Evening star., 1933-08-09
SEES i. S.-RUSS|AN
TRADE ON BIG BASIS
Brookhart Declares Soviet
Credit "Best in World" in
Urging Extension.
By the Associated Press.

By the Associated Press.
Former Senator Smith w. Brook
hart of Iowa, who thinks Soviet credit
is the "best in the world" predicts
early developments in program for
Russian-American trade relations ons a
wide scale.
Brookhart. who is now trade advisor
to farm administrators. said extension
of United States credit was essential
in developing trade with the Soviet,
adding that he expects Government
action relating to this within a short
time. probably within few weeks.
Brookhart has conducted series OF
conferences with the directors OF the
Reconstruction Finance Corporation
which recently made loan Of S40OO,-
900 to the Amtorg Trading Corpora
ton, Russia's commercial representa-
tive in this country.
He said Russia wants credit on a
seven-year basis and that the Recon-
struction Corporation is now consider
ing projects involving a further loan,
but that announcement respecting 1t
must come from corporation officials.
Friendly to Proposals.
Officials of the Reconstruction FL
nance Corporation. he said, are very
friendly to proposals for extending
credit to finance Russian trade and
there is a possibility part OF $500 OoO,-
600 available to farm administrators
NAV be used to stimulate exports OF
surplus agricultural products to Russia.
This fund is available for practically
any purpose which Secretary Wallace
decides would assist in improving the
position of American farmers.
George N. Peek. chief administrator.
favors development OF foreign markets
for American products, contending the
potentialitieS have not been fully real
lied. Farm administrators, however
SO far have not definitely decided upon
their export program
Brookhart said Russia can use up
10 100000 bales of American cotton
annually and quantities of live stock
products including beef and lard. IL
is. in addition, a vast potential market
for American industrial goods. he
added.
Advocate of Recognition.
Long an advocate of American recog-
milton of the Soviet government, BrooK-
hart called attention to the recent
statement at the London Economic
Conference of Foreign Minister LIT
vinoff that Russia is ready to buy up
TO III loiSASAA SOO>~o N~~~
raw materials. providing credit is ex-
tended
I'VE should get cur share OF that,
Brookhart said. I'VE can afford to ex-
tend credit to Russia because there IS
no better credit risk. We have an
abundance of goods it needs. Other
countries are now getting large VOL
ume of trade with Russia and you can
be sure that they will get more If they
can. We should get busy.
Brookhart said he was not at liberty
to divulge details of plans now under
consideration for extending credlt, out
was hopeful He said private CON
Germs and individuals were showing a
marked interest in developing trade
with the Soviet.
Needs Russian Products.
He suggested this country is IN neeo
of many products available IN Russia
and that an exchange system could be
worked out covering part OF the trade
which would be healthy Tor botn ma
tions.
Discussing the goods produced there
which could be used in this country
Brookhart listed manganese, ore, platl-
mum, gold and furs.
He said that last year this country
imported S77O00O00 of Russian furs,
but only about s2O00,O00 came as direct
imports. Most of the remainder, ne
said. came by way of Germany.
BY dealing with Russia directly,
Brookhart said, this country could have
saved a substantial sum in transporta-
ton and commission charges realized by
Germany and could have used its i'm
portations as basis for exchanging do
mestic products with Russia.
The potential annual trade with Rus
sia, Brookhart said. is $500, 100000 and
$500 900, 900 would be possible for many
years if the proper arrangements can
be made
Since the Soviet Union was establish
ed, he added, Russia has imported S4,-
zoe 900, 900 in foreign goods and export
ed $3.50, 100000 in goods, and has es-
tablished credit relations with mank
governments and individuals without
ever defaulting 1t has established, he
added. "a fine reputation for financial
responsibility which we should not over
look