Bisbee daily review., 1921-06-08
INITIATIVE AND ENERGY FOR BUILDING UP FOREIGN TRADE
 CANNOT BE SUPPLIED BY U. s.

title us without at least a normal for eign trade development"
 'Is the problem of .he develop men of American foreign trade. to the extent that it is a problem, a thing that can be solved government ally or is it the problem of American business in it's private capacity?"
 Broadly speaking it is a problem for business in it's private capacity. l do not mean that the government by sympathetic understanding and effort cannot help. But it can only help. The initiative and energy must be supplied by the American business man.
 Early Handicaps
 Before the war our foreign trade failures were due in large measure to the refusal of financial and in- dustrial leaders to apply the same intelligence, energy and patience to it's development that they did to do- nestle business. In addition to this we were also handicapped by the higher wage levels in this country as against England, Germany and Japan. But even in those lines where, by the economy of mass pro- duction, we had overcome the handi- cap of higher individual wages, we did not take full advantage of our opportunities. Our efort for for eign trade was more or less a hap hazard, spasmodic effort, and as an American, I regret to say that we were not any too honest in bur for eisn trade methods. By and large, l should sayN that we got all the foreign trade we were entitled to in the pre-war period.
 The war created such abnormal conditions that our foreign trade figures during that period mean lit tie or nothing as applied to the situation we are now facing and will face in the future.
 Having become q creditor nation our whole relationship with the rest of the world in terms of trade and finance has changed"
 Long Credits Needed
 "Is it possible" I asked, flor us to absorb enough imports to balance our exports, and thus maintain our position as a creditor nation, with out causing a shrinkage in industry and continued unemployment"
 Quite possible, if we recognize the necessity of selling abroad those things which we can produce more cheaply than other nations and buy ing from abroad those things which other nations can produce more cheaply than we can.
 Foreign trade is not one-sided arrangement. In the final analysis the only way we can be paid for raw materials and manufactured goods we export is to take goods in exchange.
 As the basis for building up our foreign trade in the new era which we are now entering we must eX- tend longtime credits. Also we must be prepared to invest our sur plus in foreign securities. This is the policy that made possible Eng lanes foreign trade development. Before the war the total of Eng lands foreign security holdings was about twenty billion dollars. To maintain our present position as creditor nation our foreign invest ments ought to reach forty billions"
 German Competition
 With the settlement of the rep arations question, isn't Germany go- ing to give the rest of the world, in- cluding America, keener competition for foreign trade than ever before?"
 Tt seems logical to suppose that she will. The very necessities of her situation will compel Germany to or ganize her industries on the most ef- ficient Uasis, which means low pro-