The citizen. [volume] (Berea, Ky.) 1899-1958, 1921-06-09
WHAT A|LS OUR
FOREIGN TRADE
EUGENE MEYER. JR., DISCUSSES
CONDITIONS THAT AFFECT
BUSINESS ADVERSELY.
OUR OWN MARKET TOO SMALL
Exports OF Manufactured Goods viii
More and More Become Dominant
Factor in Americas international
Trade, Says This Expert.
BY EDWARD q. CLARK.


BY EDWARD q. CLARK.
Washington TO Eugene
Meyer. Jr., managing director of the
war finance corporation. American
manufacturers are adversely affected
by foreign trnde conditions nj this time
chiefly I'm two wnys. The first concerns
the goods which should find their
way To foreign consumers. and the
other concerns the goods which would
find very much improved domestic
market II the buying power Of our own
people were increased by nm improyed
foreign market for the great mass Of
our agricultural and mineral products.
A large part of our territory has
endured n prolonged financial strain.
Mr.. Meyer saws. owing 10 the inability
to move goods and to llauidate loans.
and the commercial congestion neces-
sarily has been paraIleled by A f,nan.
cial congestion.
The markets for our manufacturers
are radically and unfavorabIv afrec,ed
by the failure OF our own market TO
take. In usual volume. the goods which
We normally import. This IL particu-
larry true Of imports from South Amer
lea ana Asia. better buying power
ON the part of our own markets In GER
tain commodities would. Mr.. Meyer Ire
lieveS. improve the market for our
manufactured goods In the lands that
produce those commodities. III Is
clear that the whole structure Of our
domestic business Is intimately affect
ed. directly and Indirectly, by our for
eisn trade, said he. Our Imports of
food products and raw materials in
huence our export markets, and our
exports of other food prodncts and raw
materials make. 10 great degree, our
domestic markets FOR manufactured
goods. Any sound constructive step
which would tend TO overcome. in
whoe or In part. the present difficult
ties would be OF tremendous help to
manufacturing interests rs one great
department OF our economic activi-
ties.
Trend OF Our FOREIGN Trade.
whether we look M the nroblem OF
our international trade from the polut
Of view Of the immediate situation, or
from the point of view of develop
ments in the future II seems clear that
rhe EXPORTS of American manufactured
goods, under more normal conditions
will more and more become the domi.
uant factor I'm the nosItion of our cnun.
try I'm international trnde. Our ex.
ports OF foodstufTs have been large I'm
recent years. and nre large now. but
prlor 70 1914 they showed n tendency
toward steady decline. our trade
with foreign lands is tending. In the
long run, to develop more rapidly In
the direction of the expectation OF
manufactured goods. And in proper
tlon to the growth Of our exports of
manufactured products the question
of our International finances will be
come an increasingly important part
of our international economic relations
and policies.
"Europe's financial organizations
for international trade were developed
for the purpose OF financing manu-
featured exports. The marketing OF
raw materials ana agricultural prod
ucts Is much simpler business than
the marketing OF manufactured goods.
In snort Foreign trade Is peculiarly
proDiem Tor the future that calls Tor
the pest thought OF manufacturers ana
oahkers.
Mr' meyer oehe'es that me deVei-
opmeht OF personnel ana organization
lot iuture ioreigh traue anu nhahce
VIII pe grnuuaI growth
Pressure for DISARMAMENT
The administration IL feeling
an increasing pressure In favor OF
the United States taking the lead In
q movement among the major
nations for u reduction in ornaments.
IL was this pressure that Influenced
the President to withdraw his opposi-
zion TO the Borah amendment to the
eavy appropriation bul. an amend
ment which suggests that the Presl-
dant Invita Graat nritaIn and Ianan