Music Trade Review
Issue: 1919 Vol. 68 N. 2 - Page 5
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
JANUARY 11,
1919
THE MUSIC TRADE
REVIEW
THE DEVELOPMENT OF EXPORT TRADE
(Continued from page 3)
the attitude was "this is what we offer, and the form in which we offer it. Take it or leave it." Naturally the
great majority of the Hindus decided to leave it.
Similar reports have come from other countries as to the unwillingness of many American manufacturers
to change their models to meet the popular taste. The secret of the success of European exporters has been the
fact that they acted on an entirely opposite basis, finding out the desires of the market and then meeting those
desires.
American piano manufacturers have for the most part much to learn about the handling of export trade,
but opportunities for learning are becoming more plentiful every day as are the opportunities for getting a full
share of foreign trade if it is gone after properly.
Bright Future Now Awaiting the Export Piano Trade
A. V. W. Setley, Assistant Treasurer of the Estey Piano Co., New York,
Points Out the Many Profitable Opportunities Which Await American Piano
Manufacturers Who Prepare For and Develop Trade With Foreign Countries
[Mr. Setley in writing the accompanying article on the
future of the export trade in pianos bases his statements
chiefly on personal experience, inasmuch as the Estey
Piano Co. have been developing their export trade for a
number of years, and their pianos have been shipped to
practically every country in the civilized world. His out-
line of the requirements and the method of handling export
trade is, therefore, to be accepted as authoritative.—Edi-
tor's Note.]
The future for the development of export
trade for pianos was never so bright as at pres-
ent, and it behooves every progressive manu-
facturer to take advantage of the opportunity
knocking at his door. Situated as we are in
the United States v/ith every facility to suc-
cessfully manufacture and market our product,
piano manufacturers should be quick to grasp
the situation and give serious thought to the
control of the piano trade which Germany for-
merly enjoyed. An abundance of the necessary
raw material, combined with skilled labor and
manufacturing equipments second to none, gives
the United States an advantage few other coun-
tries possess. Altogether the situation is ideal
for American manufacturers to enter the ex-
port field or expand their present trade.
G. A. O'Reilly, of the Irving National Bank,
used words to this effect at the recent foreign
trade convention in speaking on the question of
greater foreign trade:
"It is only within very recent times that as
a nation we began to think seriously of for-
eign trade and foreign trade problems. The
manufacturer in his operations has had in mind
only a purely domestic demand. His product
was American, not only in its origin and in the
methods and processes involved in its produc-
tion, but also in the intention back of it. The
requirements of foreign fields were considered
as something apart from the real business of
manufacture, and possible demands from these
fields, which in one way or another might make
themselves heard, could be supplied, it was as-
sumed, from a surplus product which might re-
main after the local domestic demand had been
supplied."
This describes the situation to some extent
in the piano trade, and while a certain amount
of export business is bound to come to us all, a
well-planned campaign carefully followed up will
develop this trade to worth-while proportions,
because it must be remembered the stocks of
the piano dealers of the world who depended
largely on Germany have been greatly depleted
during the past four years, and there never has
been a time when conditions were better for the
American manufacturer to step in and supply
the trade with well-made, dependable instru-
ments than at present. Nothing stimulates
business like competition, and if the manufac-
turers of this country who heretofore confined
their efforts to domestic trade will give some
attention to exporting, the entire industry will
be benefited and much good will result in help-
ing place the United States firmly on the map
A. V. W. Setley
as the great center of the world for piano manu-
facturing.
Suitable models designed to meet the require-
ments of our foreign friends are necessary in
the development of this trade, and descriptive
circulars or catalogs should be issued in the
proper languages of the countries for which
they are intended in circularizing and placing
your product before the dealer. A certain
amount of judicious advertising in some of the
foreign trade journals will also be of assistance
in getting your name established; in fact, the
essential features do not differ greatly from the
requirements of conducting a successful domes-
tic business. Correspondence, like printed mat-
ter, should be translated in the proper language
with your message definite and exact in every
detail, calling to mind in most instances that it
takes anywhere up to a month to forty days for
a letter to reach destination. Prices and terms
should be clearly stated, whether f. o. b. New
York or c. i. f. destination, although the pres-
ent unsettled freight rates make it imperative
to quote f. o. b. New York prices only until
such time as the freight rates are stabilized.
