Los Angeles herald., 1890-04-11
A CUSTOMS UNION.
THE PAN-AMERICAN CONFERENCE
ADOPTS A POLICY.
The Argentine Republic, Chill and Para
quay Dissent from the General Plan.
An International Banking System.

WASHINGTON, April 10.-The Pan
American Conference today adopted the
report of the majority of the committee
on customs union, with three dissent
ing votes-Argentine Republic, Chill
and Paraguay. The report recommends
in substance that reciprocity treaties be
negotiated between the several repub-
lies, each making concessions that the
peculiar products of all may be intro
duced free into the others. The COM
mittee on port dues reported it imprac-
ticable to completely abolish the charges
now imposed on vessels, and made rec
concentrations as follows, which were
adopted: That all port dues be merged
in single one, to be known
as tonnage dues, this charge
to be assessed upon the total carrying
| capacity OF the vessel, each government
to fix for itself the amount to be charged,
but with due regard to the general policy
OF the conference upon the subject,
which is to facilitate and favor nayiga-
ton; that there be excepted dues
charged or to be charged under unex-
pired contracts with private compan les ;
that the following be exempt from
tonnage dues: Transports and vessels
of war; vessels OF less than twenty-five
tons; vessels which shall have been
compelled to put into port by reason of
damages suffered at sea; yachts and
other pleasure boats.
The conference at the time of adjourn
ment had under consideration the report
of the committee on banking. 1t says
the future development of commercial
relations will depend as largely upon
the development tofinternational banking
facilities as upon any other condition.
The foreign commerce of the West
Indies, Mexico, and South and Central
America, last year, amounted to 81 ,095,-
sac, 900 in United States gold. The total
exchanges, of commodities, between the
United States and the countries south,
aggregated $282, 1902, ,408. Foreign banks
reaped profit of a commission of three
fourths OF one per cent. on large pro-
portion OF these sums, which, together
with interest and difference in exchange,
might be saved to the several countries.
The report recommends the passage
of law by the United States incorporat-
ing an international American bank,
with ample capital, with the privilege
on the part of the citizens of the several
countries of the conference, to take
shares in such bank pro rata to their
foreign commerce; the bank should
have no power to emit circulating
bank-notes, but should have all the
other powers now enjoyed by national
bank of the United States as to deposit
and discount, issuing letters of credit,
making loans, ETC., and generally to do
whatever can already be done by the
great banking firms who are carrying
on business under the laws of general
partnership. The report recommends
to the governments represented the
granting of concessions for international
banking, and especially bank organ
lied as above, with branches or agencies
in the several countries.
The committee suggests to the United
States delegates the desirability of sub
mitting the report to the President,
with the view that, should he deem it
proper, he may recommend to the Con-
gress of the United States the enact
ment of charter for an international
American bank, for the benefit and en-
largement of the commerce of the
American nations.