The Bridgeport times and evening farmer., 1921-09-03
EXPORT DECLINE
 REACTS ONIRAlE


 | a still larger degree of uncertainty in
 domestic industrial trade fields The Governments programme to
 finance exports may be broadened considerably It is also probable that | the plan of extending financial relief l to domestic agriculture must assume i larger proportions, with the inevitable | pi1ing up of surplus stocks in Ameri- can warehouses. Exports dropped from ss,o0o, ,O0O,- | 900 to $6,500,0 100000 last year. Since
 the beginning of the new fiscal year, | July 1, the decline has continued. Flu | ture months probably will show steady drops in the volume of goods sold to foreign buyers.
 Officials are giving close study to | the problem in connection with it's bearing upon measures designed to aid in restoring business in general to | normal. Comptroller Of the Currency Crissinger's explanation of the export trade drop and what it means to American business was this:
 eve Need to Increase Exports but Dear U. S. Money ImpedeS.". "We need to increase our exports. But in our new place as the greatest creditor country we find it difficult
 The difficulty is increased by the fact that American money is the best in the wor1d-the most expensive. .'Take Italy. for an example. On a gold basis five Italian lire would America But the lire is so depreci- ated that it takes more than twenty | lire now to buy a dollar. Naturally | the Italian wants to buy in a market | American money being at the top of | the heap, they are all trying to get goods somewhere else rather than | from America
 | This cheapness in the value of | money of all other countries. there | fore, is driving them away from | American markets. They are trading
 with other countries whose curren- R@I n | own standard of exchange. Officials | have no way of predicting when these | exchange fluctuations will cease and | currencieS made more stable. l Out of the chaos in exchange there | have come to the officials reports
 that some of the industria! countries i that are fighting America in captur- | ing world trade wherever it can be
 gained, or re-opened, are not disturb | ed over their low exchange, but are l taking advantage of that situation, es- | pecial1y if America is a strong com petitor.
 Falling Exports Make Gut in Home Markets of Goods. The falling off in exports continues | to back up in American markets a
 much larger supply of goods not | of goods, normally raised for export, l is having a disastrous effect upon the | agricultural and other industries, pe- | bause it renders more serious the l | on many staple goods.
 | To prevent any great disturbance | coming to American producers and | shippers. The War Finance Corpor- l ation has adopted a policy of giving | larger credit relief to concerns hav- | ing goods for export The corporation | has already assured to producers and | export associations nearly $1OO,ooo,- | 900 in financial backing from Gov ernment funds.
 | It is expected that several hundred
 million dollars will be advanced by | the corporation, now that it becomes | evident that heavier withdrawals on
 the export credit account will be jus i tified.
 Most of the corporation's loans have | been made to assist in financing ex- ports which are permitted to remain | in American warehouses for a period | of six months before actual movement overseas.
 | Government Looks for Some Improvement by Another Year. | Under this plan the Government is | gviing support to the producer and | exporter, expecting that by the begin ming of another year conditions will
 have improved, both in domestic and l international trade, as a. result of ad- | justment of some of the disorders | now noted in foreign currency sys- | tems.
 The programme to finance the
 needs of farmers on products raised | this year will call for heavy advances ] l could not estimate what sums may be
 needed to facilitate the operations of
 the farmers. But there is a firm dis | position by the Administration, | through the medium of the finance
 corporation and the Federal Reserve 1 System, to make credit more easily | available to agricultural groups and | to help them to keep on their feet un- | til business becomes normal Several
 hundred million dollars in advances | is probable.
 l o1- | abroad are broken down, but there exists an excellent prospect that be- | fore long credit arrangement will be
 revived, the War Finance Corporation l is stepping in promptly to relieve H. | nancia1 distress.
 Some SsO O,OO0. 900 Advanced to Finance Cotton Exports.
 Both in those export advances al | ready made and the application for | loans now forming the basis of nego-
 tiation, cotton is the chief commodity.
 More than $50,O0O,000 is involved
 by cotton loans to finance exports | on wheat for export. These initial | advances will be about s10,0OO,OOO. Large advances also have been made | to support exports of condensed milk
 and meat products. In these two | sroups the advances have amounted
 to about S5,000,000. Other substantial
 advances have been scattered over a | tobacco, copper, sheet steel, sugar
 mill machinery, canned fruits and | vegetables. Out of the advances of
 the corporation s22,o00,o00 has been
 loaned to banking institutions for the
 benefit of their export connections
 VETERAN TOMMY A PROBLEM. | London, Aug. Is (By MaiD The | Board of Guardians of the City of | Rochdale had to confess itself beaten | by the problem of what disciplinary | action to take against a refractory ex- l soldier, according to ''The London Daily News.'
 | The clerk explained that the man | could not be cured of wounds received | in the retreat from Mons. He had a | pension of 2 pound a week, but | though he was chargeable to the | guardians, they could not touch the | pension.
 l Periodically he broke out of hospi-
 tai and spent his pension in beer, re-