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Show oooooooooooooooooooooooooooooooooo r Trade Expansion Essential to all National Progress boooooooooooooooooooooooooooooooooo BY O. K. DAVIS Sec rot ary, National Foreign with economic law. Every time a loan is made to a foreign government, city, or industrial enterprise, the foneigu borrower obtains possession of Americaa dollars. Tho result inevitably is to improve the exchange situation and to enable the foreign borrower to purchase American products. It thus becomes apparent that the American investor who purchases foreign securities is directly aiding the export trade of the United States. Such loans have, in the past, been fundamental to the expansion of British and German foreign trade. Where British money hus been invested, there have gone British railroad equipment, British power plants, and British indnstrial machinery. accord Trade Council Editors Note O. K. Davis, secretary of the National Foreign Trade Council, has returned recently from South America where he made an extensive survey of the possibilities for trade .expansion. The situation there is similar to the situation in many other lands. Mr. Davis has combined his information from world investigations and the result he has put tersely iu the following article. The prosperity of the people of the United States depends fundamentally upon the ability of our manufactures and other producers to sell substantially all their product. It is the sale of the last 20 per cent which determines the profit for the whole operation. Only as our producers sell substantially all their produce, can they occupy their approximately plants full time and thus give steady remun-eiativto labor. This employment applies to agricultural production as well as to industrial. As a result of plant expansion during the war, the productive capacity of the United States is far in excess of the requirements of the domestic market. Either the surplus must be sold in foreign markets or production must be curtailed. There is no other alternative. If the surplus is thus sold, we shall have occupation, activity, prosperity and satisfaction. If it is not sold, it will not be produced and wg shall have unemployment, stagnation, and disaster at home. I am inclined to believe that upwards of 25 per cent of the goods which the United States is capable of producing could now be sold abroad with immense benefit to every American whose labor and machinery would eonribute to the production of the It certainly seems reasonably goods. clear that foreign trade must take over that last 20 per cent of our pro ductive capacity, on the sale of which the prosperity of America industry and agriculture depends. It will not bo sufficient for us to export as much as we exported in 1913; we are already doing more than that. The for eign trade of the United States, both exports and imports, hag been larger in volume iu 1921 than it was in 1913. Yet in spite of this fact, we are everywhere greeted with pes hti'nistie statements that our foreign and that our trade has eollapsed commercial isolation is now becoming complete. The truth of tho matter of is that the productive capacity the United States has been so great ly increased since 1913 that our for mal normal exports are not nearly enough to eitable our factories and faring to operate profitably at full capacity. e .1 fi 4 J The Problem In order to 7. Heart sell our surplus in fore- ign markets, which is absolutely vital to our domestic prosperity, we must make corresponding purchases abroad. Imports must pay for exports: trade both visible and invisible must balance. What then can we purchase! It is oblvious that, for the security and welfare of our own (Agriculture and industry, out purchases in foreign markets must consist, as far as pos sible, of raw materials and merchandise which do not compete with our Xwn products. But the quantity of and raw material merchandise which can safely be imported in the United States at the present time is definitely limited and cannot equal the volume of our own products which, we believe, it is necessary to sell abroad. If, therefore, we are to avoid industrial stagnation at home, Wo must try to maintain a steady excess of visible exports over visible imports, until such time as the increased power of consumption of the United States enables us to assimilate the excess of visible! imports which our position as a creditor nation makes inevitable sooner or later. This present excess of visible ex ports over visible imports cannot be liquidated by gold uuixirtation there is not sufficient gold available outside of tho United States nor would it help Amorican agricultural or industry if such importation could be made. I believe this liquidation ran be accomplished safely and profitably only by the importation of securities, that is by tho sale of foreign securities to American investors. To Maintain Balance Spend Loan Here It does not seem as though American investors in foreign securities have as yet fully realized the close relation between - foreign investments and the promotion of foreign trade. American investment . bankers have, perhaps, not yet boon fully aroused to th0 importance of seeing