The Washington herald., 1921-04-04
FOREIGN COMMERCE
MEETING ENTHUSES
LOCAL FINANCIERS
Redfield to Address Chi
cago Trade Agency
Tomorrow.
STOCK LAUDS FIRM
Appeals to D. c. Business Men
To Do Their Share in Put
ting Plan Over.
STOCK LAUDS FIRM

in Washington financial and busi-
ness circles in the meeting of the
organizers of the Foreign Trade FL
nancing Corporation to be held
April in Chicago when a more in
tensive campaign for putting this
new 800, 100000 corporation over
the top" will be inaugurated. The
banking interests of the country
have not indorsed this new cor
poration to the extent. they were
expected to. and former Secretary
of Commerce William c. Redfeld
will endeavor to clear up some mis-
understandings that have arisen
concerning the purpose of the cor
poration at the Chicago meeting,
stock Appeals to Local Men.
A special appeal to Washington
business men to do their share in
putting over this corporation whose
aim is to improve business. condi-
tions throughout the country by
stimulating foreign trade is made
by E. L. Stock, head of the broker
age firm of L. l.. Stock and Conn
pany, and member of the local COM
mittee of the Foreign Trade FL
nancing Corporation.
The time has passed" said Mr..
Stock, when the development OF
our foreign commerce can safely
be left in the hands of a few in
diyiduals. of specialized class.
What yesterday was the concern OF
only a small traction of our bust
ness men is today OF vital import
ance to the nation as a whole.
Ten years ago the successfui
American exporter was a rarity
I might almost say a business
curiosity. Today there are few
industries in he country which are
not interested in the development
of our foreign trade.
The country in the last decade
has travelled far along the road
that leads to world commerce.
Even had there been no European
war. America would have heard the
call to traffic in the markets of the
world and taken its place among
the great trading nations. Indus
trial expansion and quantity pro-
duction had, in 1914, brought US to
the point where we produced more
than We could consume. So far as
our export development is con-
cerned, the war merely FASTENED
our Weakening to the new era upon
which our commerce was entering.
In the life of commercial nations
there are three well-defined stages.
The first is that in which industry
tegins to rear its head. while the
nations chief activity is still the
development of raw materials. The
second is that in which industry has
gained its footing and made the ma
tion self-sufficient in the matter
of manufactures. The third Is the
stage in which industry has been
carried to such a degree that 1t not
only supplies domestic needs but
produces a surplus to meet some
part of the requirements of other
nations. The past ten years have
seen a transition period for the
United States between these last
two stages.
Americas export trade is no long
er the sole concern of the exporter.
1t is the concern of all, who wish to
see Americas progress continue. The
manufacturer, no less than the ex-
port house, the retail merchant no
less than the manufacturer, has an
interest in the development of our
foreign commerce The workman
who builds a machine has as much
interest in our foreign market as has
the sailor who carries that machine
to the foreign port where 1t is
needed.
The Foreign Dollar.
The dollar that comes from the
sale of American goods abroad means
infinitely more than the small mar
gin of profit which accruF to the
exporter who makes the sale. To
the ship owner it means added cargo
and return on his investment. To
the manufacturer it means increased
volume and smaller overhead. To
tie foreman and mechanic it means
steady employment in spite of slack
domestic seasons. To the local mer-
chant 1t means the new business
which a prosperous community Of
fers. To everyone IL spells profit,
employment and progress.
when I speak of natural pros
perity, / do not speak OF 1t In the
narrow sense of dollar and cents
profit or even in the sense of the
stimulation of our domestic activity.
Our foreign trade for the next gem
Grafton will be factor in the truest
sort Of prosperity.
TT would be unworthy Of our ma
tional ideals and opposed to the fun
damental principles of sound busi-
ness to assume that we can afford
to build up our foreign trade. ruth
lessly indifferent to the progress of
other nations. At this particular
moment in world affairs, with the
rations of the world endeavoring to
repair the ravages of war and with
the old landmarks of international
commerce tottering. 1t would be the
height of folly for US to develop
our foreign.trade without regard to
the necessities of other countries.
BEFORE we can afford to think of our
own advantage we must think first
of the necessities of the world as
a whole.
Our foreign trade, today, repre-
septs more than an opportunity. 1t
renraaanta a resnopSihifity which ~ a