The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-08-25
FOREIGN TRADE
ADVICE GIVEN
Urge Stimulation of Agricul-
tural output-Bigger I'M
ports-Action.

NEW YORK, Aug. rs. (EN Interna-
tional News Service TIN unbal-
anced condition of the foreign COM
merce Of the United States Is SHOWN
and means of adjusting the situation are
suggested In foreign trade analysis
contained in the current issue OF Amer
ican Goods and Foreign Markets, the
fortnightly foreign trade bulletin OF
the Guaranty Trust company any OF cter Ne w
the 1920 figures Is obvious" the review
eays in summary. They seem to show
plainly the dirscti6n that our foreign
trade promotion efforts should take IN
order that we may maintain a balanced
position In the development OF our
foreign commerce.
~ tOur agricultural output should be
stimulated The threatened diminution
Of this output, owing to labor shortage
and other causes, becomes important IN
any consideration of our foreign post
ton. as IL liz clear that food exports
pay for a large proportion Of our Inn
ports. II is to be noted in this con-
nection that we now nave yearE
credit OF at least half a billion dollars
for interest. on loans to European coun-
tries, payment of this interest being
postponed for the present lnder eN-
listing conditions abroad II Is likely that
this large interest item can only be
maid by shipments OF products or
through insurance on freights ana no
food can be spared in European couh-
tries.
intensive promotion of the sale OF
American manufactured products evil
ydently is requNed in markets whence
we are drawing sucn large imports OF
food and raw materials. Imports or
the latter must continue " our INDUS
tries are to grow in response to our
ever increasing domestic demand, ana
N they are to supply both this demand
and the export surplus needed TO bal
ance our imports. From three grand
divlsions--South America, Asia and
Africa. the United States bought prod
ucts to a value Uf approximately BILL
lion dollars more than II sold to those
markets, and our purchases were OF
commodities which we shall need IN
constantly increasing amounts In the
future. The products that served to
create this adverse balance included
coffee, rubber, hides and skins furs,
wool silk, tea, oils and gums nitras,
dyewOods, tropical fruits and nuts, cot
ton, hemp, sisal andNlute. How heavily
we draw on other countries even for
food products is Indicated lin estimated
round figuresl by our imports In 1920
OF coffee, $500 0U0 900: cocoa. SIS, 600
600: fruits and nuts, 1920, GOO, 000; bread
stlffs $50. 600 600, vegetables, $40, 000
coo and tea SIT 0O0 600 In fact, a total
OF more than one and one quarter hill
lion dollars worth Of food, In crude
form or partly manufactured was i'm
ported.
Where specific type ot invest
nent abroad appears important 10 our
Industrial and economic position, as
in the case Of control Of raw mate
rails. the wisdom Of prompt and cour-
ageous action ~ that field seems az
parent Corporations organized undt
the Edge act may soon be active in
urging upon tine American investing
public the support OF attractive oppor-
tunities which will have this Important
relation to the safeeuarding Of our
manufacturing interests