Letters of credit should in all cases be de-
manded by the manufacturer before shipping to
a dealer whose credit rating will not permit of
credit favors being extended. It is then an
easy matter, by carefully. complying with the
terms and conditions outlined, for the shipper to
present his documents to the stipulated bank
and receive payment in full. If no letter of
credit is provided, the payment is usually se-
cured by draft on consignee attached to the
documents. These drafts, assuming the stand-
ing of the manufacturer is good, can be readily
negotiated through the banks and the proceeds
received at once. Drafts are generally drawn
either at sight or up to ninety days in accord-
ance with the terms quoted. When the banks
buy these drafts, it is always with the under-
standing that there will be recourse to the
drawer in event of default, but this, of course,
is only the ordinary liability which is always
assumed by the endorser of any negotiable
papers.
It is also well in quoting prices to clearly stip-
ulate that payment is to be made in United
States currency, and that all charges for ex-
change, interest or collecting will be for the ac-
count of the purchaser.
Unless a manufacturer is already doing suf-
ficient export trade to warrant an export de-
partment, it is well to employ a forwarding
agent. There are a number of these agents of
good standing and responsibility who are ex-
perienced in handling foreign shipments in every
detail, and can assist and direct their clients in
many ways at a nominal cost to them.
The United States stands out before the world
to-day as a country of vast resources and tre-
mendous commercial power. Shipping facilities
are in course of development for our increased
needs, while our national banks are extending
their foreign service and our position as the fore-
most financial power is assured, all tending to
emphasize the fact that the opportunity for
trade expansion is here and piano manufactur-
ers of this country should be on the alert to
profit thereby.
For over 25 years Specialists
in high grade Piano Cases
Paterson Piano
Case Co.
PATERSON, N. J.
JANUARY 11,
1919
THE MUSIC TRADE
REVIEW
THE DEVELOPMENT OF EXPORT TRADE
(Continued from page 3)
the attitude was "this is what we offer, and the form in which we offer it. Take it or leave it." Naturally the
great majority of the Hindus decided to leave it.
Similar reports have come from other countries as to the unwillingness of many American manufacturers
to change their models to meet the popular taste. The secret of the success of European exporters has been the
fact that they acted on an entirely opposite basis, finding out the desires of the market and then meeting those
desires.
American piano manufacturers have for the most part much to learn about the handling of export trade,
but opportunities for learning are becoming more plentiful every day as are the opportunities for getting a full
share of foreign trade if it is gone after properly.
Bright Future Now Awaiting the Export Piano Trade
A. V. W. Setley, Assistant Treasurer of the Estey Piano Co., New York,
Points Out the Many Profitable Opportunities Which Await American Piano
Manufacturers Who Prepare For and Develop Trade With Foreign Countries
[Mr. Setley in writing the accompanying article on the
future of the export trade in pianos bases his statements
chiefly on personal experience, inasmuch as the Estey
Piano Co. have been developing their export trade for a
number of years, and their pianos have been shipped to
practically every country in the civilized world. His out-
line of the requirements and the method of handling export
trade is, therefore, to be accepted as authoritative.—Edi-
tor's Note.]
The future for the development of export
trade for pianos was never so bright as at pres-
ent, and it behooves every progressive manu-
facturer to take advantage of the opportunity
knocking at his door. Situated as we are in
the United States v/ith every facility to suc-
cessfully manufacture and market our product,
piano manufacturers should be quick to grasp
the situation and give serious thought to the
control of the piano trade which Germany for-
merly enjoyed. An abundance of the necessary
raw material, combined with skilled labor and
manufacturing equipments second to none, gives
the United States an advantage few other coun-
tries possess. Altogether the situation is ideal
for American manufacturers to enter the ex-
port field or expand their present trade.
