Show COMPLETE PlAN fOR LOANS lOAN lOANi i TO J TRADE AD f B Billion illion Dollar Drive to Finance Fi Fl 1 nance nonce U. U S. S Merchant t I 2 Marine Is Project i s V BY DON E. E CHAMBERLAIN t st t United Press Staff Correspondent I t Dec 10 ts Plans Plans fo for tor r launching a billion dollar drive for the I purpose of rescuing Americas America's foreign n c trade described as beginning to back backup backup i up UI were taken up by the country's leading bankers and business men here hero I f today I f t The plans provide for tor the establishment establish establish- 4 ment went of a corporation to fi finance fi- fi I I J I. I tk nance foreign trade The conference t t called by John S. S Drum San Francisco FrancisI Francis Francis- I 1 co president of the American Bankers' Bankers J association will be representative of all the tho country's Industries and was t authorized by the association at its Washington convention con I POPULAR INVESTMENT t The capital the corporations corporation's cori corporations corporation's cor cor- i sponsors plan will be subi subscribed sub sub- i scribed by banks business concerns t and the public h i l Fixing of the capital of i is to give it the maximum financial ability of J The Edge act which authorizes formation forc for for- c K mation matron of the proposed corporation f 4 permits issuance of de debentures against existing securities owned by it to an I amount equal to ten times its capital The existing securities will consist of at foreign loreign trade obligations I r NEEDS FINANCING According to a statement issued to delegates Americas America's export trade I which has been built during the last I several years covering South America i South Africa Australia and th the Far East Is beginning to back up and throw goods manufactured for export Into competition with goods manufactured manufactured manufactured for tor domestic consumption in the 1 markets of the United States f The banks of at this country up to this f I time have taken part In Ip foreign loans directly and also Indirectly through I II I 1 the advance of funds to manufacturers who vho in turn have in effect loaned their production abroad the statement said I Further urther credits In order to meet the situation and allow the distribution of ot teh ten oversupply of commodities In the United States and prevent the of at manufactures must be of longer time than banks and industrial I institutions can legitimately be asked to carry i STIMULATES TRADE In an ctt effort rt to m maintain and stimulate late Americas America's eri as a's foreign trade it Is planned to Interest the general public In the capitalization of at the corporations corpora corpora- corp rations ration's ra- ra tion's stock It is Js believed that if it the general public comprehends what is at 1 J stake and shows Its approval by investing invest invest- ing It will put our foreign trade over 1 the top I Drum declared today that there I t wasn't the slightest doubt of ot the thi successful successful suc- suc suc-I suc launching of the corporation |