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 argu 
ment 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 render 
ing of financial assistance to the home mer 
chant 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 head 
quarters of these institutions, complete records 
and data are kept regarding all overseas mer 
chants, 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 serv 
ice rendered charged a commission, while the 
Latin American customer had the benefit of