Evening star., 1940-08-01
Foreign Trade Session
Favors Repeal Of
Johnson Acf
Neutrality Aefs
Modification Also
Urged ot Convention
By the Associated Press.


SAN FRANCISCO, Aug. 1.-Rec.
concentrations for repeal OF the
johnson Act, modification Of the
neutrality law and action on q
score Of other national policies will
be submitted to Congress as pro-
posals of the National Foreign Trade
Convention here.
The convention closed last night
by compiling declaration of pol
icy representing the wishes of hun
dreds OF trade executives, bankers
| and industrialists who attended the
three-day sessions.
Besides repeal Of the johnson Act,
which prohibits this country from
lending funds to nations in default
on previous advances, the conven-
ton urged modification of the Neu-
| trality Act to eliminate "unneces-
sary restraints on American trade,
shipping and finance"
The declaration of policy:
Gave full support to the uncon-
ditional most-favored- nation prin-
ciple OF the reciprocal trade agree
menus program.
Recommended both private and
Federal funds be sought to increase
Latin American trade, thereby pro-
viding dollar exchange.
Recommended that loans be made
to Latin America for constructive
purposes
Endorsed Government efforts to
develop the pan-American highway.
Declared establishment of ade-
quate reciprocal trade advantages
for the Philippines for an indefinite
period to allow continuance of
| trade.
Declared belief in the good neigh
Dor policy and commended the Gov.
ernment for handling allied prob
lens.
Declared against independence for
the Philippines In 1916.
Reaffirmed the convention's con-
fldence in the gold standard.
| Urged Government announcement
OF and assistance to exporters op-
Grating under the Export Trade
Act.
Favored increasing credit capac-
ity available to the Import Export
Bank by 500,000,000.
Urged protection by the Gov
ernment of American foreign in
vestments.
Commended the Government for
efforts to develop sources of supply
| in foreign countries.
Praises Hull Program.
Yankee traders could overwhelm
| the relationships in q barter contest
for world commerce, John Abbink,
New York business publisher, told
the convention yesterday.
Mr.. Abbink praised Secretary of
State Hulls trade agreement pro-
gram, but strongly criticized other
government authorities for what he
termed their admitted lack of
knowledge about foreign trade. He
said reorganization of Govern
ment foreign trade facilities was
needed quickly to prepare for Amer
lean trade in the prospective new
world order.
| Few of U.s." he added, "even be-
gin to appreciate the economic
power that we possess, and II we
once decide that the way to fight
fire Is with another confederation
We can set blaze that will make the
barter schemes of all the dictators
combined seem like smoulderine
punks in comparison
NO other country ever made
national pastime of horse trading as
we have"
Mr.. Abbink challenged the neces-
sity Of political advances" from
Government funds to other coun-
tries.
Trace Of Sardonic Humor.
There is a trace of sardonic
humor," he said, "in one developing
facet of Washingtons activities
Only a few years ago the banking
fraternity was being pilloried for
making foreign loans that smelled
to high heaven when uncovered in
the hot light of subsequent political
developments. Now, apparently, the
process is to be sanctified. I oues-
ton the need or the efficacy of DO
itical advances.
1T is difficult to understand why
the Export-Import Bank has not
been permitted to extend facilities
which are commonplace in other
exporting nations, badly wanted
here, and perfectly sound"
Toppne lEaHo+f
executive and former Federal nous-
ing administrator, suggested the
United States might have to finance
foreign traders on basis of integ-
rity and reliability, much as certain
finance houses make unsecured loans
to individuals.
John w. Haussermann of Manila
head of large mining and other en-
terprises in the Philippines and else
where in the Orient, said the adop-
ton by Japan of an honest to good
ness Monroe Doctrine in the Orient"
would not necessarily require that
the United States withdraw from the
Far East.
He pointed out that under the
original Monroe DoDctrine Euro
pean powers were permitted to re-
tain their existing colonial posses
sions in the Western Hemisphere
and had fortified some of them
without drawing objections from the
United States.
The convention ended with
presentation Of invitations from
Houston and Washington for the
next convention. 1t was said New
Orleans also would ask for the 1941
meeting. The place will be decided