Ogden Standard-Examiner | 1920-05-12 | Page 1 | Daniels Hurls More Shots at Sims

f t FUEL! SEES' I GBiESS President of U. S. Steel Cor-poratiorfls Cor-poratiorfls Foreign Trade jB" Convention Speaker B ; REBIRTH OF WORLD B IN PROGRESS, CLAIM H i Either Glowing Prosperity or Bp Stagnation Lies Ahead, iK Experts Are Told Ij SAN FRANCISCO, May 12. The world offers vast opportunities for ' American enterprise. James A. Farrell ' president of the United States Steel J corporation and Chairman of the ; Seventh National Foreign Trade Con- ention told trado exports from all parts of the world here today. His speech, opening a four day international interna-tional discussion of trade, portrayed "Ur conditions in the United States as leading either to stagnation and busi ness rovcrses duo to over-production or to glowing prosperity following dc- ffV'1 velopment of world trade cnanncis. II I The abnormal demand upon Anieri- VL "'-ts- can 'production during the war, he flft& sald- nas beon Projected into the first Itf ' years of peace because of the exhaus- iin tion of the world's resorve stocks, jF.r-t Stagnation Ahead- r 1 "Wc shall be confronted," he said. Ij .1 "in a quite unmistakable way, with j I the fact that wo are able to produce I ! more than we can sell at home. We shall face, accordingly, such an urg- U J ency for foreign trado as wo never ; before experienced. For wc shall find markets abroad for the surplus of our ! industrial productivity, or we shall I ccr.se to produce it. whlc his quito i unthinkable. That way lies stagna- " tion, unemployment and business ro il verses. J "But the world offers vast oppor- m tunlties for American enterprise. A Needs that have been restricted by )M jealous and discordant political par- 1 C'M ties, .material development that has L jjfi: been checked by the inslstanco of j ral narrow spheres of interest will be gov- BLI erned in tho future by broader and RRhII freer conception of international co- ISJ'V' operation than has ever prevailed bc-2s bc-2s ' fore. KJ Furnish New Markets IB There can be no question about the economic rebirth of tho civilized world, for it is already in progress, B. even in places where industrial dis- I tress seems most acute and social dis- H organization mo3t profound. Vast V' undeveloped portions of the world IHji with fertile soil and cheap" labor are entering upon period of rapid devcl-Bi devcl-Bi opmont. They will help supply the H rapidly increasing needs for food- Hi stuffs and raw materials, and they H will at tho same time furnish new I I markets for finished products. Must Work lluru "We may not be ablo to tell the precise extent or fix the exact direction direc-tion of forces that are about to change tho faco of tho world, but wo may faco tho future with confidence by tho exercise of an intelligent foresight fore-sight and by being ready to adjust ourselves to the new course of ccon-i ccon-i omlc development. 1 "We must devote the same sustained sus-tained and intelligent effort to International Inter-national commerce that has produced such wonderful results In our domcs- V tic trado. I B productive capacity during tho war, K coupled with thcchango in our na- fyB ftnal flnanC,al status, might If unin-fnjlgently unin-fnjlgently handled, be tho fore-runner hflj o- distress. But If only it be handled jH with intclllgonce energy and courage, jH there lies in it a vastly greater poton- ?I tiality for general benefit through w foreign trade."