The Washington herald., 1921-05-05
LONG CREDITS NOW
VITAL TO EXPORTS,
.EXPERTSDECLARE
Urge Investment in For
eign Trade Agency
At Convention.
LUMBER MART DEAD
Donovan Pleads for Means to
Resurrect Industry in Pa
cific Northwest.
LUMBER MART DEAD

e.
ond. General Session Of the Eighth
National Foreign Trade conyen-
ton now in session here O, was
addressed today by George r. Mey-
ercord. president of the Illinois
Manufacturers Association, j. j.
Donovan of Bellingham. Washing
ton, and Frank II. Taylor. president
of the s. s. White Dental Manufac-
turing Company.
Declaring that long credits are
now vital to the American exporter,
Mr.. Meyercord urged investment In
the Foreign Yrade Financing Cor
"As / view the Edge Law foreign
trade financing machinery, II Of
fers the frst step whereby the
manufacturer gets some reasonable
measure of relief towards creat-
ing that highly desirable. stabtt-
lied situation whereby his frosen
inventory is rendered more liquid"
he said.
Every day American manufac-
turers are being offered profitable
European. business that they re-
luctantly are Obliged to decline be-
cause this country has lacked the
foreign trade financial machinery
that has been developed SO success
fully by Great Britain.
The Foreign Trade Financing
Corporation through It's deben-
lures speaks in American dollars to
the American investor. and the Am
erican n investor need only have faith
in the vast capital of the corpora
tion and in it's management. II Is
unthinkable that the management
will not be both able and of a su-
perior order" ne concluded.
Depression In Lumber.
, In discussing the depression In
the lumber industry, J. J. Dono-
van voiced the needs 'of the Pa
cific Northwest for longtime cred.
its With which to carry on foreign
trade
Some lumber men," said Mr.
Donovan, seek to expand foreign
trade, although conditions are cha
otie and discouraging. II exchangt
can be stabilized and If bankins
machinery supplies capital so thai
foreign customers, instead of ad.
vancine money months before q
cargo Is shipped. can issue accept.
ances payable in three and siz
months after.delivery of cargo, busi'
| ness should revive at once. Sucf
revival to be permanent Is predi
Gated on world peace, settlement OF
German reparations, funding of Eu.
ropes debt to- us. and tsrin and
tax revisions based on after-waI
conditions.
1T Is a question of credit fol-
foreign firms of established repu-
tation through American banks
which will cash their acceptances
| at a reasonable discount when In
dorsed by the American seller. We
have the lumber to sell; the world
desires to buy; the buyer is solvent
but has neither cash nor goods i'm
! mediately available for payment
His record for honesty Is good. He
has paid in the past: he will pay
in the future. How can we tide
over the present?
The manufacturer has his bur.
den of plant. raw material and Ia
Dor to carry. The ship-owner mus
pay his crew and provide his ship
Each in his own place is function
| ing. The banker must come in tc
| provide for continuance of neces'
sary business by arranging tn,
| credit which his reserve capita
warrants. without him busines,
stops"
Now Is Time, Says Taylor.
This Is the right time to exercise
ourselves in foreign business" said
Frank H. Taylor. Foreign trade Is
a subject that requires practice just
as much as a musician needs to
| practice IL he is not continually to
| strike false notes. Carrying on now
under difficulties, we shall correct
our shortcomings. and in the end
do our foteign work like masters
I emphasize the necessity for, prac-
tice, because the fact is we must do
the job like masters II we are To
win foothold in the outer world
against England, France and Ger.
many, who are very skillful com.
! petitors- We shall become profici.
ent only by meeting our mistakes
face to face. Let US realize right
now that we must match England
in precision of speech: France In
directness of mind; Italy in buoy.
ance of spirit, and Germany in dog
gedness and persistence. We mus
practice in order to hold our owr
against these people, who under,
stand exactly every step that mus
be taken to win success.
Since our customers need oui
goods today, and cannot pay fol