The New York herald., 1921-04-29

prices for her goods. for the basis Of
them is government subsidies. largely
met by the emission of paper money
The United States may have to legal
lie combinations for import into this
country as defensive weapon against
other nations organizing to control the
export prices of some or our comnodi-
ties. IL these combinations In import
and export commerce are not suppressed
by International agreement. the possi-
biiity of which is doubtful. I'VE must
take further action in our protection"
No greater lesson can be brought
home to our people that we must not
only get but give cuid pro quo in ser
vice"
Mr.. Hoover's general diagnosis was
We have gone through a postwar
speculative BOOM stimulated by a world
vacuum In commodities" he rointed
out that our difficulties are infinitely
less than those OF Europe. He smpha-
sized the fact that part of the bitterness
of the American situation is due to in
equalfties in the progress OF read1ust-
ments In different walks OF life and
branches Of industry.
Problem OF Railways.
Terning the railways "the KEYS Of
industry" Mr.. Hoover said horizontal
rate increases had thrown the relutivity
or rate scales out OF gear, so the increase
may amount to per cent. on the ship
per's value of some commodities and 80
per cent on others
he advocated an adequate service OF
statistics. better information service
maintained by the government regarding
commerce and industry. He believed IL
would help in stabilizing business and
curtaiiing vicious speculation. Tie thought
II the people had been informed last fall
as TO the facts about coal the buying
panic. profiteering, slump anG losses
could have been avoided. He said the
present scattered statistical services
must be consolidated and broa dened and
he thought the present cost wou'd cover
the bettered service.
Turning to foreign credits he said:
UNLESS we contemplate n great
shrinkage In industry, continued unem-
ployment and a readjustment OF our en-
tire productive machinery. we cannot for
generation or more absorb enough i'm
ports to balance our exports. IT Is eco
nomicaliy feasible TO continue a large
favorable balance OF trade. provided we
are prepared 20 reinvest our balance in
long time credits lIl the creation of re-
productive enterprises abroad"
Mr.. Hoover also said
Every merchant will agree with me
that the sale of goods abroad Is a mat
ter OF saleamanship and national senti-
nlent as well as OF quality and prices
None except our own citizens can prop
erly represent these factors. We can
liken our present foreign marketing sys-
tenn t. supply train and general
staff, with no fighting men on the front.
Our competitors hold the front line, and
naturally we lose the market when COM
petition arises"
definite programme of tariff legs-
lation, framed by the committee on
tariff policy, was presented to the
Chamber OF Commerce. 1t asks Con-
gress to create tariff adjustment
board, appointed by the President and
confirmed by the Senate, with such
emolument and tenure of office as will
remove them from political influence and
personal interest The present Tariff
Commission would report its investiga-
tlons TO the new tariff adjustment board.
In addition to the reports II now makes.
Any tariff legislation, the committee
said. should be framed to permit adjust
ment Of individual rates or particular
schedules within prescribed limitations
and provide for "flexibility in the ad-
justment OF said rates to the varying
flutuations Of industrial and trade con-
ditions."
The controlling principles Of legis-