ABSTRACT
In February 1932, the American Manufacturers' Foreign Credit Insurance Exchange set up a committee to consider methods for aiding foreign buyers whose governments were opposed to the shipment of gold to the United States. Among the possibilities which the committee was ordered to consider was "the exchange of goods between this country and foreign countries based on valuations independent of a transfer of gold, and similar to old-fashioned barter." On April 18th, the International Commodity Clearing Company was formed in Bremen by one hundred merchants to promote the exchange of goods between Germany and other countries, eliminating difficulties in the payment of foreign exchange. The company approach prospective importers and exporters and try to exchange German exports for imports. State control seems, indeed, to be the logical conclusion of the import quotas, restrictions on exchange transactions, etc., which are rapidly becoming the order of the day.
