The Federal Reserve System and the Banks (Classic Reprint) - Softcover

Warburg, Paul M.

Softcover

ISBN 10: 1440043507 ISBN 13: 9781440043505

Verlag: Forgotten Books, 2012

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Reseña del editor:

Excerpt from The Federal Reserve System and the Banks

The more important this market grows, the stronger will be the position of the Federal Reserve Banks, for the greater or lesser volume of purchases of such accept ances will Offer one of the Federal Reserve Banks' most efiective means of exercising a wholesome influence upon the fluctuation of interest rates. As normal conditions are reestablished in the world, this acceptance market will become an important factor in protecting our ex change position with foreign countries and, incidentally, our gold holdings. It has taken some time to develop this market, but I am confident that, from now on, its growth will be rapid. One of the obstacles that made the start difficult was found in the fact that many accept auces, which are made for the purpose of financing im portations and exportations, have to be drawn and sold in foreign countries.

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Bank Organized to do Business in Foreign Countries Usm of American Credit Facilities as A gainst Foreign forced the other banks to modify their resistance and to compete for our bills which, up to that time, they hati tried to disregard. It is to be hoped that other American banks will soon follow in establishing themselves in foreign countries. As you know, the Federal Reserve Board has recommended an amendment to the A ct to enable national banks, singly or jointly, to hold stock in banks organized principally to do business in foreign countries. One bill has already passed the House,.and another has been reported favorably by the Senate committee on banking and currency. The Board hopes that a satisfactory bill will be agreed upon by both houses in the very near future. It is a strange fact, however, that many of our business men, who enjoy the reputation of being keen and progressive, are actually wasting their funds by still using foreign acceptance credits instead of A merican. At Rio I found to my surprise that the majority of American coffee importers were still using letters of credit in sterling for which they were paying a discount rate of about 4%% as against the American discount rate of 2%. Moreover, in doing so, they were often paying two commissions, one to the foreign banker who issues, and one to the American banker who opens the credit, instead of paying a single commission to the American banker. It is true that the wool and hide business, done by New England with the A rgentine, is today financed by dollar acceptances drawn on Boston and New York, and that the oriental trade has begun to use dollar bills, but it is surprising that so large a number of New York importers ai estill clinging to their old pound sterling acceptance arrangements.
(Typographical errors above are due to OCR software and don't occur in the book.)

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Über diese Auflage

• Verlag: Forgotten Books
• Erscheinungsdatum: 2012
• ISBN 10: 1440043507
• ISBN 13: 9781440043505
• Einband: Tapa blanda
• Anzahl der Seiten: 34