Word: bartering
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Thirty-five foreign nations have passed restrictive legislation on currency exchange with Great Britain. Brightly last week the London Chamber of Commerce suggested that if it is impossible to trade in cash it would be better to go back to barter than not trade at all. To speed the swapping, they suggested the establishment of "barter bonds," to be issued by each of the nations wishing to trade with Britain. The respective central banks would fix their own internal par value of such bonds in each case and they would be used instead of cash to pay for goods...
...Barter bonds, pointed out the L. C. C.. would automatically balance trade because excess of sales by one country would immediately cause an accumulation of bonds which could only be liquidated by more purchases from the other country...
...last week that Aluminum Co. of Canada, sector of the Mellon Empire, had sold $1,000,000 worth of aluminum wire to Russia, will take crude oil in payment (some reports said half the payment would be cash). The oil received in the deal, which Aluminum Co. called a barter "in effect but not literally," will be sold to Montreal's La Salle Petroleum Refinery, Ltd. (incorporated only last May), refined and placed on the Canadian market. Canada's oilmen spoke of "disturbing effects," pointed out that Mellon-controlled Gulf Oil Corp. was a member of the international...
Depression hurt money-changing, so 35-year-old Banker Neidecker turned to goods and produce. Last year he bargained for Farm Board wheat to be delivered to his European cartel. Last month he announced the formation of International Commodities Trading Corp., Swiss-chartered, to barter among countries commercially hobbled by foreign exchange restrictions. Last week he concluded his first deal-an agreement to trade 1,000,000 bushels of U. S. wheat and a small amount of cotton for some $500,000 worth of Indo-China zinc and tin. The wheat will be traded on a basis...
...Paris Barterer Neidecker said an initial credit of $4,500,000 had been granted his trading corporation. Where possible or profitable, stocks & bonds will be used as exchange media. Because barter transactions are often tariff-free. Barterer Neidecker hopes to see his company become a powerful factor in intergovernmental tariff negotiations. He is now negotiating for a barter of 200,000 tons of Chilean nitrate for U. S. gasoline, has his eye on unwieldy stocks of Brazilian coffee, Japanese silk...