FINANCE AND CREDITS 295 
indebtedness. Very naturally a better price 
is quoted for the money required if payment 
is to be made in coin of the bank’s national 
ity for the reason that it necessitates less actual 
movement in the medium of exchange, the en 
tire transaction as a rule being done on paper. 
This preliminary saving of a fraction of a per 
cent, in a big business means much in the 
course of a year and it has a strong tendency 
to make the buyer seek markets so situated that 
he might profit thereby. On the other hand 
the Latin American trader desiring to remit 
to the United States for goods bought in this 
country is forced because of lack of direct 
financial connection in South America to buy 
his exchange on London, Hamburg, Paris or 
some other European money center, thereby 
giving the European banker a profit of a frac 
tion of a per cent, on every dollar of our for 
eign business. Furthermore, invoices and 
bills of lading are frequently attached to 
banking documents for custom house clearance 
and other purposes, thereby giving the Eu 
ropean banker and through him, his clients