THE TRADE BANK

Dominion, Volume 10, Issue 3094, 26 May 1917, Page 8

THE TRADE BANK

AN IMPORTANT PROJECT

SUPPORT FOR BRITISH INDUSTRY

Tho proposal for the establishment of a British Trndo Bank, mentionod recently iu tho cablegrams from London, has been attracting a great deal of attention in business and manufacturing circles in the United Kingdom. The purpose of tho bank, which is to bo known, as the British Trade Corporation, is to assist British trade with overseas countries, by handling drafts, financing enterprises, discounting bills, and gathering ■information. The bank will have branches in various parts ot the world, and these branches will bo bureaux of information as well as financial centres.

Speaking on tho subject a few weeks ago, tho president of tho Imperial Board of Trade (Sir Albert Stanley) explained that the British Trade Corporation would have tho active support of tho Government. Sir Albert Stanley is himself a business man of very high standing, and he has personal knowledge of the requirements of merchants' and manufacturers' engaged in .Dominion and foreign trade. Tho bank, ho said, would have a charter, and its object would bo to facilitate and promote British trade abroad. There was ample room for tlie operation of such au.institution. He did not believe that it would interfere with the work of any British, joint stock banks or any British or colonial banks, which had been of very great service to British trade. It would fulfil functions in industry and trade which the present banks were not capable of filling, and ho was quite sure that the existing banks would givo their sympathetic support to the new undertaking. . He would like to see them become shareholders.

Sir Albert Stanley added that the corporation would have upon its board representatives of the great British industries, men possessing a very wide knowledge of the world and its affairs. Attached to tho institution would be bureaux capable of examining new industrial projects with, a view to extending credit where it was required and where the prospects of success justified assistance. A system of this kind, had long heen in operation in Germany, and had proved of enormous assistance to Geranan industry ■by enabling young, industries to get upon their feet. The Board of Trade, the president mentioned, was arranging for a great development of its commercial intelligence branch, and for tho appointment of additional Trade Commissioners in various'parts of the Empire. There were at present four Trade Commissioners, stationed respectively in Canada, South Africa, Australia, and New Zealand. The nnmber was to be increased to sixteen, and some of them would be stationed in India and the Crown, Colonies, so that tho whole of the Empire would ha covered by the Board of Trade's representatives. -...''•.