Excerpt from Foreign Commercial Credits: A Study in the Financing of Foreign Trade A review of the banking and business history of the past eight years, with special reference to the foreign trade conditions produced by the war, throws into high relief a series of defects and omissions which have been only too characteristic of the practice of American banks and business men. There are many large questions of policy, still unsettled, whose adjustment will be essential before the future of our international trade relations can be in any degree predicted. The tariff, our foreign branch bank policy, our methods of extending credit in foreign trade, the conditions under which foreign bonds may be marketed in the United States, and a variety of others to which we formerly gave but scant attention, are w matters of earnest study in many quarters. There are other issues, more technical in nature but in their way quite as significant as the broader questions to which attention has just been directed, whose settlement is imperative. Among these is the problem of commercial credit practice in its various aspects. The war and the post-war reaction brought home to American business men the fact that our technique of foreign financing, and indeed of foreign trade generally, is far inferior to the manufacturing equipment, and of course to the agricultural development, upon which the volume of our possible exports depends. The return of sharp competition with foreign producers which has been a teworthy feature of post-war trade has emphasized the fact that, even with their systems disorganized by the disturbances of 1914-18, foreign nations are, in numerous respects, better equipped in matters which call for close competition than are we. Many points of technique both in production and finance require far more careful treatment than they have ever had in the past from our banks and business houses. The practice, so prevalent in former years of selling our goods to foreign buyers only for cash or its equivalent, placed us at a competitive disadvantage, and, so far as use on any large scale was concerned, early broke down. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art techlogy to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.