New Britain herald., 1924-06-04
BUSINESS DECLINE
 IS BUT TEMPORARY
Head of U, 5. Steel Breaches
 Optimistic Sermon

Boston, June 4.-There are many reasons why we should be cheerful rather than depressed" said James A. Farrell, president of the L. s, Steel corp, in an address prepared for de- livery today before the convention Of the national foreign trade council, of which he is chairman.
 As business men," he said, i've know that emotional reactions are temporary and that as a nation in dustry and agriculture will not for long thrive on the medicine of peSsi- miets.
 There are indications that we are getting out of the mood Of unjusti- fable depression. IL has lasted long enough and a reaction to considered optimism is not far off.
 Speaking on wider markets for American products" Mir. Farrell said that the success of this country in ex- banding production carried with 1t a necessity for constant and ready ac- cess to foreign markets for the sale of s steadily growing portion of American products.
 We shall meet" he added, the competition of other trading nations that feel, as we do, the necessity of expanding their trade. For the pres ent and as long as conditions of in- flation continue, especially among the more active of the industrial nations, VIC suffer under the handling of their lower productive costs. We have proved in numerous lines our effec- t,veness in organization of produc- ton. No doubt we can demonstrate a similar effectiveness in organization for distribution, and this is a phase of foreign trade of paramount impor- lance,
 Want Steady Occupation.
 We seek, as always, 10 maintain steady occupation for all our people. That is the Fundamental rule of pros- perity. Occupation means production and we cannot have prosperity unless We are able to sell substantially all of our production.
 He pointed out that it was equally important 10 maintain the supply of domestic raw materials and that in numerous lines the supply of domes- tic raw materials was not sufficient while some of the largest lines of in- dustry were absolutely dependent up- on supply from foreign sources.
 The lessentng in the capacity or Europe to buy and sell" he eontin- ued, "unquestionably affects our com- merce, but there is no information upon which We can base an assura nee that the European market can be re- stored within a stated time not that her economic interests may not even tnally lie in directions antagonlstic so our own.
 We are not 70 retire from foreign trade because Europe is not now able to continue her accustomed rate Of buying and selling as our require ments in raw materials increase while Europe's ability to produce them either diminishes or fails to keep pace via our growing demand, it is the course of ordinary prudence on our part to expand our activity in seeking such materials in other markets or supply" nxx
 south American Markets.
 Tn the markets of South ana Gen. tral America there Is opportunity for greater expansion. Some features Of our trade with Latin-America are worthy of consideration. Cuba is our largest cust omer, with Mexico second anr Argentina third xxx Cuba, with population Of less than 5000. 900 buys from us at the rate or more than si4 per capita per year Taking Bo- livia as an example with nearly equal population; her purchases were s3,- 0eo,000 worth of merchandise from us last year, approximately s1 per capita.
 Cuba produces sugar and tobacco which we buy in quantities. More over there Is q huge and growing in- vestment Of American capital in Cuba. | Bolivia has enormous resources in materials than we need, but they are yet undeyeloped and there is s small investment cf American capital in that country. Cuba H furnishes a graphic illustration Of the manner in which American investment Of capi- tsl abroad stimulates industry and trade at home"
 Out e, the z7,o0O girls employed hy one firm. an expert chiropodist