New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-01
Must Develop Our
Merchant Marine
More, Says Sisson
Guaranty Trust Official
Urges Sound Legislation
to Facilitate Expansion

80 S'ASA NV SASPh4iCHC u LNO american
merchant marine and its operation by
private interests under sound legisla-
ton is necessary to facilitate the
growth of Americas foreign trade and
to maintain the nations prosperity.
says Francis H. Sisson, vice president
of the Guaranty Trust Company, in a
statement reviewing the foreign trade
situation.
"Any question as to the Importance
and value of foreign trade to the
United States has long since passed
completely from the field Of mere
academic discussion" says Mr.. Sisson.
"This country is already one of the
great traders in international markets
and must of necessity remain a leader
IN this field unless we deliberately
tail to protect our present strong posi-
ton in it and neglect to seize the
obvious opportunities which the exist
ing world situation, our wealth, re-
sources and vast facilities for produc-
ton afford US.
ever since the Civil War our manu-
features have been rapidly increasing,
although for long time the domestic
FAC AACt oOA ICcO as du adequate outlet
tor them. For many decades our raw
materials ard food products consti-
tuted much the larger part of our ex-
portations.
The Importance to US, however, Of
foreign markets for our manufactured
products has been constantly growing.
Phey were needed because of our ex-
ceptional development in the produc-
ton of manufactured products in
quantities far in excess Of the
domestic demand. They became i'm
portant also because Of our increas-
ingly heavy demands for the import
dustries and to supplement our own
resources of food and manufacture,
imports, which it was, of course, de-
sirable to pay for with exports rather
than with gold. To-day some of our
very important industries are mainly
or entirely dependent upon materials
which we must buy abroad. The man.
ufacture of automo bile tires and other
rubber. goods, silks, hemp products,
straw hats, brushes, leather and paints
and varnishes might be mentioned.
During recent decades great eco
nomic changes have taken place
within the United States, and we no
longer control the same large surplus
of food products and raw material for
export that used to be available. 1t is
already evident that other resources,
such as petroleum, cannot long con-
tinue to supply in full volume the de-
mands of markets outside the United
States. We shall, no doubt, also as
time goes on, use more and more of
our cotton, copper and other raw ma
terials at home and must replace with
other exports these products.
G1f no NOV 1oJ
probable that the situation that exists
to-day, so far as the trade relations Of
the United States with other countries
are concerned, would not have been
reached for many years.
but circumstances since 1914 have
led to abrupt and radical changes
IN our national position and created
conditions which compel US to adopt
new and positive policies Not the
least important element in this respect
is the fact that within few years we
have acquired a very large merchant
Meet and must plan to keep it profit
ably employed
The terms of the shipping bill re-
Gently passed by Congress commit us
dehnltely to an aggressive policy in the
use OF this new fleet. And it is a
source of qualification to note that
American ships to-day carry the greater
part OF our ocean-borne foreign trade.
we must further develop our merchant
marine and see that it operates in
private hands under sound laws in
order to facilitate the development Of
our overseas commerce and the main
tenance of our national prosner;+w ,,