New-York tribune., 1896-01-24

THE BRITISH MERCHANTS ADVANTAGE.

ADDRESS OF ULYSSES D. EDDY BEFORE THE
AMERICAN MANUFACTURERS AT CHICAGO
ENGLANDs VAST FINANCIAL SYSTEM
Chicago jan 23.-At this mornings session OF
the National Association of Manufacturers Theo-
dore w Search OF Philadelphia, was elected presi-
dent to succeed Thomas Dolan Mr.. Doan is re-
ported to be critically III to-day. as the result OF .
cold contracted few days ago
Ulysses D. Eddy, president OF the firm OF Flint
Eddy & Co.. of New-York. delivered an address on
international Banking" before the association He
said In part:
Our ability to compete with, other nations 10
factures During lss5 this constituted over % per
cent OF total exports. and the percentage mas
While we carry on but little of our foreign com:
under our own as the sagerv bed for
opportunities to carry our merehandse 10 aorelgn
cheapy for us as for our eompe,ors @ sr
at little no disadvantage. IT Is quite otner".ss
"ha hae " Sanks 10 ye%
vsed create market for our BONDS during tns
eaent cY Mnr ecaansm ahn nSS for facilitating domestic trade
But under the existing banking laws .orslsn
an International banking system is necessity IN
emf nr oqr are Obliged to be also bankers
and, while they have been able TO hnance tne
business DONE will find themselves unable 20
cope with a greatly increased trade. unless bank
ing facilities are created ,,o :. :.
necessary to sell credit. Many crops are mar
keted but once. year. or only in the ndry or
wet" season. The merchant must carry the pant
er or stockraser or lumberman Until their products
san st De bv une" on cred and 5 compelled not only
buy at proper prices. but 10 secure time ne can
credit credit Da ihan avail T Himself Of lower prices for cash
Here is where weak and England Is strong.
hts competitors n bdI.ng fo- the commerce OF the
word. due 70 the assistance and support ex1ehdes
banker Under the magnificent international bank;
ms ysi Te,%o S eseans hrousho"t the wor
from London as its centre. the English merchant
ss Il snd to
English trade has topthold or banging M E.. com n
or It's competitors commerce. branches OF this
great banking system win be found ,,,.
sO,s IS her Hrnkns aarpus
facilities are 9y 10
oser hGSssS %sn in 70
egn trade This sum doe, not Include m the the eaps
ing Of governments rather than OF commerce such
as the Rothschilds.
The capital and surplus OF the National banks o,
New-York CITY the second commercial % centre e. os
to foreign commerce. There IS but one bank IN a
foreign country working with capital furnished by
The capital and surplus of the National banks OF
s he citv rIeS Of CHICAGO is but Compare these
agures with the Sio6OooOO Of the English banks and
sms the and epSss Of D
5 rssn ns Sap @ Rsn W this bsnf s
ENGLAND not only handles her own forsgn con- m.
larger part OF the transactions between other coun
tries. and may be said through her banking Or
world.
by the sale of British manufactures 70 foreign eoun,
tries and is perhaps. the most striking evidence OF
h OF profit IN sfpSu. Taa and her
trade with us and and Canada exceeds s%o%D an
speccay Sss asssnsd to financing M this she
does trade of s26IOOOOoO with India. and uses &o
of wh pdnens ha saPa apt apan f0T ns and
bank with $4,000 capital devoies itself TO fnanc-
Eshty mi,p dollars Of English banking caP,a 6na
% this N the anpe Taas Win vi b sOS'n S Brazil
and is availed OF by American importers in moving
The United states You cannot drink a cup OF cof
fee without paying profit to London banker.
and hides OF Argentina to England and the Cont:
nent OF Europe ard IN tnancing the snpmens rnson OK
OF The Rio de la Plata.
wealthy and have transformed themselves into Lon
% con eco oanke n ney In we s eapa OF copper and
wheat are moved to market. W.
India Islands. 1t exercises complete financial con.
troll and guides the Island commerce with paterna
The greatest development of banking facilities in
TO volume ,s Of ne trad is wn As'h of es
than s230,O0o0m banking capital and surplus IN
excess of s65.OC00cO available. This exagger-
atei banking capital has brought serious disaster
by unduy stimulating these colonies
which Rave done much TO develop the marvellous
riches of that region. capital and surplus or
Is co, 900 furnish financial facilities. These colonies
carry on a commerce with the mother country or
s6s. 10000. and rank fourth IN Importance amors
her customers.
Two Incorporated banks utilize 100000 In Egypt
and one huge bar employs a capital In Turkey OF
s25 O0e although much of this is applied TO gov
crnmental rather than commercial uses.
The total English capital employed In European
business Is equal to the combined capital ana sur
plus OF all the NewYork National banks
At all important points In the countries in when
these banks operate branches established The
toaI number agencies and branches Is l.6s3.
against a shipment to any part OF the globe and
cash the draft at once. Willie an American merchant
or manufacture must be his own banker II he en-
cages In foreign trade unless he has an established
footing in London. in which case he may avau
himself OF English facilities.
That far-seeng statesman. James G. Blaine.
called the attention OF the International American
Conference held at Washington to this important
subject but capitalists do not appear to have taken
the matter up. When they investigate they Will
me rchants Is great in Buenos Ayres as In Chi
cago, In Brazil in Illinois. They Will discover
that with a minimum risk Is coupled good margin
OF profit. for the foreign bank is able to get COM
10 interest, as we'll as profit upon exchange. The
great surp.uses and large dividends OF the English
banks devoted TO International trade show the buSb
ness 10 be both safe and profitable.
ANATOLE FRANCE Nv THE ACADEMY.
Paris Jan. 23.-Jacques Anatoe France, the cele-