 It's time for the Laun Jean Chronoscope, a television journal of the important issues of the hour, brought to you every Monday, Wednesday, and Friday. A presentation of the Laun Jean Wittner Watch Company, maker of Laun Jean, the world's most honored watch, and Wittner, distinguished companion to the world-honored Laun Jean. Good evening. This is David Ross. May I introduce our co-editors for this edition of the Laun Jean Chronoscope? Mr. William Bradford Huey and Mr. Carl Hess, press editor of Newsweek Magazine. Our distinguished guest for this evening is Mr. George A. Sloane, chairman of the United States Council of the International Chamber of Commerce. Mr. Sloane, it's a pleasure to have you with us again on the Chronoscope. Our viewers will remember that you're the man who comes on and tells us how to increase world trade and how perhaps we can promote world peace through world trade. Tonight, sir, we have a new administration coming up in Washington, and I'm sure that our viewers would be interested in your ideas about what is likely to happen under this new administration. Now, first, sir, a great deal has been said recently about a policy of trade, not aid, a policy whereby we might cut down some of our foreign aid if we traded more. Now, just what is the meaning of that slogan, sir? Well, Mr. Huey, the meaning of the slogan is that we would be better off and the free world would be better off if we could have more world trade and less charity from America. Perhaps it would be better if we would rephrase that phrase and call it two-way trade, not one-way aid. In other words, there's plenty of demand for what we have to sell, but the problem is how to get more dollars abroad, isn't it? Well, does that mean how to get more dollars abroad so more purchases can be made from us? That would be one resulting benefit, certainly. How does this impinge upon the aid programs our shipping of dollars abroad? Well, of course, I think we've reached the point, Mr. Hess, where we can't go on, certainly indefinitely, with these huge appropriations for foreign aid. And fortunately, the European countries have reached the state of mind where they don't want continued charity. They would much prefer to trade with us. You know, this expression, Mr. Huey referred to, came from R.A. Butler, the Chancellor of the Exchequer in Great Britain in the spring. He was the one who started this trade, not aid idea, and it spread all over Europe. And now it's back in this country we hear it only this week. Well, now, the principal problem is how we can purchase more goods that are manufactured abroad, isn't that true? That's exactly. And you have, I believe, the National Association of Manufacturers has endorsed this trade, not aid. Now, doesn't it seem strange that big businesses, big American businesses like General Motors, for instance, should encourage American people to buy more foreign manufactured goods? Well, I don't know that General Motors has come out and advocate them to buy more foreign cars, but I think it's fair to say, and I'm sure it's what you mean, that the automobile industry in general, favors two-way trade. Well, what will be the effect of two-way trade on these industries? Well, first of all, let me say that the effect of two-way trade would be beneficial to our entire economy, and it would mean lower costs for the American public of many things they can buy. After all, we would still compete with these foreign producers, and no one is advocating that we remove all trade barriers, that we go to free trade. What we're advocating is that there should be a scientific approach to this whole problem, and there'd be a gradual lowering of these trade barriers. What can the new administration accomplish this? Oh, well, there are a number of things that must be done. I am very hopeful that in the early days of the new administration, you will see General Eisenhower insist on consolidating some 10 or 12 emergency foreign economic agencies into one group, and preferably under one roof and under one department, with cabinet status. What department would you like to see it consolidated under? Well, I would much prefer to see it consolidated under the United States Department of Commerce. You mean that would put a man like Mr. Stassen out of a job? Oh, not at all. Of course, I have the highest respect for Governor Stassen. Mutual security has been a very, very important activity in the present administration. It can't be stopped overnight, but I should hope that Governor Stassen would begin to do a good liquidating job with mutual security. Well, now, to particularize, sir, our viewers are interested in several things. Number one, some of them may be interested in lower taxes. They want to see this new administration cut taxes in this country. Now, can foreign trade help us to cut taxes? Mr. Hewitt, I don't know of any other way that we can affect a substantial reduction in taxes in the immediate years ahead without reducing these huge appropriations for foreign aid. And I don't know how we can do that unless we are going to begin to take more products from these countries, unless we accept more imports. Well, now, these products coming into this country, we have