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REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,

railway rates, and have combined their land and ocean transportation
 facilities to give their shippers ready entrance into overseas
 markets. The United States, on the contrary, has neglected its
merchant marine until it is dependent upon its commercial rivals to
leliver its goods. In consequence the transportation of its products
's now largely controlled by powerful international combinations of
foreign shipowners, who discriminate against American shippers.
Realizing the necessity of banking and credit facilities to finance
‘heir transactions, foreign nations have not only established connections
 - with banking housés in every land, but have established
oanks of their own in all parts of the world. Banks with their
main offices in London, Berlin, Paris, Rome, and Vienna operate hundreds
 of branches and agencies in South America, the Orient, Ausiralasia,
 the Levant, all around the coast of Africa, and far within
the interior. They give the foreign exporter information, extend
sredit, finance his transactions, and constantly strive to increase the
foreign business of the mother country. The few foreign branches
of American banks have but recently been established, and in most
markets the exporters of this country must depend on foreign bankers.
Though now increasing, American investments abroad are comparatively
 small. British, French, German, and other foreign
traders, on the other hand, enjoy a peculiar advantage from the billions
 of dollars of investments made by their fellow nationals in for-2ign
 countries, frequently on the express condition that supplies and
equipment should be purchased in the country furnishing the funds.
British and German investments in South American railways and
public utilities, French investments in Turkey, and Japanese investments
 in China and Manchuria are typical examples. In consequence,
 American manufacturers have frequently found it impossible
 to sell their products abroad because the prospective customer
was forced to purchase from or through interested investors.
Shipping facilities, banking and credit arrangements, investment
of capital abroad, and effective organization of exporters for united
action, are all of great importance in international trade. Of some
of these matters, other branches of the Government have special
jurisdiction. The Federal Trade Commission, in accordance with
the specific authorization in the act creating it, has especially
directed its investigation to the effect of foreign combinations on
the export commerce of the United States.

FOREIGN COMBINATIONS COMPETING WITH AMERICAN EXPORTERS.

In seeking business abroad American manufacturers and producers
must meet aggressive competition from powerful foreign combinalions,
 often international in character. In Germany, Italy, Switzer-