302  SELLING  LATIN  AMERICA

468,815,  practically  all  of  which  was  paid  for
by  European  exchange.  Assuming  that  the
commission  charged  was  one-half  of  one  per
cent.,  the  cost  to  the  American  merchant  would
be  $2,632,344,  which  in  itself  is  a  strong  argument ­
  for  American  banks  in  these  lands.
Furthermore  the  home  offices  of  all  of  these
European  banks  having  branches  throughout
Latin  America,  have  had  in  mind  the  rendering ­
  of  financial  assistance  to  the  home  merchant ­
  or  manufacturer.  This  was  especially
true  of  the  German  organizations,  which  were
designed  to  foster  and  facilitate  commercial
relations  of  all  kinds  abroad.  In  the  headquarters ­
  of  these  institutions,  complete  records
and  data  are  kept  regarding  all  overseas  merchants, ­
  their  credits  and  the  financial  turnover
of  their  business  each  year  being  known.  As  a
consequence  when  the  exporter  presented  his
shipping  documents  at  say  Hamburg,  the  bank,
should  he  so  desire,  knowing  the  rating  of  the
importer,  discounted  the  bill,  and  for  the  service ­
  rendered  charged  a  commission,  while  the
Latin  American  customer  had  the  benefit  of