New York: Amalgamated Clothing Workers of America, 1922.
Softcover. Very good. An address delivered before the Fifth Biennial Convention of the Amalgamated Clothing Workers of America, May 11, 1922. 64 pp, staple-bound. Edgewear to wrappers, internals fine. Hillman, who was President of the Amalgamated Clothing Workers of America, visited Russian in 1921, where he visited clothing factories and met with Lenin and other Soviet leaders to discuss issues relating to the economic reconstruction of the country. Here he proposes formation of a cooperative commercial venture between an organization of American shareholders and various Soviet state manufacturing trusts. The Americans would contribute capital in the form of money and machinery as well as production know-how; the Russians would contribute already existing workshops in need of capital infusion, a ready labor force, and access to local markets. The Soviet Government guaranteed the principal of a proposed $1 million dollar investment as well as an 8% rate of return on the money so invested. In this manner, the Soviets would obtain foreign finance capital otherwise denied to them by an international credit boycott by the world banking community. This proposal led to the formation of the Russian-American Industrial Corporation.