New Britain Herald Newspaper, April 25, 1921, Page 10

™hy Our Foreign Trade Is Important to the Farmer tion In Industry, We are approach- ing a time when such non-consump- tion of American goods in foreign countries will have to be reckoned with. Already our exports are falling off and cancellations of con- tracts are Treported from many parts of the world. America’s grest task is to assist other nations to a position where they can resume production and distribution of the products with which in other days they paid for imports from this country. We have the food amd raw materials and machinery which the remain- der of the world, and particularly -| Europe, urgently needs. And we have also the foundation for such an extension of credit as will make the purchase of these requirements possible. Under the Federal Act known as the Edge law it is possible to o™ ganize corporations, supervised by the Federal Reserve RBoard, by means of which long-term invest- ment funds of American capital can be converted into funds to finance immediate exports from the United States. A nstural question arises as to why the ordinary commercial banks do not arrange for such vital financing. It must be pointed out that no commercial bank can afford to tie up the money of its deposi- tors, ag they are essentially demand deposits and must be held liquid. When used to finance foreign trade the funds of the commercial bank must be employed in such a way that it is reasonably certain that the transactions which they cover will be self-liquidated within three or four months. It is obviously not ordi- / By WILLIS H. BOOTH, Vice President Guaranty Trust Cempany of New York. © GROUP of our citizens Is more divectly affected by | the state ef our foreign trade than the farmer. This is dally emphasized as the world applies itself te a study of its difficuities and seaks vemsedies. With the coming of & war that ia- welved the great produciag natiens, we began 1o see hew clesely the iaterests of each were lnked with those of all others. The realization of that fact I8 now complete. In the present stage of human prog- ress international, commercial and financial relationships are net merely desirable on the ground of convenlence and comfort; they are absolutely necessary if life is prop- arly to be sustained and the future of civilization made secure. No nation, no community, no In- dividual can live alene. Economic interdependence lg such that dis- tress or disaster in ene country is inevitably reflected in every other country. When Russian murkets fall, for example, the iadustries of Great Britain, of South America, of the United States, feel the effects. When the great sources of raw ma- terfaly fall or the free flow of such materials throughout the world is seriously interfered with then ls- dustrial countries must close thelir plants and workmen must leave their muchines, Thne a Massachusetts truck- farmer, for Instance, might fall to et the morigage on his half do~n acres becuuse flax ceased to come out of Russia. Because there was no tiax Irish linen manufacturers turned awny thelr operators. These n wrn conld not buy shoes, lndl that fuct swept across the Atlantic were communicated to him slowly and by indirection. Had he been a his understanding of causes would have been swift and sure. Whether the effect comes slowly or swiftly, directly or indi- rectly; whether it is clearly under- stood or not, eventually and inevi- tably it does come. And that is why the American farmer cannot escape a direct interest in what is bappening in Europe, in the finan- cial crises in Japan and Cuba, In the depression in Australia and South America. The part which the United Stetes played in the world-wide in- terchange of commodities before the war was Iimpressive, but today, heennse of the pecullar position in which the war left us with respect to the rest of the world, the amount und value of our foreign trude is beyond anything ever before dream- ed of. In the year before the war the total value of the foreige trade of Great Britain was nearly $7,000,- 000,000, that of Germany was about $5,000,000,000 and that of the Unit- ed States was nearly $4,260,000,000, a total eof approximately $16,000,- 000,000. In the fiscal year ended June 30, 1920, the foreign trade of the United States alone was $13.