New-York tribune., 1921-06-18
Report of American Group TO
London Conference Will
Stress Importance of In
ternational Trade Outlook

WASHINGTON, juno i7.--Foreign
trade readjustment will exert great
influence in retarding or accelerating
prosperity in the country, according TO
report on the economic survey that
American delegates to the lnterna-
tional Chamber of Commerce will de-
liver at the meeting in London begin
ming to-day. he report was made
public here to-day through the Cham
Der of Commerce of the United States.
1t is signed by A. C. Bedford, chairman
of the American National Committee.
who is also chairman of the Standard
Oil Company of New Jersey.
"The United States," says the re-
port, els one of the chief sufferers
from the partial dislocation of the
trade of the world, and unless she is
prepared to extend credits on large
scale must look forward to a great de-
crease of her export trade, which will
react unfavorably upon industrial con-
ditions and retard her recovery from
the present depression.
'At the same time the fact that the
war has changed her status from that
of debtor to that of creditor nation
to receive imports in larger volume
than formerly, and such an increase
may react unfavorably on certain lines
of trade.
'This problem of the readjustment
of foreign trade relations is one of che
most important developments that have
resulted from the World War, and upon
her success in solving it the CONNER
cial prosperity Of the United States
during the next few years will in no
small degree depend"
In part of the report devoted to
the financial condition in the United
States the committee pictures the situ-
alton caused by the rapid fall in prices,
and says:
Although definite progress has been
made in the liquidation of frozen cred
its. and therefore in the direction of
easier money. the process of readjust-
ment is not complete. 1t has turned
out that many business concerns are
more seriously involved than was at
first supposed; and as facts of this
the conclusion is frequently drawn
that the credit situation instead of
improving has steadily grown worse.
such an inference is unwarranted
and is based on confusion between
bank credit and private credit. The
strain on the banks probably passed it's
peak last autumn when it became evil
dent that seasonal and other demands
would be met without serious difficulty
But individual embarrassments and
bankruptcies steadily grew in number
in the fall and winter and in some
cases their full extent was not fully
realized.
"The liquidation of 1920 has left
many frozen credits which cannot be
thawed out until prosperity returns,
and its aftermath will be felt for
long time to come. Whether, upon the
whole, the liabilities which will have to
be carried forward into the next busi-
ness cycle will exceed in number and
magnitude those which have had to be
reckoned with in times past is a ques-
tion which admits of no present an
swer.
IAN easier money market is probably
in prospect and both speculative and
business activity may feel the effects
of such change. 1t is to be remem-
bered, however, that much necessary
financing, both domestic and foreign, is
to be carried forward during the next
few months and that preparations must
be made for seasonal demands for the
summer and fall. 1t seems unlikely,
therefore, that money conditions will