Export Duties

EXPORT DUTIES. Customs duties on the exportation of commodities are rarely levied, it being usually held by Govern ments that exportation is to be encouraged, sometimes to the ex tent of bounties or subsidizations.

Cases have occurred in which manufacturers have appealed to their Government to tax the exportation of a valuable raw ma terial with the purpose of monopolizing its use for themselves. Thus when the first crucible cast steel was made in England by Huntsman, the Sheffield manufacturers unsuccessfully appealed to the Government to tax the exportation of that steel to France.

BANK OF WASHINGTO

N. This bank was created by executive order Feb. 2, 1934, to promote the foreign trade of the United States. It was continued as a Federal agency on Jan. 31, 1935, by the U.S. Congress, which later extended its operations until 1939, then 1941.

Incorporated under the laws of the District of Columbia, the Export-Import bank is authorized to conduct a general banking business, to buy and sell evidences of debt and securities (ex cept corporation stocks), and to borrow money with the approval of the secretary of the Treasury. Control is vested in I1 trustees and capital is provided by the Reconstruction Finance Corp.

In 1938, the bank extended $25,000,00o in credit to China; it has also granted loans to other nations, principally Latin Amer ican, for the purchase of heavy machinery and other capital goods.