Evening star., 1921-05-05
TAXES THREATEN
IN PHILIPPINES
American Business Men Face
Disaster. Foreign Trade
Convention Told.
kv the ASSO,.iAteI Press


CLEVELAND. Ohio. May 5.-p'sas-
ter threatens American business men
in The Philippines through the rev'-
nue. act of 1918. taxing tn" wholly
foreign income of nonresident Amsf-
leans. Daniel Il. Williams of the Amer
lean Cha of Commerce at Manila
told the eighth national foreign trade
convention here today Mr.. Williams
said that this taxation endangered
the trade and prestige of the United
States through the entire orient.
The evidence which comes from
every quarter of the globe as to the
discrimination worked by such tax
against Americans and to the ad-
vantage of their competitors is TOO
unanimous and too overwhelming to
be questioned or minimized." Mr.. Will
liamS said.
Other Speakers.
The second speaker was Lewis +.
Piersnn of the Irving National Bank.
New York. on THE Settlement of Gu"
Export Balance"
Richard Spillane of the Public Led
ger. Philadelphia. spoke on The Use
and Value of Foreign News.
The morning session closed with an
troit. on Government Service to For
eien Trade
The American Manufacturers Ex-
port Association gave MONDAY
luncheon which afternward merged
into group session on special ex-
port problems of the manufacturer.
Afternoon Program.
Four group sessions are on the aft
ernoon program. w. G. Redfeld of
New York will be chairman of ses-
sion considering Special Export
Problems OF the Manufacturer: The
other sessions will discuss Foreign
Trade Advertising.' "Inter-American n
riculture in Foreign Trade.
A dinner and annual meeting of the
advisory committee on foreign mails
to discuss mail problems is on the
evening program.
Next years convention city will be
selected by the national council meet
ing in New York the last Thursday
in September.
Farrell Was Speaker.
In opening the convention yester-
day James A. Farrell of New York.
chairman Of the council and presi-
dent Of the United States Steel Cor
poration. in addressing the 1000 dele
gates, said:
"rhe war placed the United States
where it belongs in the foreign trade
list-in the lead. And now it is only
a matter Of a definite policy. backed
not only by the merchants. bankers
and manufacturers. but by the gov
ernment. to maintain our rightful po-
SitiOn among nations.
1T is not too much to say that the
welfare of every man. woman and
child in America is linked up with a
correct solution of these problems OF
international commerce"
Company. New York. and W. =. 6.
Harding. governor of the Federal Re-
serve Board, Washington. also spoke.
Mr.. Kent on Enhancing Foreign Trade
and Mr.. Harding on Frozen Credits
What They Are and How to Thaw
Them
No Danger of Trouble.
In his address Mr.. Harding said:
There is now no danger of any gen
eral financial trouble in this country.
The present is time to do things in
the business world-a time for cour-
age. We are on much safter basis
than We were year ago Frozen
movement. stimulation of business.
which will do the tbawing. out auto
matically. -
Federal reserve bank reserves are
now higher than they have been since
the fall OF 1918. With the present
average reserve So per cent. as com
pared with AZ per cent year ago. the
banks are able now safely to take
part in movement to stimulate busi-
ness with view to liquidating frozen
credits"
The general convention committee
of nearly 100 members. with Mr.. Far
rell of New York as. chairman, was
named. The committee will present
its report at the closing session Sat
urday morning.