Evening star., 1921-07-24
CREDIT KEY MUST UNLOCK TRADE

deed. importing very much larger guam :
titles Of tropical produce than before
the war. and our own consumption OF
these commodities will continue to grow.
The margin of credits needed beyond
our imports in order to keep commerce
alive for the present are. first. compare
lively short-term amounts to cover part
Of our exports Of raw materials and the
distribution period Of our manufactured
goods, and, second, constant ref1nance
of debts or interest already owed to US"
-. =
After taking an extensive and at the
same time careful localized survey Of
world trade problems. after revolving
the problem In his well trained mind
for months. after summarizing in con-
ference with specialists the result Of his
observations and deductions. Secretary
Hoover gives the business interests OF
this country and the human beings who
are to be Of first concern In this read
iustment solution a very optimistic
vision Of the commercial future:
I'm summary, on the production ana
marketing side Of our commerce. sec.
our food exports should remain ON a
Ereatiy enlarged scale; that the de:
mands for our raw materials should
slowly increase toward pre-war amounts;
that In respect to our manufactures we
should be able to hold special fields OF
repetitive production and ingenuity;
that we will need to make fight to
hold the markets for manufactured
goods where we come more directly into
Competition with the Europea. manu-
facturer, but that we can do II II we
will work and apply our brains to IT; IT,,
alton I do not believe our world credit
situation Is at all 80 insurmountabie or
that It requires extraordinary solutions.
I'VE need to realize above all things
that even II we lower our vision OF
Of our oYn selfish economic interest. we
are nightly concerned in the recuper-
alton OF the entire world. There is an
economic interdependence In the world
that recognizes no national boundaries
The greatest jeopardy to the standard
sfandards OF Europe Now that we have
become a great creditor nation, we must
learn that this great debt must be wise
iy directed, 20 that we do not stife both
our. own growth and the growth OF
others.
y
There are, indeed. many perplexities
arising out Of our great expansion OF
productive power and our sudden born
creditor position. We are confronted
with a hundred difficulties. We must be
alert to steer our commercial policies
against the winds of the world in an
economic storm. We are suffering
greatly in this immediate worldwide
industrial depression. This depression
is partly due to the war: IT 10 parity
due to our postwar boom. with tts spec
uiation, its extravaganza and Its slack
ening Of efficiency.
".The government, can help recovery
nv removing the Distinctions to COM
merce and Industry. But the real cure
for ali depression is courage and ap-
niied tnteiligence and the return to
Urinary virtues Of hard. conscientious
toll and economy In living. On every SIDE
there IL evidence that the vast majority
Of our whole nation 10 making again an
EFFORT In those directions equaled only
by that Of 1918 and the day. some
months ago, when we entered this enort
TO fundamentally turn the corner OF
this depression. While our recovery may
be slower than some expect. nothing can
prevent the prosperity Of a country
where the people have enlightenment,
where they wish to work, wish to pro
iuce and wish to do right by their
neighbors."