Speech #740247071

In the past year. still further gains were registered and. with imports valued at 2.566.762.000 yen and exports at 2.547.615.000 yen. foreign trade was even greater than in the previous record year of 1925. The penetration of Japanese goods into new markets and their successful competition with the products of other exporting nations have aroused widespread interestin some quarters decided concern. "What Japan has done is to take advantage of depressed economic conditions throughout the world to offer relatively cheap goods which have had a special appeal because of reduced purchasing power. In some Instances this has meant an invasion of markets of higherpriced goods: in others. it has created a market where none would otherwise exist." The reduced purchasing power will be continued just as long as we permit our factories to be closed or working on part time. with millions of the unemployed walking the streets. while at the same time the industries and those holding jobs are taxed to provide a dole and for the creation of artificial employment. just as long as we permit our markets to be swamped with the coolielabor products of Japan and European cheaplabor countries. In the pottery industry alone. its 20odd thousands of normal employment. receiving 3 to 4 times that of the highest wages paid in the world for similar work and 10 to 20 times that paid in Japan. if permitted to be fully employed. would with their pay envelopes increase purchasing power to that extent. If 50 percent of the competitive pottery from Japan permitted to be dumped on our markets was added to the domestic production. there would not be an unemployed potter in the United States or an idle plant.