| Show Import Export Bank Authorized to Loan Half-Billion Half Dollars WASHINGTON When congress recently passed a law extending the life of the United States Export- Export Import bank to 1947 and authorizing authorizing ing lag additional loans it gave sanction and approval to the queerest bank one could ever expect to find It has no tellers no cash cash- cashiers cashiers lens no rio cash no vaults no marble columns or or no safety devices but W 1 j 0 r Tt y T t WARREN L. L PIERSON yet this financial institution in the thelast thelast thelast last six years has agreed to lend to countries all over the world nearly has actually advanced and md has collected re re- repayments repayments re- re repayments payments of Asked how this could be done Warren Lee Pierson president of the bank replied that the institution uses as much as possible existing American commercial banks the kind where checks are cashed These banks advance the funds and handle the documents Interest payments are shared be be- between between between tween the Import Export bank and the bank which handled the busi bus ness The bank was founded in 1934 to assist in the marketing abroad of industrial and agricultural products particularly cotton and has slowly developed Into one of the most po po- potent potent po- po potent tent forces in stabilizing the for for- foreign foreign eign trade of the United States mak mak- making making ing Log It possible for the American for for- foreign foreign foreign eign trader to compete in a world in which other governments direct and control practically all the for for- foreign foreign eign trade of their nationals |
