ECONOMIC SHOCKS
CUSHIONING PLAN INTRA-AMERICA PLAN NEW BANK PROPOSED (United Press Assn.—Klee. Tel. Copyright) WASHINGTON, Feb. 7 The inter-American economic financial committee created by the declaration of Panama has approved the plans for an inter-American bank with a capital of 100,000,000 dollars. It is designed to implement economic co-operation in the western hemisphere and cushion the Americas against the economic shocks resulting from the European war. The Republics have been asked to appoint delegates to sign, on April 14, the convention which will become operative when at least five nations subscribing at least 145 shares, ratify it. Each nation is to subscribe to the capital stock, which totals 1000 shares, in proportion to their 1938 foreign trade. The United States, Argentina and Brazil form the largest bloc, with 50 shares each.
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Waikato Times, Volume 126, Issue 21034, 9 February 1940, Page 7
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131ECONOMIC SHOCKS Waikato Times, Volume 126, Issue 21034, 9 February 1940, Page 7
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