54 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,

States, afforded financial connections with foreign countries before
the war.
Unly recently have American financiers done much in establishing
 banks abroad. Till the Federal reserve act was passed at the end
of 1913, national banks could not establish branches, and much
blame was laid on this feature of the law. It is not clear why
Americans could not have established any number of banks and
branches in foreign parts, either under State laws or under the laws
of the countries where business was to be done. Indeed, one important
institution, the International Banking Corporation with headquarters
 at New York, was established as long ago as 1901, especially
for foreign business; and it had already, when the Federal Reserve
Act was passed, three branches in Panama and two in the Philippines,
 one in the City of Mexico, one at Singapore, two in India,
two in Japan, and five in China. The Equitable Trust Co., of New
York, had branches in Paris and London, and the Farmers’ Loan &amp;
Trust Co., of New York, had branches in Paris and Berlin.z

1 Besides express companies and international banking houses not here listed, the follow-Ing
 incorporated foreign banks with branches or agencies in the United States are named
n Palgrave’'s Banking Almanac, 1914, p. 251 et seq. : African Banking Corporation (Ltd.) ;
head office, Londoh ; agency at Hamburg, and about 4¢ branches in South Africa. Anglo-South
 American Bank (Ltd.); head office, London; branches at Paris and Hamburg, 10
oranches in Chile, 6 in Argentina, 1 in Uruguay, 1 in Bolivia. Banco Nacional de Cuba;
head office, Habana ; branches at about 30 Cuban points. Bank of British North America;
aead office, London ; agency at San Francisco, and branches at about 80 points in Canada.
Bank of British West Africa (Ltd.) ; head office, London ; over 50 branches and agencies
In Africa. Bank of Montreal; head office, Montreal ; branches at Chicago, Spokane, City
of Mexico, and about 160 places in Canada and Newfoundland, Bank of Nova Scotia ;
head office, Halifax; branches at Chicago and Boston, Habana and Cienfuegos (Cuba),
San Juan (Porto Rico), several places in the British West Indies, and more than 120
places in Canada and Newfoundland., Bank of Taiwan (Ltd.) ; head citice, Taipeh, Formosa
 (Taiwan); branches at San Francisco, Manila, Singapore, Calcutta, Bombay, T
doints in China, and about 14 in Japan and its dependencies. Canadian Bank of Commerce;
 head office, Toronto; branches at San Francisco, Seattle, Portland (Oreg.),
Mexico City, St. Johns (Newfoundland), and about 350 points in Canada. Chartered
Bank of India, Australia, and China; bead office, London; branch at Hamburg, and over
30 branches in the Far East. Colonial Bank; head office, London ; nearly 20 branches
and agencies in the British West Indies. Commercial Bank of Spanish America (Ltd) ;
head office, London; branches or agencies at Manchester, Paris, and 7 points in South
and Central America. Hongkong &amp; Shanghai Banking Corporation; head office, Hong.
tong; branches at London, Lyon, Hamburg, San Francisco, and over 25 places in the
far East. London &amp; Brazilian Bank (Ltd.); head office, London; branches at Paris,
Lisbon, Montevideo, Buenos Aires, and 11 points in Brazil. London &amp; River Plate Bank
(Ltd.) ; head office, London; branches at Paris, Antwerp, and Valparaiso, and branches
or agencies at 9 points in Brazil, 3 in Uruguay, and 8 in Argentina. Merchants’ Bank
of Canada; head office, Montreal; nearly 200 branches and subagencies in Canada.
Panama Banking Co.; head offices, Panama and Colon. Royal Bank of Canada; head
office, Montreal ; over 300 branches in Canada, 2 in Newfoundland, 25 in Cuba, 3 in Porto
Rico, 2 in the Dominican Republic, and 7 in the British West Indies. Standard Bank
of South Africa (Ltd.); head office, London; agency at Hamburg, 3 branches in Portuzuese
 East Africa, and over 200 in British African colonies. Yokohama Specie Bank
(Ltd.) ; head office, Yokohama; branches at San Francisco, Los Angeles, Honolulu,
London, Lyon (France), Bombay, Calcutta, 6 points in China, and 12 in Japan and its
possessions. The National Bank of South Africa (Ltd.), with head office at Pretoria and
more than 200 branches in South Africa, opened an office in New York in 1915.
+ Palgrave, Banking Almanac, 1914, pp. 423. 426, 461.