The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-04-01

the statement that Eatin-Americ does offer sub
stantial hope for betterment in business eondi
lions. h has become almost bromide nowadays
that prosperity will not return until our foreign
markets are restored The Southern continent never
has been the most important of these and many
years of development will be required before II does
become the most important. But the bcttermcnt OF
trade relations with Argentina, Brazil Chile and
the lesser states may start the food of renewed
business with the world.
Statistics of Latin American trade presented by
the United States Department of Commerce are
certainly among the most hopeful indications that
the present depression is nearly over. Exports TO
those countries in 1921. according to Dr. julius
Klein. director of the Bureau of Foreign and Do
mestic Commerce, amounted to over SSoo,oooooo,
gain of i65 per cent over the last normal prewar
year.
This is certainly a striking example Of the
ability of America to hold its own" DR.. Klein de-
cares, especially since this has been achieved IN
the face of extremely unfavorable exchange rates,
and after fully two years have elapsed during which
old commercial rvals.-the English the Ger
man and the French manufacturers had time
to enter into active competition against us. 1t
means that in spite of few noisy complaints our
Latin American friends have learned to appreciate
American quality and service"
DR.. Klein denied emphatically that Germany,
whose returning trade has been the subject of many
scarehead announcements. has even started to re-
conquer Latn-A American markets. much less drive
American statesmen into the with prohibitively
low priced quotations The strong German CAM
paign which started in Argentina Brazil and Mex
leo has suffered serious checks because of the
inability of German manufacturers to make good
the promises of their statesmen to quality and
deliveries. American statesmen have based their
campaign substantial stuf-thc certainty
that those at home would make good what they
offered.
Latin America is now rapidly getting rid Of
its staple commodities, especially by increasing ex-
ports OF hides WOOL cereals. and other materials to
Europe" DIR. Klein declared, in referring to the
improving business outlook. He said that this
the loosening of the biggest logs in the bust
ness jam and the moving of these products ind-
Gates that more money will be available and con-
sequently more business possible. He said that
year ago it was estimated that approximately $751;
100000 worth of imported merchandise was piled
up in the customhouse at Buenos Aires Today
these stocks have been reduced to less than $4,000
ooo
There has been notable Improvement in the
Chilean and Argentine exchange situation and of
conditions in the nitrate industry in Chile. Partic-
ular attention called to Cuba's recovery and to
the establishment OF banking organization in
Peru similar to the Federal Reserve system. He
spoke of improving conditions in other countries.
In connection with the Mexican situation he said
that it is not generally realized that that county
is on gold basis, indicating degree of stab-
ity in currency which is not found in any of the
huctuating paper currency countries.