The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-02-21

dress on Foreign Trades and FL
nancing," at the annual meeting Of
Group Five of Oklahoma Bankers
association held in this city FRIDAY,
in which he emphasized the dire
necessity of foreign trade and how
every section of the country is af-
fected by the present situation, bring
ing out the detailed facts concerning
these conditions as it affects Okla
homa.
The full text OF his address, is as
follows:
Oklahoma in her prosperity has
been blind 10 her dependency upon
foreign trade 1t has been said that
oklahoma could build a wall around
her borders and have all the essen
tails Of life. This is untrue. Oklaho-
ma uses goods from every part OF
lhe world, in turn sending her pro-
ducts into every cline
Last year Oklahoma suffered 4
less Of arom fifty million to one
hundred million dollars because of
The international situation. Oklaho-
ma lost because there was no ready
market for her products. There was
no ready market because noe foreign
purchasers had no means of paying
for the products.
From the year 1915 10 1920 in
elusive, We exported goods amount
ing 10 $4,000 900 900 and imported
$4,000 600 900. leaving an excess in
ba
eighteen billion excess exports dur
ing the last six years we received
payment as follows: nine billion dol
lars in foreign governWent bonds
and securities; four billion dollars
in private investments, such as rail-
road stock ana bonds, industrial stock
and bonds. municipal and government
bonds, these cover the American
securities gathered together by Euro
pean governments from private in
,cstors ami returned to US by sale
on the American market. 10 help
the exchange situation and to hetp
pay. for war supples,) (our billion
dollars in scceptances and other
short time paper which is now
being carried by our commercial
BANKS: and one billion dollars in gold,
making total of eighteen billion
dollars.
Our government has declared, and
rightly so, that she will make no
moro foreign loans. There are prac-
tcllly none OF our securities nov
lcft in foreign countries which can
be returned 10 the United States for
the purpose OF paying debts. Our
commercial banks cannot and should
not absorb more than the four bill
Ion. dollars now CARRIED in the forms
OF acceptances and other short time
pa.aer. In fact they should be re-
ll.ved Of part of the load which
they are now carrying.
During the year of 1920 we ex-
ported ss.e2s 900 900 American goods
and imported sj,27s 900, goo foreign
7 goods. eavins an excess OF exports
over imports for the year of 1920, OF
.s94s goo 90, II we are 10 expand
our industries, furnish employment
IT, labor and dispose of surplus furm
products we must seek foreign mar
' Nrts and continue 10 sell large
amounts o, goods in hose markets.
II we continue TO sell, some means
oi payment must be provided.
There are only three ways in
which the foreign purchasers can pay
for our goods: First. gold: second,
other goc1s in exchange for our
goods: third, securities or evidence
Of indebtedness to be lq1sdated at a
later date.
THE payment in gold is impossible.
During the years of 1915 10 1920
inclusive. we imported s2.250 .000. 900
cold. During the same period we
exported 81, go 900 900, leaving u net
gain OF one billion dollars. We now
save in The United States stock
OF gold approximateing three billion
collars. which is nearly fifty per cent
al the worlds total supply. The
other 1itty per cent divided among
the remaining nations would leave u
very small per centage as basis
Tor the currency and credit issues OF
those countries. and further losses
would make maintenance of the gold
basis practically impossible. Destruc-
tion Of the gold basis in other coun-
tries by taking further gold from
them. woul destroy THE money value
of gold in an international way
leaving the world TO seek another
medium OF eXcnanse
AS stated before. We received last
year. foreign goods valued at about
live billion dollars. We shall continue
lo absorb a large amount o. foreign
goods as partial payment OF the
Goods We sell, but the foreign coun-
tries cannot pay Us In tull with
goods as their own consumption, the
H.. baildlng OF their railroads and
Industrial plants and other perma-
uent improvements demand tney
retain the larger portion OF. these
commodities. They have not the abll-
i,y 10 SEM US goods equal In value
~ that We send Them, nor should
We desire 1t though they were able.
We want to ship them. for instance.
low Grade cotton which they Will
manufacture and sell to those peo-
pies WAC use lower grade OF cot
ton goods than used by our own
people. Our plane OF living is higher
and our people demand finer quail
iiy OF materials.
1t IL evident that II We continue
10 sch our surplus goods, some means
must be crowded Cor the financing of
these sales on long terms. Our great