The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-01-26
CORPORATION NOW
EXPORTING COTTON
Outlook for Expansion Retter
Than Expected. Manning
Declares

columbia. Jan. % Progress fo-
ward the end Cor which the \ln..i-
can Products Export and !npor! cor
poration was organized is being made.
III" cotton export corporation. So
called. has been going concern onl,.
since about the first Of Dccrnlhrr
when charter was secured. hut fol-
loWin" the initia! shipment of 6oo
bales. made from The port of Char
lesion Christmas morning. some
thing over 300 bales have been
shipped. making total of more than
5000 bales of cotton now on the Wa
torS consigned to Europe.
Shipments abroad are slower than
they would hc except for The necessity
of rigid investigation OF the mills and
banks endorsing the paper ANA The
general conditions surrounding them.
but that shipments are actually being
mad" under favorable commercial
conditions Is regarded aS proving tn,
nracticability Of the plan under (which
the corporation is operating.
"I'hc outlook for Il good and OK
panding business abroad is even be-
ter than "" anticipated" former
Governor Richard ]. Manning. prcsi-
dent OF the corporation. declares.
! Al the same time we must use every
prccautiOn 50 that our transactions
will b" as safe as possible'
Vh" domestic business is likewise
improving. The corpora ion has repre-
s"ntativca in many of the markets OF
this state. where buyers are instruct
4 .,i,-
ket Nalu" Of his cotton. While tho
corporation is paying only the mar
kct price, in some Instances. as have
! been reported, it is paying cent a
| pound above the local dealer. and the
| farmer, the producer of cotton. is
reaping the benefit of this improved
price iziigl
Tn" American PRODUCES Export ana
! Import corporation has secured the
services Of an expert foreign cotton
man, who is thoroughly familiar With
! the cotton exporting business and who
| speaks the foI cign languages nnccS-
Sary to the transaction of the cor
! pOra !On's foreign business. Valuable
| foreign connections have been form
! ed, and plans ar" making to go to
! Europe with a selling proposition that
will move cotton in large quantities.
1--WE cannot promise the public n
sudden improvement i'm general con-
, ditions.' SAYS Governor Manning. but
we are working steadily along lines
chat we believe will be- satisfactory
TO the stockholders and = factor in
improving general conditions"
The cotton ~cNport corporation. that
is TO say the American Products En-
! port and Import corporation. is sep
aratc and distinct movement from the
| international Banking Export corpor-
ati6n. The latter is prohibited under
! thc law from handling or dealing in
! commodities, but, a strictly banking
Organization. can only extend credit
for exports. The American product :
! Export ana Import corporation
! handles and deals directly in com =
! modilicS especially cotton. These
two organizations. however. dOvetail
! in their functionin%. The banking
organization Will be of great benefit
ana assistance To the exporting COR
poration by discounting the paper re-
c"iv"d by it when credit is extended.
This will enable the American Pro-
dues Export and Import corpora
tion TO use the money received from
disrOmting its paper To go into the
! domestic market and bUy larger guam
titles Of cotton. thus making the
capi,al of This organization a rcvolv,
| ing fund and enabling it TO handle a
constantly growing and ever incrcas-
/ ing amount of the SOuth'S staple pro-
! duct.