New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-05-07
Farrell w ants
World Congress
Toad Shipping,

speelal pispateh % 7.Ae Triia,.,se

He
ssae, Corporation and chairman of
~ National Foreign Trade Council,
.ronosed before the councils conven-
top here to-day the calling Of an in
Sensational conference of maritime
ast;ons to stabilize the shipping in
ans.rv in times Of economic de-
preston
Edward N. Hurley, formerly head
Il the United States Shipping Board,
discussing internal business condi-
ssops. suggested that nationwide
census of dealers and jobbers be
.ssen to determine the costs of dis
eibation, the volume of business
transacted and the amount of profits
keing made by the middlemen.
william c. Redield. former Secre-
sary Of Commerce and now president
d the American Manufacturers Elk
vort Association, told the convention
thst the end OF the unemployment
situation and the business depression
wxs in sight,
from President Harding expressing
qualification with the work being done
sy the Foreign Trade Council.
Senator Walter E. Edge, OF New
Jersey, author of the Edge foreign
trade financing law, speaking at con-
vention dinner tonight on foreign
trade possibilities, urged practical
legislation to cure economic ills. He
suggested particularly the extension of
foreign credits and the establishment
81 confidence at home by increasing
production as means of stimulating
prosperity.
International Cooperation
The councils platform, which will
come up for a vote tomorrow, is ex-
reeted to recommend the support of
foreign trade financing corporations,
the adoption of bargaining tariff and
the Development of the American mer-
ehsut marine.
Announcement CT gigantic co6pera-
tive movement, participated in by the
United States, Great Britain, France,
japan and China. to provide capital to
develop the commercial possibilities of
China was one OF the developments to-
day. Official sanction of the plan by
the council is expected at to-morrow's
meeting.
J. S. LANCER, United States Trade
Commissioner, who has Just returned
from an extended tour of the Orient,
declared that lack of transportation ia
elites was the basic trouble in the
Development of China's vast resources.
J. B. Powell, honorary member of the
American Chamber of Commerce, urged
Congressional aid to bolster up Amerl-
can trade in China.
ii. A. 0udin, Of the International
General Electric Company, also stressed
the Importance of Far Eastern trade
opportunities.
The project is known in official cir
eies as the 'consortium agreement" 1t
calls for the issue of Chinese govern
ment bonds in enormous quantities, to
DC absorbed by the other countries, for
distribution to banks, corporations and
Individuals.
The American syndicate, which, it is
said, is receiving the support of gov
eminent agencies, is made up of a
string OF large banks extending from
coast TO coast, headed by j. P. Morgan.
Inc plan will provide for the estab-
iShment of railroads connecting the
interior of China with seaports. Public
utilities in general will come in for
development and reformation of Chi
hese currency is also planned.
Mr Farrell said, in part:
Policy is, perhaps, misleading
word to use in connection with the de-
Nel0Dmant cf
Arst TO last the impelling force of that
process has been the dictates of neces-
ssy The future of our merchant ma
nne development is at stake and it's
present position is the outcome of hap
aszard efforts to deal with a problem
sne requirements Of which necessitated
.iOm the beginning settled policy and
well defined purpose.
me signing of the armistice on
november II, 1918, found US with
aeet OF 100000 dead weight ton
mage Quilt and under contract to be
answered, constructed largely on the
VS.: Plus system, which encouraged in
p p5Ilhate costs and put a premium on
alsa overhead expense. Our steel
ssn.ps are line examples of the skill of
salerlcan mechanics, and with broad
ela enlightened maritime policy should
Prove useful in shaping the future of
na'sriean shipping. A plan which will
snaoie american ships to compete on
T Ems OF equality must be formulated.
-aorss were made after the armistice
W induce the Shipping Board to sell
saige portion of the feet to foreign
n tCongress having enacted q law
olpiualng the alienation of American
ccsssse!s without the consent of the
tipping Board). For a period ex-
sssaaing into the year 1919 an oppor-
asN.sy existed to dispose of a large
sVssion OF the feet at prices bearing
o;F relation to a moderately depre-
s.ased cost. At that time our COM
sesssors abroad had no advantage in
ys ss OF building and only slight adj
stage IN cost Of operation. Not hay-
saGen advantage OF this oppor~
ly, the government missed its
sbaa and it is estimated lost q
aimee to realize at least 100000 900,
s.is the difference in the market
aL,'s3 OK the tonnage of steel ships
t;Sn could have been sold at that
''' .ss and the appraised value to-day.
any revival in the worlds trade
nao1lo find us with the necessary
sass:ih.anlsm to protect our exports and
hs.aasare their expansion. We should
sa se ready also, as national security,
aa adequate naval auxiliary in case of
Ai The necessity of a merchant
ra5!he to supplement our navy was
wstssd at the outbreak of the late
. ho1id War and the United States
n nasasd never again be placed in the
s.lson It was at that time, when it
sn uana itself without sufficient ships &c
fbs polt its army and navy, aside from