Ka Hoku o Hawaii, Volume XXXVI, Number 32, 3 December 1941 — Trade Credits Held No. 1 Need At War's End [ARTICLE]

Trade Credits Held No. 1 Need At War's End

SAN FRANCISCO, Calif., — —Arthur M. Tode, shipping expert. proposes that an ' mlemat!onal bank of settlement" be establ!shed after the war for financing foreign trade. Tode, who founded thē Prope!r übs in the ?hipping industrv. I presented the plan to the Amerl!can Merchant Marine Association. He said it would be placed before all other nattonal and internationfi> Rssocsations interested !n rehahi7itat!on of intornational trade lmmediatelv after the war ends. Tode believes fc\v countr!es will have gold either for foreign purchases or on whieh to establish their own currencies. However. he pointed out tliey still will have tlieir nationaT wealth and resources and these t ean be "hj'pothecated" with the bank oredīts to permit resun\ption of an internationnl exchange 0f goods. Conferen<x* Flrst Stop j Tode's pian eaila for sumnuM\u an inlcrnatii>n:il (\>nferen t v iv. h;ch wouiU arraixgc thc biUik's ]organization. He cited th<* ostinuite jof VVaiUier PUUienau. the lale I Gernian economist, that at the ! dose of the \Vorld War, Europe las a whole had lost only 2 per | cent of its national wealth. j A somewhat analogous percentj age. he felt, may be expected jftom the present war, Wīth the j resuit that despite the laek of 1 epolā, the great bulk of the naj tional wea!th of eaeh country jw4ll remain intact. ! "In the creation of an internaj tional bank of settlement," h-: ī said. "*the first task will be to de ;cide what are the potential rc- ■ so>srces of thc \-artous natioi.« th»t been tr!umpharit 5n the • c»nse of demoeracy, These re!«ource«? then will be capiUlized and cred!ts llsued agaīnst them. 1 "Even the defeated nations will be called upon to participate bv' ha\ing their potential resources appraīsed and put in tlie bank as ' ! conateral for the proposod issuc ] of hiternfttional credita. . "Qulek Itjrescca j '"Onee such a bank is creatcOf ( the pn>blem of liow to for, St* wlll bc solvcd and full ixsump j «on of intemationāl cv>nuuervc J ean bc£in. . "In any ovent \ve must havc Uu money to rehabiliUtc the tradit\g of himdm!s of mnikw' ■' on r.-s ' net. When thts ia »e«omplished j th»> who'e r»ictnre wW ch«T»jfc L,\. Oul Uie t&ssituāv v ! i _ post \var lctliarfey will co:;vc ;v , viv<\l mteresl and sustaim\i hope ' for tho , "WiUi *V.at as a backgivund. . V; ew;3; prospct ; ;;s - tlic Urnuui&of lhv ' \vs? *' ; Tos!e characterUcd Uie prescnt j v.&t*ons s s'. ' thc ur.de rUkcn U; the" V. wNtor\ cf thc v\orU. ' * tt \V ; *I tHe \Tmtcd Statc&.. ft! /\ v, , f vuth jmvV 4 ably t>,. £reatcst :v.c:Y3\ant r.;a

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