The New York herald., 1920-01-28
LATIN AMERICANS
WANT BANKS HERE
DR.. Tejada Asks Change in
Laws to Establish
Branches.
WOULD FOSTER COMMERCE
Bolivian Delegate to Financial Con
ference Addresses Luncheon at
Bankers Club.

An appeal to the United States govern
ment to alter it's banking law that
Latin American banks may be permitted
to establish branch banks here was
voiced yesterday by DR.. Luis Jose Tejada
delegate of Bolivia to the Pan-American
Financial Conference, at a luncheon given
to all of the delegates by the officers
and directors of the Federal Reserve Bank
in the Bankers Club.
DIR. Tejada. who was spokesman for the
Latin American delegation, sald that the
work of the financial conference In Wash
ington, which has been concluded. would
surely turn TO ashes unless American
bankers proved willing and ready to dc
their part In carrying out any scheme
for development of Latin American coun-
tries.
"All our plans for development" con-
tinued DR.. Tejada. focus on your banking
institutions with the object of inducing you
to aid us financially, industrially and com
mercally.
Through personal experience and re.
peated successes Europe has learned be-
fore you that Latin America is both q
profitable and promising field The wal
prevented European countries from follow
ing their long established policy of in
vesting in and developing the Southern
countries, and as their present position in
the economic world will not permit then
very soon to start again putting theii
money in South America we must war;
you against your timidity and indlffer'
ence regarding our countries.
"The Europeans will soon sec there The
worry veins Of their financial resurrection
and restoration but as they are money
less and powerless they will come to yoi
to get the money they will want to inves
lwith us. AS this indirect assistance work:
out, as you may quite well understand
1t is more costly and proves to be less sue
ccssfully and your decision TO make thu
Operation by yourselves and directly will
us would surely result in increased powc
and a greater profit in your favor.
Banking transactions are In modcrl
times the net into which commercial pros
perity Is to be woven. Down there in ou
countries we try to enlarge and strengthen
our banking organization in such way N
| to keep 1t always ahead of our develop
ment in order that our progress may no
be hampered or held back for lack O
proper banking facilities.
"The decision of American banks t
open branches in Latin America ha
started Il new era III our DaillilS SyS
TENS and in banking operations. and th'
branches you have established arc prov
ing to be powerful factors in promoting the
exchange of raw materials and manufac
tured goods between our countries.
1--WE greeted and welcomed branch banks
when they came to us, and the success:
they have attained is proof that they arr
In n good field and among friends. Blu
another step must be taken by you. Th'
laws that you have that prohibit and pre-
vent Latin American banks from cstab
fishing branches here must be erased from
your statute books, or at least material!
changed In order to enable us 10 keel
| in touch with your great markets an'
know and meet your requirements, yol
must give us the same banking privilege!
| that we give you.