Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-08-18
AMERICAN BANKS
ESSENTIAL IN ITALY
Badly Needed if This Country
Would Improve Its
Trade.
ENGLAND AND FRANCE
SELLING u. S. CREDITS
Present Conditions Cause Orders to
&C Elsewhere-Gernany Gains
by Financial System.
Copyright. 1919
BY HERBERT COREY.

BOLOGNA, Italy. July 23.-Better
banking facilities are needed to help
American business men get and keep
the Italian trade. I am making no
apology for having more to say about
this opportunity. 1t isn't every day
that even Il nation can pick up two or
three hundred million dollars worth Of
business just for the trouble OF stoop-
ing. But better banking facilities are
not an absolute essential Americans
have been getting along pretty Well
under present conditions. Germany
alone sold or bought more to and from
the Italians than does Uncle Sam.
The present banking arrangement
is inconvenient and COSTLY explained
one OF the leaders OF this commercial
community. 1--WE pay tolls to England
or France whenever we sell !; bill CT
goods to an Italian"
There is another far more dangerous
angle to this situation which will be
discussed later. For the moment con-
slider the percentage that our rival
trading countries of Europe have been
taking on American trade. There are
no 1talian-American banks in this
country. Consequently American cred
it's cannot be purchased directly.
England and France usually have
plenty of American credits to sell. SO
that the Italian buyer of American
goods buys credits on London. or Paris
The American seller cashes these cred
it's The London or the Paris bank
makes a profit. Neither England nor
France does the business with Italy
that we do. There is every reason why
an Italian-American bank should not
merely do Il good business, but infinite
ly simplify trading for the two parties
These facts We're known long before
the war. Conditions have recently al
tered SO that an Italian-American bank
seems to be almost a necessity.
Organizing the Bank.
Such a bank is in process of orGani-
cation at Milan. Some months ago
Consul Grout, at that city, called to-
gether the men of both countries who
are interested in the American trade,
and an Italian-American chamber of
commerce was organized. This body
already has more members than the
British chamber of commerce, which is
fifteen years old. A committee from
this chamber began to consider the for
nation of an Italian-American bank,
to ind that number of prominent
Italians, of whom Guglielmo Marconi
is the leader, were at work on the same
plan. The two committees have been
consolidated, one bank in New York
city has agreed to subscribe 100000
lire, and there is practical certainty
that the bank will become a reality.
Progress on this plan must necessarily
be slow on account of the war.
There are other reasons, why an
bank would be of
great value to those in the America3f
trade One is that it would serve the
convenience Of both parties to trade
transaction. To take case in point:
Some months ago an Italian entered
the rooms of the American chamber of
commerce at Milan.
Can you tell me if I can get certain
goods in America" he asked. II have
always bought them in Germany. but
my supply is almost exhausted. l
must have more or lose my trade"