that some portion of the money loaned by American investors is devoted, where possible, to the purchase of American products. While it is more or less true, as an abstract principle, that all American loans to foreign- countries tend to benefit the present exchange situation, regardless where their proceeds are spent, the fact remains that the expoi cation of specific industrial products can be more certainly stimulated and rendered permanent, if definite understanding is reached that a certain portion of tho loan shall, if possible, be used for the purchase of American products. Especially is this true of loans effected for the construction of public utilities. Certain it is that the agreements for such loan8 should provide that where work is to be done, American firms should have an equal opportunity with 11 foreigners for bidding on the proposed undertakings. It would be equally desirable if our foreign loans could be used to secure such legitimate changes in the administration of foreign tariffs, as to insure equality of opportunity for American products in competition with, the exports of all other nations. Andrew C. Peterson, principal of the Spanish Fork high school for the past year, has been appointed by the board of education to succeed L. John Nuttall, Jr., as superintendent of the Ncbo school district. Mr. Peterson is a graduate of the B. Y. U. - high school and the B. Y. U. college, winning a degree of A. B. there after eight years at the institution. He has done considerable post graduate work at the University of Utah and the University of California. He is a candidate at the present time for a masters degree, lacking Only a short course of having the required credit. His major subject is education and his minor subject economics. All his experience as a teacher has (been in Arizona with the exception of the past year. He taught at St. Johns two years, at Anocho two years, at Eagar one year, and was principal at the Gila academy at Thatcher for seventeen years. True Two Ways. HAD Must Be Registered Telephone Operators in the Al E. F. Empoyed Code That Baffled "Jer-ric- s , Listening In. Twelve thousand nine hundred notices to owners of recorded brands and four thousand five hundred eighty notices to owners of recorded marks were mailed last summer by the State Board of Agrieulturo, said Ed T. Jones, recorder of marks and brands, calling attention to the fact that all owners of livestock within the state of Utah, shall within one year from May 15, 1921, send into the rccordej of marks and brands all recorded marks an brands used by them. Apparently a misunderstanding exists as a greujt number of Our citizens are sending their applications and old certificates to the office of the state auditor, who acted a recorder of marks and brands at the last rerecording period May 15, 1911 to May 15, 1921 and thq work at that time wag under his supervision, but the duties have since been transferred to the state board of agriculture. Any person who desires to a mark or brand or desires to obtain a recorded mark or brand must make application to the state board of agriculture directly, ot through the county auxiliary office, the office of the county clerk, except a to Salt Lake county where the general office is located. Where the request is for tho owner of the mark or brand can simplify matters by sending in the old certificate and the recording fee in check or post office order made payable t0 the state board of agrl culture and addressed to the 'above gamed board, Capital building, ffclt Lake City. Any person desiring a mark or brand, who has not formerly owned a mark or brand need not write for a blank form of application. A letter addressed giving the design of brand or mark desired accompanied by the recording fpo will receive attention Should the recorder be unable to re cord the mark or design of brand requested the party will be notified and a mark or bran, similar in design oucccsted, which is open for record or the money returned. Tho statute provides fifteen positions for the branding of nrfimala which are resigned as follows: No. 1 nose, No. 2 Forehead, No. S withers, No. 4 center of back, No. 5 Tump, No 6 left jaw, No. 7 left side of neck, 8 left shoulder, No. 9 left ribs, No. 10 left hip and thigh. No. II right jaw, No. 12 right side of neck, No. 13 right shoulder, No. 14 right ribs, No. 15 right hip and thigh. A fee of $1.50 shall be collected for each brand recorded for one port tion and $1.00 each additional position, provided that- the fee for re bran, to one person for cording the entire side of the nnimal shall be $4.00. A fee of $1.50 shall be collected for recording each mark. If must be remembered that after May 15, 1922, regardless of date of certificate, all marks and brands not aTe declared by law and their record null and void. The first partv applying after the above date will be given the choice of mark or brand and you may lose your mark or brand should you fail to now. - te Buck Swede in an outfit at Fort one morning with a desire One way to get on your feot is to to loaf. He got put on sick . call, soli your motor car. Kansas Gazette. thinking it was worth trying, anyway. At the dispensary the doc LONG TIME