Foreign Corporate Bonds in the American Market

commodities necessary for the rehabilitation and reconstruction of devastated Europe, and for the up-building and development of other less advanced countries. Financially, the United States is the one remaining large country with sufficient liquid capital to finance not only its own needs but those of other countries as well. The speeding up of production in the United States during the past few years has been so tremendous that a reservoir of liquid wealth has been created such as was deemed incredible a few years ago. It is not so many years since, when the reproduction of capital in the United States was not sufficiently large to satisfy the growing demands of industry and' commerce in our own country, that a large amount of foreign capital had to be utilized for the development of our industries. Our sales of commodities to foreign countries and the liquidation of our indebtedness to foreign creditors have completely reversed the situation. In other words, we are now in a position, from a material point of view, to embark upon a policy of foreign investment. Political and humanitarian considerations urge us forward. It therefore remains to examine such a policy from a practical point of view and to determine what steps are necessary to attract the interest of American investors to foreign government and corporate issues.