Evening star., 1933-04-11

We discuss foreign trade. While we
may properly seek for so-called "fa-
vorable" balance of trade, with our ex-
ports In excess of our imports, We must
not concern ourselves solely with our
sales to other countries and assume that
our purchases will take care of them
selves.
Last year our total world trade drop
ped in value nearly 35 per cent as COM
pared with 1881, which was very un-
propitious year for trade both at home
and abroad International trade through
out the whole world declined In about
the same proportion. In other words,
We were simply drifting with the tide,
in company with other commercial ma
tions We lamented this loss Of busi-
ness but made no constructive move to
stem the ebbing tide.
q. s. Still In Lead.
With world exports and imports stead
lily dwindling away, there is small COM
fort in the fact that the United States
is still the leading exporting nation of
the world The distinction of being the
richest man in the poor-house is an
empty honor.
With the crushing weight of economic
depression bearing down everywhere,
shrinkage in the demand for imported
goods was inevitable. To add to the
national difficulties brought about by
the drastic decline in purchasing power
and the lowering price levels, the gov
ernments of the world have contributed
to the difficulties of international trade
by imposing artificial restrictions, such
as high tariffs import quotas, direct pro-
hibition of certain imports, and restric-
tions upon the purchase Of foreign ex-
change
Such measures, on the part of other
countries. have usually been taken to
remedy urgent conditions of internal A.
nance or as a desperate attempt to bal
ance their international payments by
curtailing imports in ratio to declining
exports. But whatever the motives be-
hind them, these artificial restrictions
are rapidly strangling what is left OF in
ternational trade.
Last year. more than half Of the
sixty-five nations of commercial import
ance increased their trade barriers by
one means or another, thus progressively
deepening the world depression In
divfdually each nation felt there was
nothing else to be done. Finally, how
ever, to these came realization that
the only way out of an impossible sit
uation was through international CO.
operation. So, at the Lausanne Con-
1cicuCc ldSI July Tie League Oh NatlONS
was invited to convoke World None
tary and Economic Conference. Pre-
liminary meetings of experts have been
held at Geneva since that time in pre-
paration for the conference, which Is
expected to take place this Summer.
The United States was invited to par
ticipate in this effort to bring about
international cooperation and the in
vitation was accepted. Yet there must
have been grave question in the
minds of those concerned as to what
contribution our delegates might be able
to make. Any sincere attempt to re-
store the movement Of goods between
nations must involve lowering of ex-
isting trade barriers. And how could
our delegates suggest what other ma
tions should do in this connection while
we ourselves severely restrict trade by
an unreasonable and most extreme
tariff policy
do not suggest that we should per-
NIT our tariff rates to be fixed by any
world conference. Nobody suggests
that. I do suggest, however. that our
representatives will be listened to with