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Show SALT LAKERS NAMED ON FOREIGN TRADE FINANCE COMMISSION OF NATION Commercial Club Receives Word That Utahiu Will Help to Rehabilitate Business and Industry in All Countries of Europe i TIE appointment of E. 0. Howard, president of Walker Brothen Bankers; W. W. Armstrong, president of the National Copper ' bank ; J. F. Bennett, president of the Bennett Glass and Paint company, and L. R. Martineau, attorney, all of Salt Lake City, aa the I'tali committee of the foieign trade financing commission has been announced from New York, according to word received by the Salt Lake Commercial club; Through spreading the purposes pf the corporation, which has its headquarters in New York, these piienreequtsIeudTUrflier I stock. The selllnf activities of the Foreign Trad Ktnai.clng corporation, which . Was created to finance long term credits for American export trade, are organised by federal reserve districts dis-tricts and cities. In each there Is roinmittee consisting of at least on banker, one agriculturist and one In dustrial representative. Formed urr der the provisions of the Edge afl and approved by leading bankers and Industrial and agricultural leader throughout the country. It la to have a capital of $100,000,000, to winch many banks and Industrial concerns and agricultural associations In all sections of the country have signified their Intention of subscribing. " LIBERAL PROVISIONS. Z. The Kdge act, as an amendment (0 the federal reserve act and giving aur thorlty for the organisation of such i corporation, provides that 'such a coi poration may extend loans abroad and j issue debentures against these !oan I with foreign securities aa collateral, im the extent of ten times Its capital ami surplus. This means that the foreign trade financing corporation will be able to sell upward of $1, 000,000,004 worth of debentures. m Both American manufacturers and farmers have suffered heavy losses by the manner In which goods, originally Intended for export, havs been left l seaports due to cancellations by for elgn buyers and lack of visible tnesns of payment. The countries for whicb the manufactures and foodstuffs wtrs destined cannot pay for them now be cause of Increased value of the doUnr abroad, making the goods so raucb more expensive to the buyer.-AFFECTS buyer.-AFFECTS BANKING. There exists no adequate machinery for long term credits which leading bankers and business men say is tha only basis on which export trade with the majority of countries can be car ried on at present. Individuals and banks, which up to now have sought to tide over foreign customers so affected, feel that as ln dividual units It Is not good business) for them to continue. Industrial and financial experts say the task la too large for Individual enterprise, but must be taken up by concerted sctlon of all branches of American business, I America has apparently learned during the last six years how great source of wealth foreign trade may b to her and It Is for the purpose of sgain opening up the commercial channels chan-nels through which American goods may f.ow across the seas that the foreign for-eign trade financing corporation was organised. It is contemplated by the organizers that with the clearing of seaports from surplus manufactures and foodstuffs, mltts-wttt again be mbr to run on full time and the problem of unemployment will be greatly relieved. |