ALL-AMERICAN BANK
GREAT COMBINATION
PREPARING FOR FUTURE
(Received March 15, 9 a.m.) WASHINGTON, March 14. The United States Administration has announced that it is proposed to sign the inter-American Bank Convention. The announcement is expected to spur on the establishment of the organisation. The inter-American Economic and Financial Committee created by the declaration of Panama early in February last approved plans for an interAmerican Bank, with capital of 100,000,000 dollars, designed to implement economic co-operation with the Western Hemisphere and cushion the American nations against economic shocks resulting from the European war. The South American Republics were asked to appoint delegates to sign the convention on April 14, and it will be operative when at least five nations subscribing at least 145 shares ratify the convention. Each nation is to subscribe capital stock, which will total a thousand shares, in proportion to its foreign trade in 1938. The United States, Argentina, and Brazil will be the largest bloc, with 50 shares each.
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Bibliographic details
Evening Post, Volume CXXIX, Issue 64, 15 March 1940, Page 10
Word Count
162ALL-AMERICAN BANK Evening Post, Volume CXXIX, Issue 64, 15 March 1940, Page 10
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