 The World's Honored Watch is Lawn Jeanne. Lawn Jeanne watches have won ten World's Fair Grand Prizes, twenty-eight gold medals and more honors for accuracy than any other timepiece. Lawn Jeanne, the world's most honored watch, is made and guaranteed by the Lawn Jeanne Whittenall Watch Company. It's time for the Lawn Jeanne Chronoscope, a television journal of the important issues of the hour, brought to you every Monday, Wednesday, and Friday. A presentation of the Lawn Jeanne Whittenall Watch Company, maker of Lawn Jeanne, the world's most honored watch, and Whittenall, distinguished companion to the world-honored Lawn Jeanne. Good evening. This is Frank Knight. May I introduce our co-editors for this edition of the Lawn Jeanne Chronoscope? Mr. Donald I. Rogers, an editor of the New York Herald Tribune, and Mr. William Bradford Huey, editor of the American Mercury. Our distinguished guest for this evening is Mr. George A. Sloan, chairman of the United States Council of the International Chamber of Commerce. The opinions discussed are necessarily those of the speakers. Mr. Sloan, I'm sure that our audience would like you to tell us first what is the International Chamber of Commerce? Mr. Huey, the International Chamber of Commerce is a group of national committees of businessmen in some 30 nations of the world. In this country, we have about 400 business firms in the United States. Now, it's an organization of world businessmen designed to promote world trade. That's correct, sir. And designed primarily to promote United States trade? No. An international group designed to promote international trade, movement of trade, free movement of trade across the barriers of different nations. Now, are we today, are we Americans selling a great deal of goods abroad? Not today, as much as we normally would in peace times. I see. Are we shipping a great deal abroad under the aid program? Oh, yes, yes, indeed. And what American industries are most concerned with foreign trades? What American products are going overseas now in the largest quantities? Well, in the export field, I would say normally, your electrical manufacturers, automobiles, the rubber industry, and some textiles, business machines, and so on. Is their resistance abroad to American products coming into those countries? Not resistance on the part of the consumers, I think, is a great desire for many American products abroad, but there's difficulty in buying those products. They like dollars. Exactly. Well, in order for those countries, European countries, France, England, to buy American goods, they must first get dollars, and in order to get dollars, they must first sell their goods in the United States. Isn't that true? That is true. When they sell their goods in the United States, do we not bring about some harm to local industries, to domestic industries? Generally speaking, no, if our entire economy benefits, why it's best for America. I have in mind the wool of Great Britain, or the woolen goods of Great Britain. They constitute the largest single export of Britain to the United States last year. Do not our local woolen and worsted industries object to large imports of British woolen and worsteds? Yes, I think they do. I think you have hit upon an exception to the general rule. You might have picked the cheese industry, and you would have had the same problem. But I think that our reciprocal trade agreement arrangements out of the State Department offers a means of straightening out those problems where they exist. Our people, sir, I believe you will agree, I think a great deal about world trade, and after the two wars why we've had a great deal of experience with it. Now, in your vast experience, sir, is there more enthusiasm in America today for world trade? Are our people interested in trading with the rest of the world more today than they've been at any other time? I should say definitely they are, Mr. Huey. I think if there's any one reason that has brought the need of that world trade home to them more than anything else, there's the heavy tax bill that's necessary for the sending of billions of dollars in relief and grants and economic aid and different kinds. So they're beginning to realize that the only thing that can take the place of that relief is more trade and the selling of more goods to America, will our industries allow that, sir? Will our industries allow that? Yes. Well, where the shoe pinches, as I said before, where it's a matter of serious unemployment in an industry from that kind of competition, why they have recourse through the reciprocal trade arrangement and through our tariff commissions and so on. Now, you are interested and engaged in promoting the total volume of world trade, aren't you? I'm interested in promoting two-way trade, exactly between the free nations in order as a means of preserving the peace. And you regard trade itself as hopeful as possibly contributing to world peace? I can't think of anything that, in a practical way, short of building up armament for military defense, I can't think of anything that's more conducive to world peace. Now, our people, Mr. Sloan, you recall that at the end of the First War, we had something like the smooth-hauled tariff act, and there was terrific resistance in America to world trade. Now, do you think that that resistance has largely disappeared? I don't know that it's largely disappeared. I think that that resistance is greatly lessened, yes. And you think that the principle of reciprocal trade, meaning the principle of accepting that we must trade with the rest of the world, we must let them sell here as well as sell goods to them. Do you think that that's firmly accepted in the United States now? I think it's firmly accepted in all major industries by the leaders in those industries. How about the American consumers? Do you think that they are convinced? Let's call them American taxpayers. Are they convinced that we must have two-way trade between nations? Otherwise, we are going to have to support Europe through such devices as ECA or the Marshall