Word: murchisons
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Last spring it was evident that a reciprocal treaty with Japan would take a long time to arrange, yet it might not be long before the problem of Japanese imports became feverish. President Murchison left his house in Georgetown one day to smoke a pipe with his old friend. Assistant Secretary of State Francis Bowes Sayre, onetime trade adviser to the King of Siam, later a criminal law professor at Harvard. Level-headed Mr. Sayre and long-headed Dr. Murchison agreed 1) that the Japan Cotton Spinners' Association, whose members own 98% of Japan...
...boat upon which [we] stood was riding the waves buoyantly enough," said Dr. Murchison last week, "but I suspect that in the hearts of each one of us we had a feeling of being already sunk. . . . We saw in perspective a nation committed to a social and economic program which made its costs of manufacture emerge from the level of world costs as the tip of Pikes Peak emerges from the surrounding Rockies. . . . Yet it was a nation engaged in the promotion of trade liberalization. . . . We did not know at this time that, within a few days, we would...
...What Dr. Murchison & colleagues did was done with Occidental rapidity in less than ten days. Between entertainments of feudal courtesy and visits to the great clean mills of Osaka, they persuaded the Japanese textile barons to call an immediate halt on U. S. business, establishing as the quota for this year just 155,000,000 yd. of cotton piece goods, exactly the amount of business booked for U. S. delivery three days preceding the agreement. The surprisingly tractable Japanese further agreed that the situation in 1937 was abnormal, accepted a quota of 100,000,000 yd. for 1938 with...
Last week elated President Murchison summed up the accomplishment thus: "The American side now has security and stability where formerly there existed the threat of immeasurable and overwhelming competition. They are likewise saved from the expense, the discomfort and the misinterpretations, the recriminations, the bickerings and the hazards involved in a campaign of political action. . . . On their side, the Japanese will have for the years 1937 and 1938 a volume of business greatly in excess of any previously enjoyed in the American market. . . They are also freed from the danger of tariff increases or other forms of restrictive legislation...
Furthermore, Japan had gained a potent friend in hostile business territory. How valuable this friendship might prove was indicated last week when Dr. Murchison urged U. S. importers to handle Japanese quota goods "without hesitation...