Show o THA TRADE E EC C CONCLAVE GATH GATHERS I 2 1 eel el Corpor Corporations Corporation's s Exe u- u tive Sounds Sounds' Keynote of National Convention ijA ij d dAX or A AX FRANCISCO 1 I. I More n 2000 delegates delegat s' s strom from all ll parts ts of ot States I and nd pt er commer- commer I nations w were re a assembled here today t the e opening of the seventh an- an alt convention of ot the national forn for which li will extend n IT trade ln cO tour four days r ames A. A Farrell Farrell p president of of t the e eted ted States Steel Stee corporation and Irman of the national trade n n open opened d tb thy the s today L. L with 1 address ethe h general topic of the th convention he f 8 The Et Effect ct of Being Beng a Ci- Ci Creditor Won kt on n. n v ADDRESS SS The fihe h world o opportunities American r enterprise enterprise- said Mr Far- Far uLti Inri his address s lie Jef 1 portrayed con con- Lions in the United S States Spates t s as le lead lead- r ither to stagnation io a and nd business verses due t to tb overproduction d or to aging prosperity following develOp develOp- it ot world frade tr channels s. s The fhe abnormal eni nd Upon Amen I reproduction production n during during- 1 war he said I 1 e been projected project d Into the first years I peace because e of ot u She exhaustion of re reserve erve stocks W shall be said in suite quite unmistakable kable way wa with the fact tact tacta a fit we e are ai able je t tb to pr produce p du e. e more than can sell sel at home We shall face cordingly such an an urgency for for- for rade afe as we never never before tn ced For either shall find tind marts mar mar mar- Is ts broad abroad the th surplus of our or i W- W et gal al productivity Ity or we shall cease produce it which is quite l Lee That wa way li-es li sta stagnation un nn- I T and business business reverses reverses- I GENERATION IN PROGRESS I Set BiTt t the world offers vast I for tor American enterprise Needs I ti pave have been en restricted by jealous Id I discordant political al parties mafa ma- ma fa a J. J f. f development that has been irked by the insistence jon on narrow ekes eres of ot interest will b be governed fh h future by broader and freer con- con p ons of ot international cooperation 5 ever prevailed before here re can be no question about the rebirth of the civilized world j i t s already in progress even in inces ces wh where re industrial distress seems seems seems' st acute and social disorganization oat profound st Vast undeveloped pores porn por- por n es of the world with fertile soil ld I heap cheap labor are entering upon period of ot rapid development They I I 1 help supply the rapidly iJ needs eds for foodstuffs and raw ma- ma rials and and they will at the same time nish new markets for tor finished rt d ducts ts ENORMOUS Ce may not be lie able able to to tell the pre pre- pre j extent or fix the exact lion ion of ot the forces that are about ch change the ta face e of of the world but pay ar face the future with eDby the exercise of an t and by being ready to toju tout ju jUl ut t ourselves to the new course of development w We must devote the same sustained I l effort to international that has produced such I ld l results in our Domestic i Ie t IThe development of ot our industrial I q uJ tive capacity during during- the war Spied pled with the change in our na-I na nan nanal na- na I n nal financial status BLatus might ie un- un the forerun forerun- handled be rl distress But if it only it be hanI han- han I with Intelligence energy and cour- cour there lies in It a aa a vastly greater reater te 1 laI lY for tor general benefit through j reign ign trade c |