The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-06-08

Should secure Dement'S d1IAeICO Iii |
joyed Exclusively by European In
situations - Dollar Exchange Now |
Established in South America.
ATLANTIC CITY, n. j., June ST.
The New York State Bankers associa-
! tioa, meeting here today, was adj |
dressed by Carlos A. Tornquist of |
/ Bucnos Aires who declared that Amer
lean bankers might easily secure in
the Argentine a great part of the .
benefits hitherto enjoyed there eXclu-
siyelv By European institutions.
d" Eighteen months ago. he said,
4 ''thc Dollar Exchange was of the |
most nominal character and practical |
|. II non existent in South America. To !
| day, although in its infancy, it is an
established fact.
''There is no reason, he continued, !
why the United States should not
be placed on footing of equality
with Europe in relation to Argentine
finance and business if the necessary
notifications Of your Federal bank
ing and trade laws are made on lines
which would more largely facilitate
banking and commercial operations
between the United States and the
Argentine. For instance, why should
not the United States receive a large
| share of the $250,000,000, or $300,000,-
| OOO. which. ordinarily, every year, 60
into the Golfers of European Accept
ing Houses, which accept both for
| commercial and financial credits
| These financial credits naturally
strengthen the exchange of the coun-
try which grants them. Thus. with the
increased stability which would be
given to American Dollar Exchange,
/ if the Federal Reserve Act of this
country permitted such operations,
trade and other payments on the ba-
sis of the dollar exchange would be
| greatly facilitated and, as a logical
| consequence. an additional stimulus
| would be given to the commerce of
| the two countries.
1.-THE experience Of the foreign
| banks in the Argentine Republic has
exploded the theory that trade fol
lows the flag The results obtained
- there, show that trade follows CAPT
- tai; and even in these early days of
the investment of American capital
in Argentine issues and enterprises
there is ample evidence of the truth
and soundness of the latter theory
But in order to convert this theory IN
to practical form there are other es
sentals to be considered. There must
be closer personal contact between
Americans and Argentines. I want tc
see the Inauguration of the first ne
cessity of increased trade relations;
and that is, the establishment Of q
service of first class, comfortable and
fast steamships that will make tn,
trip from New York to Buenos Aire,
and vice versa, in twelve to fourteen
days. Extended intercourse betweer
. h., Loo 4 -,
muuities not Of their secretaries
and employees - would do more gooC
to foster and augment international
commerce than any number of con
fcrcnces, or publications.
We are seeing the extraordinary
proportions reached lately in the trade
between the two countries; and al
though much of it doubtless owes it
existence to war conditions, a grea'
part of the advance has been the re
- suit Of closer personal investigation
n and of the exercise of more vigorou
efforts on the part of American manu-
a. tacturcrs than previously were pu
forth Still, since my stay in the Unit
= ed States, | have seen in the column
~ of the press an undercurrent of sus
ld picion and mistrust, with more thai
An one open reference to the necPssit
w for official protection. even by force
for American investors in South Amer
w. lean countries Speaking for my ow
es country, let me say, gentlemen. tina
" the great and close relations built II
by Europe with the Argentine RepuI
d. lie, have been established, principal,
on the basis Of mutual confidence
and unless the Americans are prepa1
cd to show the same confidence a
has been shown by the financial an
mercantile communities of Europe
and confidence justified by long experienc
they had better not waste the
time or their money in the effort t
lilo capture a larger share of cur trade.