Selling Latin America

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Monograph

Identifikator:: 82824166X

URN:: urn:nbn:de:zbw-retromon-66898

Document type:: Monograph

Author:: Liljenstrand, Axel

Title:: Om kredit och vexlar

Place of publication:: Helsingfors

Publisher:: Edlund

Year of publication:: 1880

Scope:: 1 Online-Ressource (226 S.)

Collection:: Economics Books

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FINANCE AND CREDITS 297 that we as a nation take the bulk of their prod ucts, combine to overcome all attempts on the part of Europeans to establish banks in these countries. As the local exporters ship their goods to our shores where they are disposed of they instruct their agents to deposit the moneys so received in local American banks, against which they issue checks in liquidation of indebtedness, thereby eliminating the necessity for the services of the international banker. Local banks in these countries, never very strong, and always subject to forced loans from financially embarrassed governments, do not enter materially into the business life of the community although they also maintain credits in New York and sell drafts against them. The consequence is that every leading merchant throughout these lands develops into a foreign banker, on a small scale, and buys and sells exchange. As long as this condition prevails, and it works most satisfactorily, the foreign bank will not be required to open its doors. Practically the same state of affairs occurs

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