The Bridgeport times and evening farmer., 1921-09-27

ter collapse of American eApot and hopeless future prospects, par ticularlv for inland manufacturers; because of demoralized banking anu transformation facilities, suPple1neH!! ed by strangling European con,p SIic tion. characterized the first plpL!c address of Dr. Julius Klein since ms appointment by Herbert Hoov"r as Director of the Bureau of Forelgn and Domestic Commerce.. o6n me or spune last night before about 1,0Oo prom m inent exporters called together by the Boston Export Round Table.
 He said: i'sThe absurdity of these opinions is becoming more and more evident every day. They are slInpy
 one phase of the panic Wn'ch nr4
 swept through some Of our eAporI communities, especially those III which the so-called war-baby houses had been fourishing. The Director plaints had emanated from the thous- ands of opportunistic adventurers who. appeared on all sides during tne war boom and drifted into forelgn chance enterprise. We can and will hold our own in those markets ana trades in which we have a reaL auiu ing interest The sober, n1s snnstahelal beya not lost faith. They have cleared away the fantastic debris of the re- cent hectic past, and are now lay1ng the foundation for a substantial and
 
 sure. 3said Dr. K1ein,' and that is that the groundwork of our export inter ests has now been laid bare to rock. bottom The past few months ef fire but these months have emphat- ically not revealed any inherent weak. ness in our foreign trade efforts ana ambitions, in spite of the alarmist reports and propaganda of many who unintentionally or otherwise are re- tarding our recovery from the pres ent slump"
 In discussing the European sftua- tion the Director referred to the spirit of "nationalism'' which has been per. meating practically every country or the globe, resulting in obstacles to American foreign trade in the shape of preferentials and subsidies to home industries with heavy surtaxes ana prohibition upon foreign goods. He said, 'the precarious state or many foreign budgets and the imperative demands for economies and price re- auctions will require early and draS- tic modification of such expensive ar tificiaI stimu1ants to trade and that the guidance of international trade by sound business principles depended largely upon their removal"
 In speaking of the exporters pet terror, German competition, the Di- rector cautioned that it takes more an export market permanently Qual- ity, delivery terms, and credit ar engagements are three vitally import ant business factors and these should be taken into account in analyzing vague reports concerning German success. He said that the latest re- ports received in the Department of Commerce indicate a fundamental change from the pre-war qualities of German goods due to serious short ages of raw materials, industrial equipment, and skilled artisans. Even the much feared advantage of the ~ Z-4~ mark exchange is of doubtful value especially in industries requiring the purchase of non-German raw mater ials. Tt is well to remember, fur thermore," said Dr. Klein, "that as her exports increase the value of the mark will automatically rise, although this return toward normal will be retarded by cash indemnity payments. Before the war, American merchan- disc was sold all over the world by German distributing houses. Now American merchants are taking care of their own sales, thereby depriving Germany of one of the keystoneS of her foreign trade structure In the course of time, Germany will doubt less get back to her pre-war status as third. perhaps even second, among the rivals for various important mar kets," said Dr. Klein, who added "that it would be well to remember in ac- complaining this feat she will be fac ing a very different America from WHICH COulIOulSd neI pGLCl IAAS war;
 Turing to Latin America, the Direc- tor first called attention to Cuba which he said was the best market in goods, taking about 36 per cent. of our total exports to that region. He said that the outlook for 1922 is far from depressing. He said that he Cuban Administration has already re- duced budget estimates of appropria- tions from S1O4000,oO0 to S55, ,O00,- 900. He said that due partly to the good work of the Banking IIiquida- tion Commission it is authoritatively predicted that many banks now in suspension will be able to reopen by the early part of next year, that this in addition to the probable establish and rediscount along lines of our Federal Reserve Banks will assist in the collection of many and large un- settled accounts due Americans and will bring at least S15O,Ooo,OUO rom private hoarding.
 The present depression in our Ar gentina trade, said Dr. Klein, IS que mainly to the exchange situation whicI, is explained largely by th- diff ficulty which Argentina is experience inc in marketing it's surplus tgricul- tural and pastoral products. He said conditions are improving in that country.
 ssIn some respects the Far East nresents a more hopeful picture of reviving trade prospects than other overseas markets. Whhe Chlna IS suffering from her chronic ills In greater measure than ever before, yet her trade continues to flourish. Ja- pan, which was the first country to feel the existing depression will prob ably not feel the full effects of the coming trade revival until the re- newal of activity in the silk markets | of the United States
 In closing the Director called at 1 tention to the preparations now un- der way for the provision of more | effective and practical service to the
 sadly harra ssed exporters of the
 country by the Department of Com
 merce. He spoke of the Is new com
 modity divisions, each in charge of an 1 experienced executive whose especial duties will involve the establishment of direct contact with exporters and manufacturers on one hand and with 1 the conditions and problems in their | overseas markets on the other He 1 also mentioned the new division of