G. A. O'Reilly, of the Irving National Bank,
used words to this effect at the recent foreign
trade convention in speaking on the question of
greater foreign trade:
"It is only within very recent times that as
a nation we began to think seriously of for-
eign trade and foreign trade problems. The
manufacturer in his operations has had in mind
only a purely domestic demand. His product
was American, not only in its origin and in the
methods and processes involved in its produc-
tion, but also in the intention back of it. The
requirements of foreign fields were considered
as something apart from the real business of
manufacture, and possible demands from these
fields, which in one way or another might make
themselves heard, could be supplied, it was as-
sumed, from a surplus product which might re-
main after the local domestic demand had been
supplied."
This describes the situation to some extent
in the piano trade, and while a certain amount
of export business is bound to come to us all, a
well-planned campaign carefully followed up will
develop this trade to worth-while proportions,
because it must be remembered the stocks of
the piano dealers of the world who depended
largely on Germany have been greatly depleted
during the past four years, and there never has
been a time when conditions were better for the
American manufacturer to step in and supply
the trade with well-made, dependable instru-
ments than at present. Nothing stimulates
business like competition, and if the manufac-
turers of this country who heretofore confined
their efforts to domestic trade will give some
attention to exporting, the entire industry will
be benefited and much good will result in help-
ing place the United States firmly on the map
A. V. W. Setley
as the great center of the world for piano manu-
facturing.
Suitable models designed to meet the require-
ments of our foreign friends are necessary in
the development of this trade, and descriptive
circulars or catalogs should be issued in the
proper languages of the countries for which
they are intended in circularizing and placing
your product before the dealer. A certain
amount of judicious advertising in some of the
foreign trade journals will also be of assistance
in getting your name established; in fact, the
essential features do not differ greatly from the
requirements of conducting a successful domes-
tic business. Correspondence, like printed mat-
ter, should be translated in the proper language
with your message definite and exact in every
detail, calling to mind in most instances that it
takes anywhere up to a month to forty days for
a letter to reach destination. Prices and terms
should be clearly stated, whether f. o. b. New
York or c. i. f. destination, although the pres-
ent unsettled freight rates make it imperative
to quote f. o. b. New York prices only until
such time as the freight rates are stabilized.
Letters of credit should in all cases be de-
manded by the manufacturer before shipping to
a dealer whose credit rating will not permit of
credit favors being extended. It is then an
easy matter, by carefully. complying with the
terms and conditions outlined, for the shipper to
present his documents to the stipulated bank
and receive payment in full. If no letter of
credit is provided, the payment is usually se-
cured by draft on consignee attached to the
documents. These drafts, assuming the stand-
ing of the manufacturer is good, can be readily
negotiated through the banks and the proceeds
received at once. Drafts are generally drawn
either at sight or up to ninety days in accord-
ance with the terms quoted. When the banks
buy these drafts, it is always with the under-
standing that there will be recourse to the
drawer in event of default, but this, of course,
is only the ordinary liability which is always
assumed by the endorser of any negotiable
papers.
It is also well in quoting prices to clearly stip-
ulate that payment is to be made in United
States currency, and that all charges for ex-
change, interest or collecting will be for the ac-
count of the purchaser.
Unless a manufacturer is already doing suf-
ficient export trade to warrant an export de-
partment, it is well to employ a forwarding
agent. There are a number of these agents of
good standing and responsibility who are ex-
perienced in handling foreign shipments in every
detail, and can assist and direct their clients in
many ways at a nominal cost to them.
The United States stands out before the world
to-day as a country of vast resources and tre-
mendous commercial power. Shipping facilities
are in course of development for our increased
needs, while our national banks are extending
their foreign service and our position as the fore-
most financial power is assured, all tending to
emphasize the fact that the opportunity for
trade expansion is here and piano manufactur-
ers of this country should be on the alert to
profit thereby.
For over 25 years Specialists
in high grade Piano Cases
Paterson Piano
Case Co.
PATERSON, N. J.
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