the full bene-
fit foreign trade must be developed
The demand for our materials is great
narticularlv for our raw materials, bu'
the money is scarce on the other side
with which to pay for the goods
Credit. then, must be given until thu
foreign countries with which "
would rae can set on their feet once
more and begin to make goods tha'
we will take in exchange for what W.
send to them,
Here is where fnanciering and
Sanking comes in and this has beer
u weakest point in the past. The
American Bankers Association has
been trying TO solve this problem
Through the efforts OF Senator Edge
of this state. a law was passed by
congress making possible the organ
lZatlOn OF a AdA5p ohO
capitalized corporation the purpose o
which would be the maintaining ant
developing OF foreign markets fo'
American products. h American
Bankers Association. as a first step
would organize a financial corporation
under the provisions of the Edge &C
capitalized at least for 500. 900, oOo
In speaking of the advantages o
such a corporation John McHugh
chairman of the committee on com
merce and marine Of the America
Bankers Association says:
THE corporations energies shout
be devoted TO helping foreign PEG
pies to help themselves. II shout
assist them in financing the purchas
chiefly of raw matrials and equipmen
with which TO put their people to worl
so hat in proper time when thos
foreigners had converted the raw ma
terial into finished articles we, in com
mon with Others. could become tn