Plan? Well, I think you have given the answer in the latter part of your statement. I think that it's that this heavy aid program we have had through Marshall Aid and so on, which was very essential, has convinced them that there must be some other answer. Is it essential now? Marshall Aid? Yes. Nothing like the extent to which it was in the beginning. I look upon Marshall Aid as very essential pump priming. Well, is it essential to the extent of seven and a half billion dollars as we have appropriated in 1951? I don't think so. I think that it was correct in 1951. But when we hear that the administration is thinking of a similar amount for 1952, I think you're getting away from the principle of pump priming, and I think you are running grave danger there, causing the people abroad to become too accustomed to this help and to get away from self-help. So you, on that point, sir, you are in favor of cutting Marshall Aid approximately in half for 1952. I think the mutual aid program should be cut approximately in half. Now, our American people have always liked to think that we are a self-satisfied country that we don't have to import raw materials. Now, are we importing large amounts of raw materials today, sir? I'm awfully glad you raised that question, because it's one of the strongest proofs of the need of international trade, Mr. Huey. We are absolutely dependent upon imports of tin ore, some 97% of it comes from abroad. We import a very substantial amount of our boxite needs for the aluminum industry, some 47% from abroad, and so on. And we are even importing oil, I believe, today. We are. I can't give you the percentages, but we are importing oil. Is it true that our steel industry couldn't exist without its imports of various minor metals that go into steel? Manganese, about 100% from foreign countries. Without it, we couldn't make it to the end. Not only that, Mr. Rogers, we are coming to the end someday in the future and the not-too-distant future of our iron ore reserves in this country. That's why you see the steel industry going to Labrador today, exploring the possibilities there, and you'll see the U.S. Steel Corporation going to Venezuela. Then this isn't pure altruism on our part. You're certainly not. We're looking out for the United States. We're looking out for Apple Sam and the people of this country. I'm sure that our audience would like your predictions, sir. You don't think that we're going to have anything like a high American tariff at this period deliberately designed to curtail the sales of foreign goods in the United States? No, I don't think so. I don't think we'll ever return to the smooth hauling tariff. You think that we, as a people, we've also reached a period in our development as a nation when many of our resources are being exhausted and we must have raw materials beyond our own geographical boundaries. So you think that it's intelligent selfishness on our part to develop world trade, don't you? Enlightened self-interest, exactly. Turning quickly to the ECA, do you feel that the ECA is being administered adequately, fairly, with competence in Europe? Mr. Rogers, when you say ECA, you mean mutual aid. ECA has such terminated quite recently. I think they've done a remarkably good job. I think, though, that in all of our efforts abroad in the nature of economic aid, we have so many men that have become more or less professionals in this matter of giving away American money. And not American patriotism. Well, and they're losing their knowledge of economics, I'm afraid, and they're not concentrating as much thought on helping those countries to help themselves as they are in just learning how to give away money. Mr. Sloan, I'm sure that our audience has appreciated your view. It was a great deal tonight, and thank you for being with us, sir. The editorial board for this edition of the Lawn Jean Chronoscope was Mr. Donald I. Rogers and Mr. William Bradford Huey, our distinguished guest was Mr. George A. Sloan, chairman of the United States Council of the International Chamber of Commerce. And tonight, I'd like to tell you how to take care of your Lawn Jean Wittner gift watch. First, the winding. Wind your Lawn Jean Wittner watch once each day in the morning before putting the watch on your wrist. Never, never wind it on your wrist. There just isn't room for the fingers, and this uneven pressure can lead to expensive repair bills because of damage due to excessive wear. Now, about setting your Lawn Jean Wittner watch. When you set it, pull the stem out gently, and then turn the hands forward or backward, whichever way takes the least turning. I don't have to tell you not to drop your watch. And please, keep it dry. And I have a special word of caution for the ladies. Face powder and watches just don't mix. Please don't keep your Lawn Jean Wittner watch in your handbag unless the watch is wrapped in tissue paper, and I don't mean cleansing tissue. And the same caution goes for the bureau drawer where you keep your maker. Give it simple care. Take it to your Lawn Jean Wittner jeweler for periodic cleaning, and your Lawn Jean Wittner watch will give you years of faithful and dependable service. It'll become an honored friend that you can trust. To all new owners of Lawn Jean Wittner gift watches, congratulations. And to those who were perhaps disappointed and not receiving one, good luck for the future. Lawn Jean and Wittner watches are made and guaranteed by the Lawn Jean Wittner watch company since 1866, maker of watches of the highest character. This is Frank Knight again inviting you to join us every Monday, Wednesday and Friday evening at this same time for the Lawn Jean Chronoscope, a television journal of the important issues of the hour, broadcast on behalf of Lawn Jean, the world's most honored watch, and Wittner distinguished companion to the world honored Lawn Jean, sold and serviced from coast to coast by more than 4,000 leading jewelers who proudly display this emblem agency for Lawn Jean Wittner watches. 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