to reduce our tariffs, don't we, in order for those more products to come into our country? Well, that would be part of the program. We also have to have less restrictions in the way of import quotas. But the Republican Party has always stood in the public mind for high tariffs. Do you mean to say that you expect the Republican administration to start going back to Mr. Hull's reciprocal trade and start cutting tariffs? Mr. Hewitt, let me say this. I've discussed these problems at great length with General Eisenhower in Europe last winter and last May. He has a wonderful grasp of these problems, and I believe that he goes along with the suggestions made here this evening. And the American public, after all, is just elected General Eisenhower, and I should hope that the American public would help him see that his program is supported by the Congress. But isn't there some public fear of unemployment as a result of this sort of lowering of tariffs? Well, perhaps, and I think that's due to lack of education on our part. I don't think that we should stop with education when some particular issue is up before the Tariff Commission or before Congressional Committee, where we go up or where a Department of Government goes up on the hill, we'll say, and argues against a particular lobbying group. I think there must be continuing education in America. Well, are you in favor, for instance, sir, of Japan selling more manufactured products in the United States? I think we must accept more Japanese products in the United States. After all, Japan today is the rock of Gibraltar for the United States and the Pacific. Japan can't look to China for its markets anymore, Japan has to live, and a country can't be of much help to us than the rest of the free world unless they have a sound economy, and Japan has to trade to live. Well, now, what about our viewers, though, who may be afraid of losing their jobs because of Japanese products coming into our country? Is there any ground for such fear? Mr. Huey, I don't know of a single instance where a nation has suffered by increased imports. But we could watch that. We could watch it very carefully. Let's gradually reduce these tariffs. Let's gradually remove the tariffs. You're not for unrestricted free trade. What is the attitude in Europe toward this idea? The attitude in Europe, as I tried to make clear in the beginning, they want to trade with us. They don't want more of this economic aid, which they call charity. Would this call upon them to impose new restrictions upon their economy? Oh, I see what you mean. I don't think we can succeed in this great effort to remove barriers throughout the free world in getting world trade started without cooperation on their part. I think that what we're suggesting here is just an example of what must happen all over the free world, and especially in Western Europe. And I think they're prepared to move. I think they'll follow our leadership. What concrete indications are there? Well, there's a very definite feeling in Western Europe today that they should move toward the free convertibility of currencies. They can't do it until they get their economies in better shape. It's a matter of wheels within wheels. One way to get their economy in better shape is to sell more for American dollars. I have great hopes that we're going to actually have free convertibility of currencies within the next year or so. What about peace, sir? Do you think that trade, such as your advocating, will contribute to the movement toward peace in the world? I can't think of anything that would contribute more to the peace of the world, Mr. Huey. We can't have peace. We can't have security until we have strong economies among our allies. There's a final question, sir. Those of our viewers who should share your views and who want to promote world trade, what can they do now to help our government actually encourage more imports in the United States? Well, I think the public is going to be very keenly alive to what General Eisenhower, President Eisenhower, is going to recommend as soon as he takes office. And unless I'm mistaken, he's going to move in these directions. And when the public sees him move in these directions, the public which supported him, I think will support him before Congress. Now, Congress will probably oppose or some segments of Congress will oppose the lowering of tariffs on certain products. Oh, obviously that is true, but I don't think that the Congress, I don't think that a sufficient number of congressmen will oppose such a move if they know the public wants it done. Congress, after all, is very sensitive to public feeling. Well, thank you very much for being with us this evening, sir. The opinions you've heard our speakers express tonight are entirely their own. The editorial board for this edition of the Longeen Chronoscope was Mr. William Bradford Huey and Mr. Carl Hess. Our distinguished guest was Mr. George A. Sloan, Chairman of the United States Council of the International Chamber of Commerce. The problem of selecting a Christmas gift of great prestige for someone near and dear is most happily solved with a Longeen watch. 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