New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-05-06
r. ederaI Bureau
Urged to Spur
Foreign Trade
Train Young Mem for World
business as West Point
Does Officers, Plan mt
Cleveland Convention
w Guild CasherInformation
Producers Here Need Vital
Facts Issued Promptly,
Says Motor Executive
Specsal Dispateh 70 7Ihe Trsbane

CLEVELAND, May s. - Establish
sishment of an independent govern
mental bureau for the extension and
expansion of foreign trade, active sup
port Of a national financing corpora
ton and an educational campaign 20
familiarize the public with foreign
trade problems stood out rs the most
important measures for approval of the
National Foreign Trade Council in to-
days sessions of the eighth annual
convention.
Speakers at the third general session
and at the group meetings brought
home the need of such institutions If
this United States was Co maintain world
supremacy in trade with other coun-
tries in view of "'the vast commercial,
industrial and agricultural resources
the country possesses
William G. RedfeId, president of the
American Manufacturers Export As
sociation and formerly Secretary of
Commerce, was chairman Of the group
meeting at the Hollenden Hotel.
Secretary Redfeld said that suspicion
> and hesitancy in subscribing for the
stock of the Foreign Trade Financing
Corporation was holding up millions of
dollars worth of export trade which
would open factories and find work for
thousands of unemployed.
Fav0rs New Department
The establishment Of a government
bureau for trade development abroad
was sponsored by j. Walter Drake, of
the Hspp Motor Car Company, Detroit.
He said, in part:
''There must be a single department
of the government in charge of all for
eign trade service. There should be
established government training
academy which would rank with West
Point and Annapolis, to be devoted ex-
elusively TO the preparation and educa-
ton of men for the governments for-
eign service"
Mr.. Drake declared the bureau should
be organized under one head and it
should cooperate with private business
interests engaged in foreign trade. He
said an important part of the service
would be to secure information Of
value to the business world and to dis
seminate it while it is fresh and with
out allowing it to become shunte6 into
the channels of diplomacy for consid-
Grafton"
Richard Spillane, Of The Public
Ledger, Philadelphia, speaking at the
of foreign news" urged national cam
paign through the newspapers TO edu-
cate the public on foreign trade
matters.
Herbert Hoover has declared that
n the people had been informed of the
production, consumptivs requirements
and the temporary character Of the dis
tribution delays there would have been
no such disorders and wild fights of
prices as characterized the coal indus
try last year." he said.
IF manufacturers had been in pos
session of exact information bearing
on the trade there would have been no
collapse and general decentralization in
the tire industry, as was seen last year.
IF the financial background to sup
port foreign undertakings is to be de-
yeloped and public interest in and
appreciation of the true relations of
America to the world at large is to be
aroused it must be done through the
newspapers of the land''
Disaster threatens American inter-
ests in the Philippines through rev
enue act of 1918 taxing wholly foreign
income of nonresident Americans. de-
clared Daniel r. Williams, of the
American Chamber of Commerce at
mania, speaking at the morning ses-
sion.
Lewis E. Pierson. chairman of the
board of the Irving National Bank,
New York. speaking on Settlement of
Our Export Balance" at the morning
session, declared that "the future
speaks more powerfully than the past
Tor weil-balanced trade" A. proper
balance is more important than volume
in future prosperity of the nation. he
said. In this, imports must play an
equally vital part with exports.
Willis III. Booth Speaks
Willis Fl. Booth, vice-president Of
the Guaranty Trust Company of New
York, addressed the agricultural sec
ton. Outlining the aims of the FOREIGN
Trade Financing Corporation, he SAID;
"Only through the facilities which
such an organization as this CORPORA
tion could have can we hope to provide
adequate credit for financing our ex-
port trade on the scale that is now
Imperative. Sach financing is in reality
an investment and not a BANKING