LOANS looker him over, felt his pulse, and "ok his temperature. Then he said: Washington, March 23. Irrigation T cant find anything wrong with farmers of Utah will be able to get V0u. from the federal long time loans No answer. , farm loan banks at low rates of in See here, what's wrong with yon terest if the senate passes the Baker nvwayt bill, which passed the house last week. Doe, replied Axel. "That bane This bill authorizes tho creation -- onr yob. The American Legion of irrigation districts and makes ',Teeklr water charges collectable as ta,es instead of making such charges first liens on land. The enactment of this bill into law, Congressman Leatherwood explained, willcorreet the abuses inflicted upon irrigation farmers by loan sharks who have taken advantage of the situation created by the technical first liens of the water charges. Axel, it At Southern railway stations tho custom of darkies to sell chicken pattieg and other delicacies to passengers. A passenger who had enjoyed a patty an, was leaning out the w indowr to buy another, asked of the dusky salesman: Where do you get your chicken! The darky rolled his eyes. Yon all f'om de No'th, aint you, saht e queried. was the reply. But why YeSj do you ask that! Case, sah No gemlmn f'om de South eber ashes a nigger whnr he gits his chicken. The Argonaut (Snn Ffaneiseo). is ALL THE!! OW.'J Hello, Buckwheat. Naw. I don't want Broadway. Gimme Buckwheat. That you. Buckwheat. Well, why In don't you answer! George Washington wants to talk to Ilarry Thaw snd too sv eet too. A renew er gone crazy? not a bll of it; just the way the A. E. F. tele phone operator at some headquarters told another operator at some other So that Gen. headquarters wanted to talk with Col. Somebody 1'laln English wouldn't hau Else. done at all, because the chances were that onie lioehe who used to drie a brewery wagon on Aienue A was cutting in along the line waiting for an earful on the next American jump So-ai- off. Eton with such disguises as .the above d.dnt always work, and the Instance is t elated by Captain Lavlne where a numl er of Choctaws or some other Indian tribe were used as operators amt transmitted the messages In their Inimitable native way and thereby ruined the hearing of four listening Jerries. The following is a hectic hit of authorship that is typical and justn hit trite at present: To the not th west the marines met the kaiser's best marching forward uaeli Bui is in the full flush of ui.il turned them hack amazed, stupefn d, demoralized. Don tier wet ter! What has hap pened? The Americans had happened. The pi uk had been readied. The Hun had been stopped. The world breathed again. Chicago Evening Post. tie-tor- NOW WE HAVE CANARY JAZZ Six Thousand Bird, in Hold of Ship, Introduced New Music to New York Dancers. Canary jazz" Is the latest In syncopated music to he Introduced to tne feet of dance lovers. It was tried out In the grand ballroom of the steamship George Washington. The George Washington reached quarantine Just after sundown the other night and was compelled to lay at anchor until the next morning, before proceeding to her Ilohoken pier. Forced to spend another night at sea, the officers of the George Washington arranged a masked ball for the entertainment of cabin passengers. With Miss Regina Ilaller, a dramatic soprano from Cleveland, Ohio, who has been singing abroad, Capt. Harold Cunningham led the grand march. The jazz music from the ships orchestra disturbed the slumbers of some six thousand canaries In the hold. The birds stood the music for a time and then started warbling themselves. The shrill notes of the yellow-coate- d songsters became real raggy, and the musicians In the orchestra ceased their The dancers continued to efforts. glide around the ballroom to the bird music. It proved a great hit and thus was born the canary Jazz. Citizens Military Training Camp Salt Lae, April 6. Word has boeu recoived from Washington that the war department will hold, this summer, three citizens' military training camp in each corps area; that fon the states of Montana, Idaho, Wyoming, Utafi and Neada to b0 held at Fort Douglass, Salt Lake. The cauip will last for ouo mouth from July 27 to August 25 provided congress makes the necessary appropriation to carry out tho war departments plans. There will be accomodations for 1,000 young men from 17 to 27 years of age to attend this camp and it is tho intention to apportion the candidates to the several states and localities in proportion to population so that every section of tho area will have representation. An exception to the age limit is that world war veterans up to 3o years of age may attend. The candidates will be under no expense, tho government is to provide transportation to and from the camp, food, lodging, medical attendance, uniforms and equipment. No obligation for future military service will bo iusurml by candidates attending this camp, but it is hoped that many will become interested in tho war departments plans for adequate national defense and that some of them will eventually join either tho national guard or organized reserves. The object of theso camps is to bring together young men of high type from all sections of the