Salt Lake Telegram | 1920-12-05 | Page 23 | The Finance Foreign Trade

J 5 T T ru Gr 1 To 0 Finace r jr Foreign Trade i racie I S. S 1 By Ira C. C Tichenor T u is js the most important financial conference W. W WHAT Yv ever held in peace times in the United States is that called caled for 01 next Friday and Saturday in Chicago to consider the tho formation of f a corporation of capital for the fi financing of American export trade The meeting will wi be attended by many ot of the leading bankers ers and business men of ot all al sections of ot the country countr In response to a call of John r. r tS S. S Drum of San Francisco president of at the tho American Bankers' Bankers association org organization has las heartily hearty approved of the plan to form a foreign rade trade financing corporation under the provisions of the Edge law which 1 i Vas as enacted by congress last year r r. v While the capitalization of at the proposed corporation will wi be only fl the amount of debentures under the tho Edge act of a jj f with wih such a capitalization amounts to ten times that figure or It I is planned to ask bankers manufacturers farmers exporters and 1 general generally in eve every section of the country to subscribe to the Ital stock of the corporation these subscriptions to be in an amount as asar af ar proportionate as possible to tb the resources of the twelve federal reserve reserves s I ts while the directorate will wi be chosen also as nearly as possible to the he federal reserve districts and thus inv invest st control In a truly bod body r r hc ic proposed copo corporation aton operating ls as it wi will under the supervision of at Y l federal reserve board and In accordance with wih the te terms tens of the Edge w really realy will wi be a institution alt although ugh the government i in I n not t be directly concerned In the management or l In contributing to its t P f v J It cann cannot t be denied that individual l banks bank and nd exporters have reached reache I he p limit of of their capacity or good business judgment In giving credits credIt to 1 E bu buyers ers and which now total at least leat and ad it is now I C necessary i if the Uni United e States Is to continue to find a market arket for the excess I i of f crops and products generally of this country and of ot which Europe still sti f f in great geat need and ad also aLo to o insure the continuation of our trade relations with E European countries after they shall shan have regained their economic feet L. L C C that that a corporation such sch as proposed and ad which will wi be able to extend long longtime C time credits credis should be brought into existence existence r V The success of the whole plan will wi depend upon the ability and I willingness of at the American public generally to subscribe to the capital j tock and to purchase debentures against securities which will wi be taken In inC C e exchange hange for commodities t tIn C In view of ot the double purpose of ot insuring a market for American goods i and d to aid various countries countie in their efforts to rebuild their economic structures es and also in i vieW view of at the te stability of such a corporation as a proposed I it would seem that no difficulty should be experienced in gaining the necessary financial support