New-York tribune., 1921-10-06
investment in Foreign En-
terprises Offered by
Bankers as Solution to-
Export Trade Problem

Investment of surplus American
FUNDS IN foreign enterprises was Of
lefed as one remedial measure to the
present slump in exports by several
speakers Yesterday at the opening of
the two-day convention of the Ameri-
can Manufacturers Export Association
az tue Waldorf-Astoria Hotel. Among
'hose VINO strongly advocated such
policy were William Redfield. retiring
president OF the association, and Sec
TTs,ary OF commerce under President
w ilson' ". + H. koelsch, president
OF the New Netherland Bank OF New
ork, and president of the National
Credlt Mems Association, and William
,: hles, chairman of the board OF the
Elrst Fedora Banking Association.
Several speakers scored the renara-
1lons agreement as economically had
especially in its effect upon America.
An increase in our imports from Eu-
rope, rather than an increase in onr
exports TO Europe was advocated bv
Alien Walker, of the Guaranty Trust
company, and B. NJ. Anderson jr.. Of
the Chase National Bank, as highly
desirable as remedial mesure for the
business depression.
Discussing speci. T. problems as +hav
confront the American expo rting man
ufacturer to-day. George weston. rem
cral manager for South America for
the American Express Company. ad-
Vanced the opinion that Argentina and
ruguay present good opportunities
at present. The recovery in those
countries, he stated. had been better
than in either Brazil or Chile. Frnesto
Franco, OF Ecuador, made a plea for
the granting of long time credits. the
estaollshment of American branch
banks and the greater purchase OF
rcuadorean products, principally cocoa,
az steps toward greater trade with
his country.
Mr.. Redheld and other speakers
alluded to the apparent backwardness
OF American bankers in aiding foreign
trade development and cited recent
Withdrawals of branch banks IN South
America. compared to the expansion
OF British and other foreign banking
branches in Latin America.
The opinion Of W s. Kies. chairman
of the First Federal Banking Associa-
ton, was that American capital could
be placed extensively abroad, but he
emphasized the difference between the
solvency of large European industrial
enterprises and the near-insolvency of
the governments. There has been a
general unwillingness to resort to the
~e--h-N'Nl+
said.
1t Is these acts, he continued that
nave really prevented the export OF
American capital abroad, but the arru-
ment put forward for the retention of
capital is the need of it for domestic
development. This view is narrow and
provincial and will not stand analysis.
It is serious question, said Mr..
hIes, whether this country needs more
railroads Except for extensions and
branches in the newer parts Of the
country the money required for rail-
road equipment and deferred main
tenance. the new capital regularly
needed in agriculture and mining and
the necessity for working capital on
the part of corporations to make up
shrlnkage in inventories and for taxes,
the United States will not need a
vast amount of new capital.
The effect of the slump in export
trade is revealed in the association 5
membership roll, which, according to
Secretary Wellman. has been lowered
because Of the liquidation of some
exporting concerns and the abolition
Of export departments in some manu-
featuring concerns. However, many
notes of optimism concerning the
future were struck, and most Of the
the worst in export trade has been
seen and that the field Ill general pre-
sents opportunities for those who are
willing to work hard
The association adopted resolu-
ton TO recommend to Congress that
the present diferential of 30 per cent
in favor of imports from Cuba be sub
stsntialy increased.
Myron W. Robinson, president Of
the Crex Carpet Company. New York.
vas elected president to succeed MIR
Red6e.d. Other officers elected were:
Vive-p presidents, f. S. Demarest,
Greene, Tweed g. Co; J s. Lawrence
Lawrence & Co. Boston; E. n.
Heinz, vice president Fort Dearborn
National Bank, Chicago; Frank II.
Taylor. president The S. S. White
Dental Manufacturing Company
Philadelphia: julius Goslin, presi-
dent Joubert & Goslin Machine and
Foundry Company, Birmingham, Ala;
v f. Pinckncy. vice president Cali
fornia Packing Company, San Fran
cisco, and treasurer, Philip B. Ken
nedy. president First Federal
De-, III.