- 729,661,000, and for the nine months of the calendar year ended with September last the total value of our foreign trade was $11,948- 000,000, of which exports were val- ued at $6,082,000.000 as compared with $5,866,000,000 for the corre- sponding period in the preceding year, while imports totaled $4,358,- 000,000 as compared with $2,607,- 000,000 for the corresponding pe- riod ending with September, 1918. The enterprise of the American farmer, the dependence of the world upon him, his Interest in maintain- ing and extending his markets, is written all through this record of America's foreign trade. Convine- ing as the figures of pre-war years are as to outward bound trade routes that have their beginnings in the broad ocres of (he United States, those of last year are fairly astonishing In their size and thelr implications. A FRENCH TEXTILE ML~ IMPAIRMENT OF THIS INDUSTRY BY GERMAN INVASION REDUCED THE / AMERICAN MARKET FOR RAW MATERIALS COTTON ON THE GALVESTON WHARVES-AMERICAN COTTON EXPORTS DECREASED 2.250.000 BALES IN The value of breadstuffs exported from this country during the fiscal year ended June 30, 1914, was $165,- 802,385; in the fiscal year ended June 30, 1820, the value of bread- stuffs so exported had.risen to $808,471,226. This increase did not represent an increase in values on- 1y, but also in the amounts. In 1914 there were exported 92,393,775 bushels of wheat, valued at $87,- 953,456; in 1920 the number of bushels was 122430,724 and the value $306,165,023. In 1914 there were exported 11,821,461 barrels of wheat flour, valued at $54,454,175; |im 1920 the amount was 21,651,261 1920. barrels and the value was $240,574,- 670. ) The most notable of the very few reductions in amounts of ex- ports is that In the amount of cot- ton exported in 1920, a decrease of about 2,250,000 bales, although this decrease was amply offset by the rise in price. What it means to our Southern cotton planters when the textile mills In Central Europe are running at only 30 per cent of ‘nor- mal can be realized by recailing that in 1914, when their output was normal, we sent to Germany at the then existing low prices $182,- 000,000 worth of cotton and to Aus- tria-Hungary $7,000,000. " France's great northern industrial area, which was deliberately devastated by the Germans to kill future com- petition, was full of textile mills, which bought in 1914 $73,500,000 worth of cotton' from the United States. England, the same year, imported cotton to the value of $230,000,000 ; Italy, $34,250,000, and Spain, $19,200,009. In the fiscal year of 1013-14 .thc total value of merchandise exported from the United States was $2,329,- 684,025; in the fiscal year 1919-20 the value was $7,950,429,180, 4n in- crease of $5,620,745,155. We can- not hope to continue exporting at such a pace In the face of ex- changes so adverse to other coun- tries as to make continued buying impossible or, if persisted in, ruin- ous. On the other hand, we know that a sustalned period of reduced consumption or non-consumption of any product by large numbers of people constitutes a loss that can never be regained. Non-consump- tion in our foreign markets means an accumulation here and conse- quently an unnatural Jlowering of Drices which would produce stagna- nary commercial banking but true investment that is involved when periods longer than a few months are In question. But if anything is to be ‘done with this credit machinery there must be created an interest in for- eign investments on the part of our people. A very widespread interest in thig subject is required, and ev- ery class of savers or investors must somehow be reached and con- vinced shat a portion of our capi- tal devoted to foreign investment purposes is new essential to pre- serve the prosperity of the world. Farmers have prospered.’ As in- -~ vestors they have always preferred to place thelr surplus funds close at home. Can any large number of them be stimulated to study the in- ternational situation? Can they be convinced that it is a matter of deep and present concern to them? When Edge Law .debentures, based on forelgn securities and. Issued by responsible American banking groups, are offered to the publie will they pass them by? We have a conviction that when they under- stand what they mean the farmers will do their full share and they will see as clearly as any other class; that the task of getting the world back on a sound, stable basis is .Just as important as wag the winning of the war and, considered from the viewpoint of enlightened selfishness, 1s imperative if the farmers would preserve their own prosperity as well as that of the country. . _. . proposed bout ’hetween Ch: ES quKlN[i UUT kington of this city and Joh3y grue, of Waterbury. There has some talk of the boys meeting on May 9, at New Haven. Pilki and his followers are opposed to ing with Dave Fitzgerald or “Heck' Maher as referee. Miss Ericson is a member o' War at Acqueduct when he stepped j'er, was purchased from Toronto by the distance in 45 seconds. New York for $12,000. ‘The Australian horse is the middle ——————— distance champion, Gloaming, and he LOOKS LIKE NO BOUT. is credited with having run a half i Meriden, April' 26.—The ruling of mile in 45 seconds in New Zealand. !the New Haven boxing commission The performance is generally accept- 'ggainst the importation of out-of-town ed, since the race was timed by & referees seems likely to prevent the 000,000 worth of the thickly settled acreage to be seen from their door- step. These hundreds of acres were in- cluded more than a century ago in Science. of the dramatic club and is taking | the leading female role in a play to , be given by the junior class, of which {#he is a member. She is also man- the estate of William Molenaor who ager of the girls basketball team and died in 1812, leaving a quaintly word- | is secretary of her class. ed will which bequeathed the land to ! Miss Ericson is a graduate of the three sons and a daughter. local High sahool in the class of number of horsemen whose watches Claiming that disposition of these | 1918 and took a summer course at agreed with that of the official time- lands by his grandfather’s heirs was ' Columbia college. i keeper. ocontrary to the provisions of the will, i the present occupant of the hut and An unique entertainment will be | his children have been there eight | presented by the Assyrians of this' Years, hoping that they could prove - | city, Friday, April 29th at 7:30 in' their title rights. Several years ago South church chapel. a supreme court decision blasted the The Assyrian in gay fez and flow- ' hopes, but still the trio remained and | ing robe, the flery koord from the ' When ordered by a contractor to move mountain fastnesses, with flashing they refused. appointed for tha¢ purpose , eye and black hair, the stately Mo- unable thus far to agree bhammedan chanting his prayer to INCREASE IN FEE FOR AUTO LICENSE v the Makimos of that far | Allah, singing dervishes, and dancing motherly trade restriction may not be right in principle but certainly in 10 SHOW LIVING PICTURES | Dllficnlty in Fommlg‘ Devicted ¢ South Church om - Greenland Policy Fhonngs ANOTHER MAN O’ WAR. DEAL FOR SHEA IS OFF. Giants’ $12,000 Pitcher Will Not Be Taken by the White Sox. Chicago, April 25.—"“Pat’” Shea, who it was announced several days |( ago would join the Chicago American league team, coming from the New York Nationals under an interleague agreement, will not join the local club, it was announced yesterday. The deal has been declared off. Shea, a pitch- i Wall Paper Storec Australians All Excited Ovér Perform- ances of Gloaming. New York, April 25.—A speed mar- vel of the turf which is being her- alded as a rival for Man o’ War has been discovereed in Australia, accord- ing to news that has just reached this { country. It is being claimed for this ! horse, at least, that he has equaled | the half-mile record made by Man COOPE of Hartford. FORMERLY UNION WALL PAPER COMPANY. WE MOVED TO 37 ALLYN STREET JAN. 20TH, 1921. We have changed only the name—same owners—same low prices—same large selection. 1,000 PATTERNS TO CHOOSE FROM OVER A MILLION ROLLS IN STOCK All colors of the best non-fading duplex Oatmeals, with or without borders. Single 15¢ = 20c x5 Harmonellas and Harmonettes—a reguiar 75¢ value. Single Roll - Everything in wall paper at 10¢, 15¢, 20c, 25¢. Nothing over 25c. The largest wall paper dealers in the world. Stores in principal cities and all sell wall paper at 1-3 to 1-2 the regular price. A call at our store will convince you. CooperWallPaper Storesof Hftd. “WHY PAY MORE?” bhagen, April 26.