Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1921-05-13

bNpChuOiL uPcA INV oShSA, anu UOlb
dependent upon sources of supply
which only the UEited States can
provide. Production IN the United
States today is hampered because we
have surplus of raw and manufac-
tured materials. Production in Eu-
rope is stagnant because she lacks
the very materials of which we have
a surplus, which she cannot buy be-
cause she has not the ready funds.
1t is an a mazing dilemma which
we must solve and which We can
solve only by extending the neces-
sary credits that will enable facto-
ries that are now idle for lack of
raw materials, to resume produc-
ton, thereby providing employment
for the people and producing not
only the necessities of life, for which
they stand so much in need, but also
a surplus which will enable them
to meet their obligations aud to in
crease their purchases of additional
raw and manufactured materials.
World Independent
1t has become more and more evil
dent during the last five years that
no section of the world can be social
ly or economically Independent. The
United States, once regarded as the
most selfsufficient of all the great ma
lions Of the world, has discovered
that she must not only have an out
let for her surplus in the markets
of the world, but that she must be
able to buy as freely from the rest
of the world the various raw and
manufactured materials which she
consumes or which go into manufac-
ture of her own products. Economists
estimate that in 1920, for instance,
the total income Of the country from
all forms of activity was s70,000,-
10000 and $15,OOO,OOO,OO0 of this
amount, or more than 81 per cent,
was in foreign trade.
The financial interest of the coun-
try, whose duty it is to organize the
complicated mechanism by which
commerce is carried on, keenly real
ize the necessity for adequate ma
chinery to meet entirely new prob
blems in international commercial
finance. 1t is apparent that in order
to meet them, the thorough COOP
Grafton of the producers of the coun-
try is necessary, because after all,
financiers are merely trained special
lists, operating with the ammunition
supplied entirely by the producer.
Must Know Relation
"Unless the manufacturer knows
definitely and concisely the relation
which commercial stagnation
throughout the rest Of the world
bears to his own industry, he is MOI
liable to be vitality interested, ex
cept in an abstract manner. believe,
however, that when American man.
ufacturers realize the fundamental
ly important part which conditions
in Europe play in shaping conditions
in this country, that they will en-
deavor to stabilize them with the
same degree Of precision, experiences
and energy which mark their con-
duct of domestic business.
It is because the National Associa-
ton OF manufacturers believe that
its members can best be informed
through the representatives of other
nations just what conditions abroad
are today, that it has organized the
conference Of ambassadors and min
listers of world trade. The diplomatic
and consular representatives Of "a
nations will be present in New York
on May 16, II and Is, and in con-
ference they will explain to the exec
utives responsible for the commercial
supremacy Of this country, why those
executives must cooperate with the
other nations Of the world in restor-
ing production. 1t is impossible at
this time to say what permanent re-
suits will be achieved by this confer
ence, but I believe that II 1t does
nothing else it will paint the most
vivid and intimate picture yet paint
ed in this country, of the vast i'm
portance of the rest of the world to
the well-being of this country.
In every part Of the United States
one finds manufacturers, both indi-
vidually and in groups, who are vital
ly anxious to aid in every way pos
sible in retoring the economic equi-
librium of the world, not only be-
cause they are anxious for the well
fare of other peoples, but also be-
cause they are disturbed regarding
the welfare Of their own people. 1t
is difficult, however, for these busy
men to get clear and unbiased