52 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.

tained precisely as most new banks succeed in the United States, by
expeditious methods and alertness in pursuit of business.” ?
Banque Argentine et Francaise, with headquarters at Paris, appears,
 notwithstanding its name, to have no branches.
Société Commerciale Francaise au Chili, with a branch at Valparaiso.

Considerable amounts of French capital are invested in loeal
South American banks. This is understood to be true of the two
important banks of Paraguay, the Banco de la Reptiblica del Paraguay
 and the Mercantil del Paraguay; and also of the Banco Espafiol
 del Rio de la Plata, the largest bank in Argentina, except the
Banco de la Nacién Argentina, owned by the Government.?
The Banco de la Nacién Boliviana is managed by French interests.
The managing director is a Frenchman, and there is a Paris committee
 which advises with the directorate.
The Banco del Peru y Londres (Bank of Peru and London) is
about two-thirds foreign-owned, and French interests are larger in
it than English. Indeed. it is sometimes referred to as Frenchcontrolled.*

In comparison with the few American banks with foreign branches
or subsidiaries, the French seem to have a rather comprehensive organization,
 but in comparison with the British and German banking
and credit facilities for foreign trade, their foreign banking organizations
 are limited. Thus an agent of the Department of Commerce
 says:

At the present time there are in France, in addition to the agencies
of British and German banks (such as the London &amp; Brazilian Bank,
etc.), two prominent banks, the Crédit Lyonnais, with branches in
many foreign countries, particularly in Russia, North Africa,
Levant, etc., and the Société Générale, doing an extensive foreign
business. The. services of these banks, however, are limited as compared
 with the British and the German, and do not include the
financing of foreign shipments on a scale commensurate with the
latter. The French recognize the fact that the mere establishment
of bank branches abroad does not mean immediate returns in the
shape of business secured. The Crédit Lyonnais has its branches in
Russia, while none of the German banks have, and yet the Germans
 do the bulk of the Russian business. To be of practical service
 in the solution of the foreign-credit problem, the national bank
having branches in foreign countries must be in a position to furnish
facilities such as have been evolved in Germany and in Eneland.s

1 Edward N. Hurley, Banking and Credit in Argentina, Brazil, Chile, and Peru, Bureau
of Foreign and Domestic Commerce, Special Agents Series. No. 90, 1914, pp. 23. 24.
* William H. Lough, op. cit.,, pp. 70. 71.
3 Ibid., pp. 64, 73.
¢ Ibid. p. 93.
8 Archibald J. Wolfe, Foreign Credits, Bureau of Foreign and Domestic Commerce,
Special Agents Series. No. 62. 1912 bn. 59