—The Danish ent 11 trying to formulate a m of government for its col- Greenland but the Royal Com- % land shall be allowed to | irls will fascinate the audience with R iradie 'with all nations. their picturesqueness, and will lure us Christian 14 to visli Green- | to & land like that of the Arabian June, the first time a Danish A Nights ever visited that colony, .nd, The primitive method of spinning mission hopos to reach an e well "xh"‘-;‘;‘l‘y °",“""'l’“°“” "l‘" | 1 o enable hi e on e ition by these people, % 0 B e ooy | Whoas land s the home of the most I i e is greeted by the Eskimos. b":l“"ful Persian rugs. lar Fee. | B o Gresninid Eulaver, usic will be furished by Oriental not a member of the commis- ' Instruments and refreshments will be ld the correspondent that one | Scrved. of the commision was hoid- | ©OR of the earliest Christian nations for free trade between the | Was the Assyrian, whose home was in nd Eskimos and the nationals | the historic land of the Tigris river. ountries. ““This section.” he | 50 Strong was the Chrisianity of the “rightly says that the present | ASyrians that missionaries were sent of the Danish state granting a | PY them to China, and in their own y to & single company, even | COUALIY. they have dled by the Mo- ompany is aged by Dan- :‘)'-r:‘mlfdl‘lmr sword rather than revoke officials and for all practicar | NGl FIOL L L Ll pand-written s “""'““""';:I“‘;‘““""‘""‘; manuscript of the Bible, $00 or more S Vielation o emocratic | years old, have been found in their country, written by thpir ancestors. these now are on exhibition in fmuse- ums in London, Paris and New York. The entertainment is given to raise needed funds for hymn books to be used In Assyrian services in this city. ARE BEING EVICTED Family, Olaimants to Half Billion Dol- lars Werth of Real Ftate, Won't Go TAKFS LEADING ROLE. Wilingly. ey New York, April 256.—A steam e - - 2l shovel used In excavating the site ot Girle’ Fay. o proposed modern apartment buila- Miss Viola Ericson, daughter of ing today was driving its nose toward | Mr. and Mrs. C. E. Ericson is home a dilapldated one-room shack on | from Connecticut Agricultural college Washington Heights, wherein reside | for the week-end. She is taking a 84-year-old Martin M. Molenaor, his | four year course in home economics, « son and daughter, claimants of $500,- working teo a degree of Bachelor otl Legislative Committee Decides to Re- AD increase of one dollar in the fee for a license to operate motor | vehicles in. Connecticut has been | agreed upon by the legislative com- mittees on finance and roads, bridges and rivers, it was learned Saturday. As the present fee is $2, the charge beginning next year will be $3. Over 136,000 people in the state are licensed to operate motor vehicles, in- cluding automobiles, motorcycles, and all other types covered by the motor vehicle law. Thus the increase of one dollar each will add over $136,000 a year to the state’s revenue and more than $272,000 for the two-year period for which the budget is made while the total income from operators’ li- censes will approximate $800,000. The present law provides that this money be turned over to the state highway | department for use in maintaining | highways. One out of every ten people in Con- ! necticut is licensed to drive a motor vehicle this year. painfal ankles or fallen arches, come see the Wizard Foot Expert AT OUR STORE APRIL 28, 29, Thie store is headquarters for the famous wWizara s o Theee all-leather no metel devices are made to so- Heve foot discomforts caused by cal lowered arches, distorted heel bones, ete. ,nfl fitted, they restore the bones to thelr natural tion and thus remove the pressure and cause of pain. They are comfortably worn in the shos and afferd instant and Jasting reltef. ‘BAZTTEY' - g 67 MAIN STREET out any competition, no com- nd particularly & company by state officials, could poss- pected to obtain for products patives tho same high prices ld be obtainable in the open Monopoly never bred effle- ancrH and @ other hand, the other sec- the Royal Commission asserts Eskimo is a ciild and must Jed 0 » child, that intoxicat- or and other of the ‘blessings” jon must be kept awmy or he will go to rack and Greenland settlement has sited by lllegal traders who ameless! en advantage of % nature of the Eskimos. tie of vile spirits, or a row of these ‘traders’ have rob- Ives of bearskins and other t value. So & grand-