Salt Lake Telegram | 1920-11-22 | Page 16 | Bankers Urged to Foster Foreign Trade

BANKERS URGED TO FOSTER FOREIGN l TRADE I Ii i Home Conditions Demand I Support of Export Business Business Busi Busi- I ness Says Statement I NEW NE Nov r 22 Bankers Bankers and business men throughout the country are urged In a prospectus prospects made public by the American Banker Bankers Bankers' Bankers Bankers' Bank Bank- er ers ers' association to consider inauguration tion by the first of the year u of the Corel foreign n trade financing corporation the Edge act for the protection protection protection tion of home industries and proper financing of bf American foreign trade Action on the proposed corporation corporation corpora corpora- tion which will be capitalized at is expected at a meeting I in Chicago on December 10 an and 11 designed to be representative of ot the the entire country's finance and industry i Establishment of the corporation the prospectus said is considered vi vital vital vital vi- vi tal to safeguard Industry from an anxious future with attendant elements elements elements ele ele- ele- ele ments of unemployment and unrest I STAGNATION IN U. U S S. S Stagnation has developed eloped in the United States for tor commodities such as wool sugar rubber coffee leather certain metals and various other staples staples staples sta sta- ples it t added and to a lesser extent extent extent ex ex- tent for wheat and cotton whereas practically all such commodities are urgently required in many other countries of the world The American American Amerlean Amer- Amer Amer Amer- ican lean dollar is at a premium in practically practically every country in the the world to such an extent that exports from the United States in many countries during a considerable period have not yet been paid for by those countries Other features emphasized are Future exports from the United States for an indefinite time cannot I be paid for in large part except over oyer an extended period In In the case of countries where Itis it itis itis I is believed exchange may turn within with with- in a few months buying in the United States has practically stopped except where arrangements could be made for postponing payment until exchange turns European countries In general are I being obliged to confine their purchases purchases purchases pur pur- chases here rigorously to necessities of th and are unable to obtain ob obtain obtain ob- ob tain sufficient raw material to re restore restore restore re- re store their industries EXPORT TRADE BACKING UP American export trade exclusive of Europe is beginning to back up and throw goods manufactured for export into competition with goods manufactured for domestic consumption consumption tion the prospectus said I Foreign loans have been carried about as far as conservation warrants warrants warrants war war- j. j rants it t is stated and further credits must be of longer time than banks s and industrial institutions can legitimately be asked to carry It is authoritatively stated that the rendering under the plan of special assistance to anyone country has not been considered as the object of the I plan Is to encourage American forI foreign foreign for for- eign trade as a whole and as contemplated contemplated contemplated con con- I it would operate wherever such trade extends I