Export-Import Bank of Washington Press Release For

m ^$ EXPORT-IMPORT BANK OF WASHINGTON

PRESS RELEASE FOR FINANCIAL PAGE October 19, 1955

FOR RELEASE A. M. PAPERS, THURSDAY, OCTOBER 20, 1955

The Export-Import Bank of Washington announced today that it has com pleted arrangements for the operation of the credit of $60,000,000 in favor of The Bank of Japan, authorized August k, 1955, for the purchase and export of United States cotton to Japan during the crop year ending July 31, 1956.

The Bank of Japan has designated Japanese commercial banks as its agents in financing cotton purchases under the credit. The Japanese commer cial banks will, in turn, utilize the services of the following United States commercial banks:

Bank of America National Trust 8c Savings Association Bankers Trust Company Brown Brothers Harriman & Co. The Chase Manhattan Bank Chemical Corn Exchange Bank The First National Bank of Boston The First National Bank of Chicago First National Bank in Dallas The First National City Bank of New York Guaranty Trust Company of New York Irving Trust Company The Hanover Bank Manufacturers Trust Company The Marine Midland Trust Company of New York The National Bank of Commerce of Houston The National Bank of Commerce of Seattle Republic National Bank of Dallas J. Henry Schroder Banking Corporation Seattle-First National Bank The Second National Bank of Houston Wells Fargo Bank

Cotton sold under contracts entered into subsequent to August k, 1955> is eligible for financing under the line of credit. The purchases and ship ments of cotton financed under the credit are to be made in the customary manner with orders being placed by the textile mills of Japan, or their agents, with United States shippers. Purchase contracts may include cost of insurance and freight. Financing of purchases will be effected through letters of credit under which 12-month drafts will be drawn on The Bank of Japan. The letters of credit issued for this purpose are to expire not later than July 31, 1956.

All inquiries relating to other details of the operation of this credit should be addressed in due course by the American cotton shipper to his bank or banks in the United States or his agents in Japan.

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EXPORT-IMPORT BANK OF WASHINGTON

PRESS RELEASE FOR FINANCIAL PAGE October 19, 1955

FOR RELEASE A. M., PAPERS, THURSDAY, OCTOBER 20, 1955

A two-day session of the Advisory Committee to the Export-Import Bank of Washington was held this week at the headquarters of the Bank in the

Lafayette Building in Washington, D. C. This was the first meeting of the

Advisory Committee which was provided for by an amendment to the Export-

Import Bank Act.

Problems of policy and operation of the Bank were discussed at the meeting. At the conclusion, Roy C. Ingersoll, Chairman of the Advisory

Committee, expressed gratification with the upward trend in the lending activities of the Export-Import Bank as indicated by the fact that 115 credits totaling $336.7 million were authorized in the first six months of this calendar year. He also stated that the advisers were happy to learn that the Bank was placing emphasis on obtaining a maximum amount of private capital participation in its lending operations.

Mr. Ingersoll added that all of the members of the Advisory Committee felt that the meeting had given them an opportunity to understand better the problems with which the Export-Import Bank is confronted in carrying out its program of facilitating the foreign trade of the United States.

Samuel C. Waugh, President of the Export-Import Bank, said that the deliberations had been most helpful to the Directors of the Bank in giving them an opportunity to.discuss problems of foreign trade with outstanding representatives of production, commerce, finance, agriculture and labor.

PR # 3kL The nine members of the Advisory Committee, all of whom were present, are:

Roy C. Ingersoll, President, Borg-Warner Corporation, Chicago, Illinois, designated by the Directors of the Bank to be Chairman of the Advisory Committee.

Edward M. Andel of New York, Vice President, Bankers Trust Company, and President of the Bankers' Association for Foreign Trade.

Charles S. Dewey, of-Washington, D. C. He has held many high posts with Government and with private banks.

Rudolf S. Hecht, of New Orleans, Managing Partner, R. S. Hecht & Co., Investment Bankers,

Allan Blair KLine of Vinton, Iowa, former President of the American Farm Bureau Federation.

David J. McDonald, of Pittsburgh, Pennsylvania, President of the United Steel Workers of America.

Warren Lee Pierson, of New York, Chairman of the Board, Trans World Airlines, Inc., and President of the International Chamber of Commerce.

Russell G. Smith, of San Francisco, California, Executive Vice President, Bank of America National Trust & Savings Association.

William S. Swingle, of New York, President of the National Foreign Trade Council, Inc.

Each of the members has had many years of experience in various aspects of United States foreign trade. The Committee will meet on call of the President of the Bank to advise with the Bank on its program and it is anticipated that there will be two or more meetings per year.

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