Publisher's Synopsis
Excerpt from Address on the Foreign Trade Outlook to the Industrial Club of Chicago
In Paris and in London I suggested methods of creating international obligations in forms that would have been practicable and helpful, _ had the governments cooperated with the industries to create the proper securities, but the difficulties of the whole situation had not made themselves sufiiciently apparent to make it seem expedient to the foreign governments to follow out the plan. Finding that Europe was loath to accept this idea, I proposed on my return to America that we list in our public markets, under proper safeguards, the internal loans of some of the prin cipal European governments, or their industrial issues. These issues would have to be exempt from European taxa tion for American holders, as our investors could not afford to hold these securities and pay both American and foreign taxes. Stimulated by the decline in exchange, a consider able, though unorganized, market has gradually developed, and there is now, as we all know, an enormous investment and speculative interest in exchange and in the foreignthat had been available earlier was diverted to channels.
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