Show FOREIGN CREDITS CREDITS' I CURE SUGGESTED Finance Corporation Head Favors International Securities ties l Market i Dj Associated Pre Pe New ew York York Jan C. C Establishment of oC an international nt public market for Cor In International International international In- In securities as tho the most normal normal normal nor nor- mal and expeditious means of providIng providing provid provid- ing the war-stricken war coun countries of ot Europe Europe Eu Eu- I rope ropo with term long credits was recommended rec roe I tonight by E Eugene Meyer Jr mana managing sIng director of ot the war fi finance fl- fl Dance nance corporation in an on address be before before be be- fore foro the tho Associated Foreign Press correspondents cor cor- respondents Assuming he asserted as as seems clear from the annual report of oC the secretary of ot tho the tr treasury that credit from the United St States tea is no longer desirable s e or obtainable t n Jc except n n cases if Ti I I ce Mt e i J I LIL u L-JL L Ul of ot credit left from America Credit from banks credits from Industrial and commercial sources es and credits obtainable obtainable obtain obtain- able from the tho Investment market In thi tills country Bank Dank credit credit Is necessarily term short-term credit and ana an totally Inadequate to meet existing existing- difficulties he ho explained al although although al- al though the Edge Edgo bill recently passed by Jy Congress Cons is desi designed ned to facilitate the creation of ot lon term long term credits of ot ofa ofa ota a kind appropriate for tor foreign trade trado under present circumstances Situation Outlined Commercial credits also are arc being ar arranged arranged arranged ar- ar ranged In considerable amounts lie ho fald some Home of ot the Industrial companies apply applying ng for and getting their funds lunda from tho the war finance c corporation Reconstruction Reconstruction Re Re- construction loans are aro already arranged arranged ar ar- ar ranged for tor arid and total divided equally between pur purchases of or tural machinery locomotives and electrIcal elec elec- machinery Credits obtainable in the tIre Investment market Mr Meyer Ie er continued should be he the tho mO most t Important source of or as assistance assistance as- as if It it can be bo enlisted on behalf be- be half halt of or the situation on a larger Jarger scale scalo A numb r of loans Joana payable In lars dollars alread already have havo been heen hUlU Issued d in this this- coun- coun coun cohn- fry ry and this is one good method by y which the American investor It la Is help- help IrH lug Ing But one ono method Is fH not sufficient and for some somo time I 1 have been advocating adv o o- o cating Ung tho the opening of ot our public ma markets mar mar- under proper safeguards ards n not nhe only to those dollar loans bu but t to t the he internal loans of at foreign countries Protection Demanded In yearn carn past when the tho Unit United ed cd States Staten nc needed c foreign capital Euro Europe po poca 0 bought ht our American dollar securities ca 08 8 and It was waa only aa at an exception th that lat iSit a t the tho American borrower wag vas called up upon on to issue hl his obligations on tho the Ic foreign for tor- r- r eign currencies American Investors are arc accustomed accustom ed to certificates engraved and certified ed cd tJ 1 by r responsible transfer agents for tor pu purposes pur pur- ir- ir poses posca of ot protection and there hero Is no noho nor r reason neson why they thoy should not ot got t tho ho hond protection b by American hankers a afi and nd iid tru trust t companies Issuing local certificates corti fl- fl cates at 8 which represent foreign fi- fi V I cat cats cates Any ny dealer denIer In 1 rl- rl a l I tics ties should be c able to buy uy these Ic tora for for- tr- tr r- r I J Continued on page 2 J W CREDIT TO EUROPE REMEDY SUGGESTED Continued from Pa Page Pape L securities In tho the open markets of or Europe and at a a. moderate charge to o ha his European certificate exchanged ex exchanged ex- ex changed for tor an American one ono which would be bo soo good for tor delivery ery In our mar mar- hots The results would be Furnish Furnish- ing InS through the Investment m mar mai r large aggregate as amounts of ot funds fund financing our trade trado with Euro Europ countries th the medium of oC American investment market matt mat mate j broadening and consequent stab slab lion tion of ot tho the exchange market help help tho the European markets for tor their Int In nal pal loans because the European In In tom tors would have tho the of 0 Int International market rather than thana a lIonal ono one for tor their own sn Issues maing n nIng rea ma Ing the Internal loans of ot foreign w tries n available as collateral for tor set se sec In Ing shorter or longer from various sources In AmerIca I eluding the war t finance corporation |