Show B Blames Europe V c V S 5 5 3 S 1 4 5 S S James A. A Farrell FOREIGN TRADE HOPES BRIGHTER Farrell Sees Substantial Progress in Solving World Problems Br mr Associated Press PITTSBURGH April 26 The 26 The convention of ot th the N Nat Na- ri f F Foreign Tra Trade Trac e council un uncil ii opens ons ope-ns ope in hi an atmosphere of ot more confident assurance regarding the future than has prevailed at any time during the past three years Chairman James A. A Farrell today told 1000 delegates and visitors We are arc in a transition stage that promises substantial progress toward international understanding and settlement settlement settlement set set- of major questions bearing up the world economic situation he de de- de dared Our manufacturers have not lost their skill or their capacity to produce produce produce pro pro- duce on a competitive cost basis With the revival of bU buying ng abroad our exports o of finished manufactures will a again ain be in demand and constitute constitute tute a chief chic item Hem of ot our export trade The most pressing need at present is the establishment of sound currencies currencies currencies curren curren- cies in all countries As father of the convention which he helped found while president president President dent of the United States Steel corporation cor cor- Mr Farrells Farrell's annual speech gathered with much care and revised to conform with kaleidoscopic events of the past week was the highlight of the opening of the three-day three conven conven- tion BLAMES EUROPE Farrell lard laid much of ot Americas America's trade plight to failure of Great Britain Britain Brit Brit- am ain and other European countries to Continued on Pare Pate Two I FOREIGN TRADE I HOPES BRIGHTER Continued From Prom Pace Page One adapt mechanics of ot industry to the new industrial or order er and to adoption adoption adoption tion of various artificial devices for resuscitation of their commerce These devices have proved to be secondary exciting causes that now constitute the chic chief problems with which a world economic conference has to deal in an effort to harmonize national policies he said aid The devices device he described as a vicious circle created by depreciated currencies exchange controls embargoes embargoes em em- on imports quotas and other fantastic schemes which operate in restraint of international trade Farrell contended that tariff is nota not a n major issue today citing that England En En- gland in reversal of her fiscal policy with protective tariffs tariUs now averaging 33 3 3 1 per cent has not has not solved this problem T TARIFF RIFF NOT ISSUE I Are Arc we not justified therefore In claiming that the tariff law of or the United States is not a major L issue ue in discussion of the causes of world trade stagnation he asked Defending America as a a creditor nation Farrell said the government and private investors have loaned 30 billions of dollars abroad while tourists spent an average of annually If these factors have ceased to operate he said defaulted loan services services services ser ser- vices have dried up the American market I 1 feel I do not speak for myself alone when I say that our national trade interests should be safeguarded against any further exploitation of American generosity part of the treasury's effort to keep France on the gold standard Despite official assurances that the franc is not in danger financial and economic experts were vere quick in pointing pointIng point point- ing out the difficulties France will encounter in maintaining her present monetary policy Former ormer Minister Bertrand Nogaro a professor of political political po po- po economy revealed that despite despite de de- de- de spite a loan of five milliard francs to cover a budget deficit was there-was stilla still a heavy treasury deficit Its Us an error to make the country believe our monetary position cannot be attacked an article in La lique generally genes regarded as as the mouthpiece of f Premier Edouard Da- Da ladler said |