New-York tribune., 1921-05-08


eial interests to refrain from hasty and
ill-advised expansion
"a number of manufactured products
remain too high in cost of production
to compete IN neutral markets with for
eign goods. 1t is essential that the
substantial reduction IN cost of living
shall be followed by economies in cost
of production until stable balance of
values of ali commodities and produc-
tive effort is established. No readjust-
ment, however, can be complete without
reduction of cogts OF railroad trans
portation, both for domestic and export
shipment"
Referring TO the American maritime
policy the report said:
Congress had declared in favor of
private ownership Of our merchant
marine as soop as practicable, but un-
der present conditions 10 liz impracti-
cable to dispose of any considerable
proportion of our merchant marine to
private owners as fair prices.
$50 much of our feet as cannot be
chartered on bare boat basis or time
charter to private operators should be
laid UP pending the revival of world
commerce. Meanwhile the feet will
serve our national security as naval
auxiliary in case of necessity.
'The plan should be abandoned of
allocating ships to load at ports and
for trade routes irrespective of the
tonnage of cargo offering or of the
losses TO the government attendant on
this policy.
Shipping Laws Which Hamper Trade
present shipping laws requiring
larger crews subject American vessels
to disadvantage estimated at 8 per cent
on the capital investment, while the
compulsory advance of half wages in
any foreign port Of call adds further
burden of cost by involving excessive
delays.
''For the continued maintenance Of the
American merchant marine American
producers, exporters and importers
American vessels in the carrying of
their shipments Of exports and i'm
ports to such an extent as they are
able to exercise preference or control,
and in any case they should prevent
discrimination against American ships
in such transportation.
Between the United States and its
possessions and foreign ports regular
combined passenger and freight serv-
ice should be maintained.
"We urge the enactment of the
marine insurance measure now pend
ing in Congress,
Provision of facilities for COM
merce is futile if every business ac-
tivity continues TO be oppressed by a
multiplication of taxes.
"The deplorable violations of the
sanctity of contracts should be prompt
iy remedied.
eve commend the efforts of the
American Bankers Association and
other organizations to adopt uniform
standards of letters Of credit.
For Equality Of Treatment
"To insure equality of treatment the
American tariff should provide for ad-
ditional duties on imports from nations
discriminating, by tariffs or adminis-
trative practices, against the trade Of
this country.
"The foreign service of the United
States should be reorganized and estab-
lished under unified supervision
which will promote it's Efficiency in the
collection and dissemination of COM
ton should provihe for permanent
career through the establishment of
national training academy for the for-
egn service.
The convention urges upon Con-
gress the Importance of immediate in
creased appropriations to provide for
expansion and improvement in the bu-
reau of foreign and domestic COM
merce and the bureau of standards.
eve urge the immediate enactment
Of the China trade act, which will per-
nit the formation of American com
panies to trade in China on plane of
tax equality with their competitors and
other nationalities.
"Our national waterways should be
developed adequately and fully utilized.
"The popularization of overseas
trade by news and trade publications
and press associations in dissemina-
tion of accurate foreign news is recog-
nized and appreciated"
E. R. Fancher, governor of the
Fourth Federal Reserve Bank, in pro-
1osing q vote of thanks to James A.
Farrell. chairman of the council, de-
CARED that the organization largely
came into existence through "the
knowledge, foresight and effort of Mr..
Farrell" Mr.. Faneher also predicted
that the deliberations of the conven-
tion just ended will receive world
wide attention and sympathy.