New England's New Markets

NEW ENGLAND'S NEW MARKETS

They Must Be Sought For Abroad-The South and West Are Becoming Financially Free and Are Taking the Cotton and Leather Business Away From New England::::

Changes of Moment That Are Now Occurring-Some New Outlet Needed For New England-She Should Be the Head and Center of a Great Foreign Trade Development::::

By FRANK A. VANERLIP, FORMER ASSISTANT SECRETARY OF THE TREASURY

THE MIDDLE STATES, THE MISSISSIPPI VALLEY AND THE SOUTH MAY LOOK FORWARD TO A COMMERCIAL FUTURE WHOSE CONFINES NEED NOT EXTEND BEVOND THE NATIONAL BOUNDARIES, BUT I BELIEVE THAT FOR THE NEW ENGLAND STATES ANY LARGE MEASURE OF FUTURE PROSPERITY MUST BE SOUGHT FARTHER AFIELD.

The south and the west are now in a large degree equipped with the machinery of civilization. They are no longer under tribute for men or products and in great measure are also becoming financially free, the last few years of prosperity having discharged vast indebtedness.

THE REMARKABLE EXPANSION OF THE COTTON INDUSTRY IN THE SOUTH, THE RAPID GROWTH OF LEATHER MANUFACTURE IN THE WEST, TAKING FROM NEW ENGLAND ITS PROMINENCE IN BOTH FIELDS, ARE BUT TWO ILLUSTRATIONS AMONG MANY.

New England is deeply concerned in the change. It is impossible to conceive that her industries are to be permitted to decline, and still, if there is to be such radical modification of commercial and industrial lines, does it not inevitably point to the necessity for New England looking toward new fields?

New England's bank capital is not increasing. Her bank deposits are taking slow steps forward, compared with the gigantic strides which the country elsewhere has shown. Her Stock Exchange shows no great evidence of new corporate development within New England itself. Conditions which have made the great industrial growth of New England possible are changing.

THE MARKETS UPON WHOSE CONTRIBUTIONS NEW ENGLAND HAS THRIVEN ARE DECLARING INDEPENDENCE, AND EVERY ONE OF THESE INDICATIONS, IT SEEMS TO ME, POINTS TO THE NECESSITY FOR SOME NEW OUTLET FOR HER MANUFACTURED PRODUCTS.

Such outlet is to be found in foreign markets. It seems to me that New England is so situated that the head and center of a great foreign trade development should be found here.