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Show EXPORT TRADE ' s GAUSESGDNGEHN Foreign Business May De-! De-! crease if Adequate Credit: Are Net Established. Chi-.-ago Tribur.e Svial Ser ice. 1 ! V.S IIXGTOX, '-c. 1 1. "T.'.e cx- e-s j uf A merica:i vxpuris over imports has ! grown out of bounds,' in the opinion of ! Philip B. Kenm-dy. whose first annual ; report as director of t'.;e bureau of ir-I ir-I eign and domestic romrueree, department of commerce, was made public tO'iay. I "Tli ere is no tines: ion about the de- mand tor AnKrie.tn goods abroad," s;iys ,Mr. IveniU'dv. "Euro; e i.s still experiencing experi-encing an acute sh.irtage of fo.'d. raw materials and ail kinds of mauularturrd goods. Packing imports to balance our exports, the pertinent question is E;e extent ex-tent to which we can saf.-ly take nil are promises to pay. YYhau-ver one's views about the proper nature of the peace settlement, set-tlement, all may readily see and agree l hat foreign credit a rrange merits a re being be-ing delayed a wailing a more stabilized condition. Pules certain reasonably i adequate credits are soon made to for-, eign countries, our exports may be expected ex-pected to fall off on account of depreciated depre-ciated foreign exchaii'-r. "It is easy to magnify or minimize unduly un-duly the real significance of our trade gains. The observer who ignores the changing value of the dollar and leaves out of considerat ion the unusual demand i and the la-k of competition may conclude i that the ga in is much more subs'.ant tal than It really is. On the ot her ha ud. there is no lack' of writer's who argue that the who In apparent gain is illusory. They emphasize the peculiar advantages that have been enjoyed by our exporters without allowing" for the serious difl'lenl- , ties that have had to be overcome. Our trade has unnu est ion ably been retarded by Lack of shipping, by the trade restrictions restric-tions that still persist, antl, above all, by inadequate means of financing trade. The real situation is midway between the two ex tremcs. The gain in value of exports In 191 !) over PU S was not due solely to an advance in prices, even though there was little or no gain in quantity. 11 is due more to a change in the class of goods exported. ' "For instance, we shipped 'l.iiOO.f'OO tons less of coal in 1919, hut we shipped 5,000,-000 5,000,-000 tons more of wheat and cotton and meat and miscellaneous goods. This substitution sub-stitution of a higher class of goods has had much to do with the gain in value : of exports." i |