Evening star., 1932-08-23


and the functioning of the Home Lean
Bank Board are among those factors
| which will assist our citizens to turn the
tide in the right direction.
| Add to those the driving spirit of
| Our people and you have basis that
should bring us into an era Of better
| times. We make progress in proper
| ton to the confidence with which we
! proceed Just as I believe we have a
! dollar that has stood the test, believe
! a new feeling of hope is reaching into
! every section. Translating this spirit
| into action is the duty ahead for all of
| US.
! What role can the Department Of
Commerce play in this stirring drama?
| In the minds of some. the departments
! activities are identified primarily with
/ export trade. That is only small bit
of the story, though our Bureau OF For
eign and Domestic Commerce takes
| proper pride in the aid it has given
! in maintaining foreign markets for the
| products of American industry, agri-
| culture and labor And in spite Of the
| falling off in our foreign shipments,
natural enough in view of the curtailed
! purchasing power of our customers in
| foreign fields, this country still leads
/ all nations in the value of It's exports.
1 cannot agree with those who would
have us give up our foreign trade be-
| cause of additional barriers we are hav-
! ing to face in markets abroad.
| There has been a marked tendency
| in foreign countries to increase their
| own induStrialization, appa emily at the
| expense of imports of manufactured
goods. But even where this movement
| has been a natural development and
not induced by unusually easy access
| to foreign loans. or reasons of military
| strategy, we need expect no permanent
| closing of markets on this account.
! There is abundant statistical and
/ historical evidence which indicates that
as countries become industralized, their
| standard OF living rises and their pur-
| chasing power is expanded for foreign
| as well as domestic goods.
| Certainly no industrial nation ap-
proaches f-sufficiency more closely
! than we do ourselves; yet throughout
our history there has been a constantly
| increasing trend in our imports and
| semi-manufactured and manufactured
articles.
Used More Than Ever.
One of our commercial attaches was
in my Office last week. He told me that
| in 1929 there were 25 representatives of
| he is stationed today there are but two.
| The rest of American exporters to his
| country are using the services of this
| department more than ever before.
| Just as these foreign trade emiSsaries
| Of the department have been keeping
| American business currently informed
of Kaleidoscope economic developments
| abroad, now they may be counted on, as
| the business skies of the world begin to
brighten, in any country. to lose no time
| in advising American industry.
Why is it that we in America can pro-
| duce more goods than we need and for
| eign markets are so attractive in supple
! menting our own? Our new technique
Of manufacturing is eSponsible-rnass
production by name.
As an industrialiSt, have seen the
| growth of mass production in this coun-
| try from its very inception, for 1t Is
actually a development of the last 20
! years. Here is my Interpretation of this
vitally important change in n1anufac-
| turing methods. In these years have
watched the cost of making each unit
reduced, wages Increased because of
greater machine efficiency and hours Of
| labor shortened. AS consequence have
| come lowered prices with better wages
| for labor, thus permitting a far higher
standard of living in America than any,
| where in the world.
venture the statement that there are
! few important articles for which we
| have not greater facilities Of production
| than we can possibly consume at pres
! ent. This applies to most of our agri-
! cultural products as well ais our manu-
| factures. Therefore, part Of our eco
nomic struggle is to solve the problem
! of adding to consumption. 1t Is only
@sr71
our way. Underconsumption is our
sumption can our factories again be-
come busy and industrial employment
be made regular.
| In the last analysis the purpose OF
| the constructive moves by this Govern
ment is to revive employment. As We
progress through this cycle, new en-
| ployment creates purchasing power
which in turn means more employment.
In our worst months there has been a
large percentage of men employed and
it should be easier to build back to nor
NAL from this foundation.
| It is obvious that in times of falling
prices and decreased purchasing power,
one method of increasing the consump-
ton of goods is by giving the buyer more
for his money than before. Never has
| industry sought so hard to offer unusual
value in its products as today. This
means more than factory efficiency. 1t
means better and more economical
methods of distribution, more intensive
research and experimentation. 1t means
sensing accurately what people want.
Desire to Be Up-to-Date.
| Apropos of this desire for new things:
A friend told me that neighbor had
purchased new motor car week ago.
This past week he observed that his
other neighborS had started to give an
extra polish to their cars-and he said
he had been rubbing up his own. 1t is
this feeling of pride and desire to be up
to-date that is one OF our outstanding
characteristics. We wonder how our
grandparents got along comfortably
Our own grandchildren will feel the
same way about us There are those
our standards of living have been toe
high. I disagree. We simply needed tc
make better use of what we had anc
will have again. Man has never beer
spoiled by new advantages. 1t Is the
misuse of them that has brought un-
happiness and discomfort.
The American consumer has not los
his desire for goods of high quality, 81
it is not enough to try to sell him in
ferior merchandise, even at eXtremel,
, low prices. Manufacturers and mer'
, chandI5erS have had to look to othel
. methods to stimulate consumption O.
their products
There is a tremendous latent con
, sumer demand in this country. 1t viii
, become more and more evident with
) the increase of public confidence. AS
. nation, it may be said that there is nj
limit to our desire to raise our stand
ards of living. We want better food
; better clothes, better homes, more com
forts for ourselves and our children. Il
this respect we excel all other peoples
This natural native instinct of ours !