The Birmingham age-herald., 1914-07-06
Opportunity Now Regarded as Greatest in the Inter-
 national Field
MUCH WORK NEEDED
 TO START TT GOING
First of All Necessary for Financial Men Interested to Master the Portuguese and Spanish
 Languages
By HOLLAND

New York, July Special )-Three or four years ago some who had been sent from this city to South America for the purpose of studying the nnan- cial and trade situation there, and, aft CT that of reporting whether or not 1t would be wise to establish banking institutions in any of the Pan -Ameri- can states, were not able to make very encouraging reports. That may have been in part due to the fact that at that time national banks were not per- mitted under the law to establish branch institutions anywhere. H the National City mank management, for instance were persuaded that condi- tions were ripe in South America for the establishment of an American bank there this could have been done by the City bank interest only through in- vestment of capital by those who are also stockholders in the National City bank. The institution would not have been in fact or in name a branch bank, although it would have been recog nized as a sort of foster financial cihld of the City bank.
 There were, however, other reasons than those found in the statutes which made it inexpendient to consider the establishment of American banks in South America. When James Stillman was building up the National City bank he gave much thought to South Ameri- can possibilities. He sometimes said that the opportunity for international trade between the United States and ! South America was the greatest to be found anywhere In the international field. He believed that international trade of stupendous proportions could be built up. He was accustomed to modify this statement, however, by say ing that 1t would be very slow work; it would entail first of all mastery of the Portuguese and Spanish langu- ages by the representatives of Ameri- can finance or industry.
 There would be necessarily several years of personal intercourse with those who are leaders in business commer- cial and financial affairs in South America In that way certain racial peculiarities of thought and of busi- ness method would be learned as web i as the social life and customs, especial fly etiquette, of the people of these na- Ntions. That was very essential part lof the education process in MT Still mans view. It was of course neces- Sary to StuQy markets. not mefely the customary demands of the various peo- ples but also such details the pack ing and shipment of commodities, When education had gone far enough to quail fly our representatives in these respects then it would be vital that American banking institutions be established in the leading commercial centers of the nations to the south of us.
 Part of the Lesson Learned
 part of the trade curriculum thus outlined by MT. Stillman has been well learned. Almost all the American rep resentatives in South America now speak the language of South America with facility. The leading exporting 1 houses in this country maintain in their | home offices competent interpreters. \ Great attention has been paid within 1.-the past four or five years to the de- ktails of packing and of packages, and J Respectfully to such inspection as would make it certain that commodities or I dered from samples or from catalogs