country on a common basis of equality under the most favorable conditions of out door life, to stimulate and promote citizenship, patriotism and and through Americanism; expert physical direction, nthletio coaching and military training to benefit tho yong men individually and bring them to a realization of their obligations to their country.. Accepted candidates aro required to be physically fit and of good moral character, with perferahly, nt least a grammor school education. Before attending the camp, candidates will be required to bo vaccinated .against small pox and typhoid fevers. Where the candidate Is in file vicinity of an army post, or where there are a Mistake 1 Due Stellar. An editor has been inspired, after looking over his list of delinquent subscribers, to compose the following: How deer to our heart is the old silver dollar, , when some kind Subscriber presents it to, view; the Liberty head without necktie or collar, and all the strange things which to g u8 seem so new; tho eagle, the arrows below it, the stairs and the words with the strange things they tell; the coin of our fathers, wo 're glad that we knew it, for some time or other twill come in right well; the spread-eagldollar, the dollar, the old ail-vdollar we all love so well. The Troy Times, widet-preadin- e ' ' - t ' ' 1 Have Built up this Bank unti today It is One of the Strongest Banks in the State i OO'XiOOCOOOOOC'OOOOOOOOCOOOOOOOOOOOOO' 1922 TEAMS SPRINGVILLE TNE 9 SP. FORK JUNE 19 11 AUGUST 14 VUGUST 10 TUNE .JULY TUNE 21 TUNE 30 V 17 TULY 5 JULY 21 JULY 20 M AY Big JUNE 9 MAY .JULY 14 JULY M'TY 19 7 10 21 PAYSON UNE, JULY 24 MAY -- 21 JULY 19 TUNE 28 12 august City TUNE 7 AUGUST MAY JUNE 2 JULY 28 TUNE 39 VUGUST 9 .TUNE 9 TULY 12 MAY JUNE 23 JULY 20 .TUTr 20 ArorsT 11 JUNE 2 i GUST MIDVALE MAY 17 'MAY- - 31 19 JUNE 10 VUGUST HEBER 21 26 .TUNE 23 AUGUST 18 11 Ditty of the Dear Five Per Cent Interest on Savings Account TULY MAY 19 VUGUST 5 V Exchange Savings Bank TUNE 20 7 . Payson TTJLY 1.TTLY half-millio- n oooooooo MAY 31 AUGUST Coming - Desired Service Schedule 9 of 2 7 VUGUST 10 ; , along roadsides, in public parka and wherever there is a housing shortage for birds. Contests between seouts and between patrols and between troops in this handicraft, oeeupy the attention of scouts in many localities during March. - The , bird house fire made and put up es a Gool Tumi, to birds and to the community. Somethese of thing like a constructed homes will carefully doubtless bo mad available to grateful bird fqmiliea this Spring. - We Offer You jThat Servics OPPOSING 10 ' - AND League JUNE 28 True 'to their custom, scouts throughout the country havo boon making bird houses as, part of thir indoor activitiea during the win te-nbird houses of every conceivable rise add design and for every knows bird that likes a houae to liv in, aad up will go these bouses in yards, - I 4 THOUSANDS OF HOMES 0 Hubby What does this mean? I opened a banking account for you last week, and now I learn that it is overdrawn. Wifie Impossible! I have half of the checks gtlU left. Mcggendorfer Blaetter (Munich). , PEOVO 7 BOY SCOUTS TO HBZOT Sound Banking Methods Somewhere. Utah reserves, public health, marine or uaval doctors stationed, theso inoculation., will bo giyeq, hjm ' frw of charge, jj , The war department hag prepared au attractive folder . giving in detail tho requirements for Candida tea and tho duties at these camps, ; These arc of being distributed to principals high schools, chambers of commerce, rotary clubs, American Legion posts, army posts, army officers and various (Similar agencies for issue to ' young men who are interested in this work. A "copy of this folder eau also be obtained by writing to the chief of staff, 104th division, United States . . army, at Fort Douglas poooooooooooooooooooooooooooooooooo Daugherty Won a Dollar. The members of the Bresldents cabinet are not always dolled up In frock coats and silk hats, and on their dignity. When they get together they are real human and sometimes act like schoolboys. As they were flocking out of a recent meeting like schoolboys let loose Attorney General Hurry Daugherty Long-wortNick spied Representative and challenged him to match a dollar. Harry won and brushed aside Nicks proposal to accept 00 cents In cash. Nick, you're a wealthy man and I Insist on the whole dollar, said Harry, and went away proudly jingling four quarters. Central A Faux Paa LINGO h Passing Jay, woke This method would not only maintain the current tn. ic balance, and so tend to prevent further distortion of the exchange, it would also have a beneficial effect upon tho present situation by reducing tho huge excess of exports built up during the last six years, which excess is, itself a prime factor in producing the present disparity of exchange. American investment in foreign securities is the most practical and effective metho, of dealing with the Cheerful Thought. current situation that has been sugTt an not is artificial device gested. humTho Tanks are coming,designed to suspend uniformly tho of economic law.- It is a med the dentist as he prepared for thoroughly sound measure wholly in an extraction. Octopus. - Marks and Brands .TUNE 10 TULY 19 County |