The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1921-05-06
DISCUSS FOREIGN TRADE
NATIONAL COUNCIL IN SES-
SION AT CLEVELAND
important Questions To Be
Solved Before Permanent
Business Revival
Associated Press Dispatch. !

lASSOclaLeu FTeSS DlSpdtCH.l
Cleveland. O., May 4.-World peace
settlement of the German reparations,
funding of Europe's debt to us and
tariff and tax revisions must
come before a permanent revival OF
business can be had, j. ]. DonavaT
of Bellingham, Washington told the
National Foreign Trade Council
members at their convention here
today. He advocated the stabiliza-
ton of exchange and the supplying OF
capitol so that foreign buyers, instead
a cargo is shipped, can issue accept
ances payable in three and six months
after delivery Of the cargo.
1--WE are faced with adverse tariffs
: with preferential duties between the
members of a great empire, with ex-
change so dislocated that the value
Of our dollar, SO important TO sound
business at home, is an actual de-
triment to our customers abroad
said Mr.. Donovan. How shall this
condition be overcome so that a
foreign lumber merchant may buy to
advantage in the United States?
"The great reserve forests of this
country are in the states of Wash
ington. and Oregon. They are the
most remote from the consuming
August 26, 1920 were ill advised
destroyed the differential that had
gradually developed between the
West and the South, and caused the
closing of hundreds Of Pacific Coast
mills. The error has now been par
TALLY corrected, but the necessity foI
more water borne business was
brought home to the western lumber
men.
Encourage Foreign Lumber Trade
Some are seeking to regain their
Eastern markets by shipping through
the Canal to Atlantic terminals
Others seek to expand foreign trade
although conditions are chaotic and
discouraging.
Ii exchange can be stabilized and il
banking machinery supplies capital
so that foreign customers, instead OF
advancing money months before a
cargo is shipped can issue accept
ances payable in three and six months
after delivery of cargo, business should
revive at once. Such revival to be
permanent is predicated on world
jpeace, settlement of German repara-
tions, funding of Europe's debt to us
and tariff and tax revisionS based on
after war conditions.
ut is question of credit for foreign
firms of established reputation through
American banks who will cash their
acceptanceS at reasonable discount
when endorsed by the American sell
er. We have the lumber to sell; the
world desires to buy; the buyers is
solvent. hat has neither cash nor goods
Immediately available for payment
hnnnsfxy 10 q
has paid in the past; he will pay in
the future. How can we tide over the
present?
Instead of hampering our foreign
trade in lumber it should be encour
aged. Lumber is crop for sale even
though it takes hundred years to
grow The older European countries
understand this. They conserve, plant
and SELL There is no occasion for
hysteria. Lumber for all proper uses
will he produced Indefinitely within
our own borders for a reasonable
price"
Urged Support Of Edge Law.
An appeal for support of the Edge
Law and the Foreign Trade Financ-
ing Corporation was made by George
r. Meyercord, of Chicago.
After calling attention to what he
termed a good job done by Uncle
Sam in the Federal Reserve System
Mr.. Meyercord predicted that history
will repeat itself in Europe. He said
in part:
Countries now struggling bravely
to regain their prewa- standing
have lost little in natural resources
or industrial competency. All they
need is time little time - to
recover They are solvent. They fur
nish the most inviting field in the
world for foreign trade, for they are
in need of American goods. They
need above all the raw material or the
party manufactured stocks which can
be furnished by this country, and
which can fast be turned into money
by the industrial millions of war sick
Europeans.