The Birmingham age-herald., 1921-01-17

l
 this demand, we will solve the most
 important economic problem of the time.
 It can be solved partly by investment
 in foreign securities and partly by the
 furnishing of satisfactory credits
 Reports which have come from
 Washington authoritatively set lortn
 the fact that the stupendous demanu
 which came from Europe for raw mate
 rial as we'll as for some manulaclureu
 products fully explained the niSn IeNei
 of our export trade in the year lszo' Those who are well informed say that
 this demand will continue and in tact will increase. They based that oplnloil
 upon information they have receNed
 from Europe which shows that the na tions of Europe are gradually restoring their industries. When the industries have been fuflly restored, then nations will be all the better able to pay TOT American products.
 THE MARKETS MUST BE KEPT The Foreign Trade Finance corpora . tion will greatly aid in maintaining and increasing our foreign trade. ThlS corporation together with other sources by which credits may be obtained VII enable American foreign traders to hold and increase their foreign mar kets and also to- penetrate many new fields.
 The judgment of competent authorl- ties is that credit advances made not by the government, but by private sources, now aggregate little under $4.000,0 1000, 900 So large is this sum that it tends to disprove some of the com plaints which have asserted our in- dustries and exporters are negligent, not taking advantage Of the oppor- tunities.
 The balance of trade on the eNcesS of our exports to Europe over our in imported balance which has aecumt- lated since August 1914. is approxi~ mate1y s21 1000 000.0 The nations of
 the world would stagger under such n stupendous adverse balance were It not possible to offset ;t. It has been partially offset Other nations have sent us since 1914 in the aggregate i S2. o0o. 100000 in gold. That seems to have been the extent 10 which gold could possibly be used to aid the liquidat ton of balances
 OUR OWN SECURITIES Possibly as much as S5.000, ,000,000 represent American securities which before the war were held in Europe and which since that time have beca absorbed by the American public. i Hereafter. when the amazing history of trade and finance in war days is written, special attent on VIII DC caiN'i to the fact that the people of the
 United States so easily absoi bed these i returned securities that, there was no ! public evidence of this momcntuous 1 transaction. It did not occasion percen- 1 tible ripple
 Some part of this trade balance has 1 been liau:dated by the sale to banks 1 in the United States Of about s4,0oo.- 1 coo, 900 short term notes. In addition ! to this cur government lsnt to our all 1 lies s10,000, 100000 almost all of which l was used to pay for the purchase of | American commodities.
 Not more than SL00a. o00 coo, how 1 ever, has actually been received in 1 payment of the excess trade balance 1 of S21000 900, 0C0 which has accumu 1 lated in six years Since 1918, through private sources Europe was furnished l with the means to the extent of at 1 least s3,000. .000,0 possibly S4,000. 000,- 1 900 whereby they could liquidate their i indebtedness. Notwithstanding the l magnitude of these figures those who | are competent to speak say that it is 1 vital that we maintain and increase 1 our foreign trade. That has been | the thought to be discovered in recent 1 addresses made by James A. Farrell, Judge Gary. Charles M. Schwab, and ! by many of our bankers. And it is a fact that all of the authorities look upon the organization and speedy op- | eration of the Foreign Trade Finance company as furnishing excellent req ] sons for confidence in our ability to maintain and increase our foreign I trade.