Evening star., 1923-12-30
SEES CREDIT VITAL
TO FOREIGN TRADE
Economist Says U. S. Must Change
Methods to Build Mar.
- kets Abroad.
LAUDS LATIN AMERICA FIELD
Says Buying Can Be Stimulated for
Later Date.

"As long as American exporters
continue their present policy of de-
rnanding only cash. against docu-
nents. we cannot hope to build up
a permanent foreign market" said
DR.. H Parker Willis of the New
York Journal of Commerce, in an
address at a round table" on for
eign trade, held at the Willard Hotel
yesterday afternoon.
DR.. William Notz, dean of the
School of Foreign Service. George
town University and chief of the
export trade division. Federal Trade
Commission. presided. Others who
took part in the conference were:
DR.. Guillermo Sherwell, secretary of
the International High Commission;
Frank r. Eldridge, chief of the far
eastern division. bureau of foreign
and domestic commerce; DR.. Moulten
of the American Institute Of Ec-
onomics; DR.. W. P. Stearns of the
Htbbard of Wisconsin University. DR..
G. V. Swigett of the bureau of edu-
cation, and DR.. Taylor. assistant
chief of the bureau of foreign and
domestic commerce.
IF we want foreign trade we must
pay the price for it," continued DR..
Willis. IF we want to promote for
eign trade we must be able to finance
it-now we are refusing to help for
eign purchasers by granting loans
we are demanding payment In ad-
vance. This, of course. discourages
foreign trade. Any loans to foreign
countries should carry with them the
contract that the money be used to
purchase American goods"
Latin American Good Field.
Latin All erica presents great field
for development of American trade" "
ever, study the likes and dislikes of
the people-we must cultivate sym
pathetic understan" ng of their
methods of living and doing busi-
ness.
Latin America is In process of re-
birth commercially. American bank
ers and traders must exploit that
field now with the little hope of I'M
mediate profits-later on. however,
they will profit by their present ac-
tivities-they must be preparing the
field to get the business when nor
malcy returns"
Mr.. Eldridge declared in his ad-
dress that Europe is regaining the
trade of the far east and is increas-
ing her exports to that part OF the
world at the expense of our export
trade to the orient. THE six prin-
cipal countries of the far east have
increased their balance of merchan-
disc imports to Europe. almost nv
merchandise exports of these coun-
tries to the United States over their
imports from us has increased 90
per cent" he said. Europe has been
able to revive her export trade to
the orient largely through invest
ments in her colonial possessi ,ns n
the far east and in other countries
In the orient"
DIR. Moulton declared the orient
has favorable trade balance with the
United States and spends the pro-
ceeds buying European goods. Ell
rope is thus enabled to buy from the
United States" he said. The speaker
raised the question whether this tri-
angular trade was advantageous or
disastrous to our future commerce
with foreign countries.
Tells OF Changes.
DR.. Stearns outlined changes that
have taken place in American FOR
eign trade in the last twenty years.
He pointed out what various govern
mental and other organizations are
doing to promote the foreign trade
of the United States.
1--WE are fast approaching time
when there will be more mouths 10
feed than We have bread to put into
them" said Prof. Hibbard, although
just at present the situation Is ex-
Actly the reverse.
Dr. Swigett recommended that uni
versity students write books on for-
eign trade topics for use In secondary
schools. He stated that education for
foreign trade was an essential part
of our machinery of business.
DIR. Taylor stated that the time has
come when we will turn definitely
away from the expectation OF raw
products, wheat, cotton, pork, etc.,
in favor of manufactured articles.