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Febraaiy 2*t 1VA6 t h e Editor $i# l o o Tor* f l a t s l o o fork* S« 1 . Boar i l r t Ike a r t i c l e <$e*li**f with tfeo polioy of «io Ia«HMrfc-I«|>o(rt Bank <m print* trt&m which a|^ooro4 In ttto l i f t *°f^ J&ttft o f Soaday, February 17 5 doe* the Beak aoasiderwbly I w r thaa jmatleo* t h e apaolfio ohexfo i# t h a t the fc*mkt by f a i l i n g t o police I t o reooaetraetloa loaa* t o fiarofoaa fovoraaoata, 1* a t « i a g *a o^portwd^r t o f o r t e tfeo moo of 1Mb loaa* for porabaaa ttttrotagh p r i v a t e ooaoirotal cheoaelr cmky. l a tha word* of the H i t * **%i*io# * t i dow a c t eppoer t h a t the Beak <to*eera# t t a e l f a t a l l with tha astaaor l a *fci£h food* are epaat** t h e aaaoor t o t h i n charge i* & twofold eaei ( l ) fhe Baak h&f toi n i l the t i t re^aoaably could uader exJUtlag eiretiaeVne*£ to aaoooraga aatf la&uto the r e t a m t o primX* hm&* of tha tr*t4o with libera***! *od *&r~ devastated covMQlrl^t whieb I t U fla&aolaf by aoaao of l u r*o ^ t t r u c t l o a loaaaj (a) tha r e t u r n af trade t o p r i v a t e eh*a&*la 1* tt«M oooatrtoo ©brtr/oely dsfwoAo O]>oo oirota&taaoo* eoapletely boyJta$ tfeo oootrol of the Sxport-Iaport B&ofeu With roferoaoe t o tfco f i r s t p ^ i n t , i t w i l l bo r e a d i l y agreed that the r o t o r a #f trado t o privmto i a p o r t e r s 1* a o i possible i a the oooo of oqol|WHit for gotoyaataVomoft ue*& operated f & o t l t t i o * , rooh a* rfcllweye, harbora, &ad similar basic f a o i i i t i e e , *hUh w i l l bo jmraheaod l a *my oaao by goooroatata f o r t h e i r 0*a aooooat* l o t purchase* of tfaie typo aaeoaaartly aecoiari f o r a large p a r t of the |»oroh&ooa ahiefa aro heiajg aado * oat of the iagsorVIapori Baak*a r»o ofitructloa e r a d i t a * Tha Bank holds the r l o o t h a t parabaaa* of other a r t e r i a l * *hculd ba offeet*<i thrtmgjft p r i v a t e l a ^ o r t o r * t o tha aaalaaa orfcoat pooalfela* Coa#o*maatly, I t baa obUiaad l a eooaootltat with eovoral of i t e roooaatruo~ t i a a loaaa a r i t t o a or o r a l aa^omaooa froa tho borrowiaf gmr«rna«Eit t h a t the o r o d i t a a t a a A ^ by th« Irpoi^t-laport Bank ^ u i ' bo aa4o a v a l l a b l a t o j^riTitto laportars* l a other oaaoa* thora oaa oo <}me#tloa aboot tha l a toot l o o of the fooaroaoat* aoaooaaod t o &o ao a r I t oaa eloar &mt t h e prwmxt* of p r i v a t e importing i n t e r e s t s would bring ateout the desired r e s u l t . f /y'C•••£*-'^ ^ ~2~ The aetaal eoursa of smuts 1$tfia&iflcsntin thi& ocannisctiQn* fhare has been a return to priw&t* importing in Belgium except in ths e&M of imports of foodstuffs and artlolas under alloe&tlom In supplying eoim tries. A return to private importing in the Motherlands is expected noaem tartly* The Bank's credit to INnaark has been mads awailabla to private Baniih Importers cm a substantial seals* Th# recently sanoumced credit to Finland will bo used to a large extent by prirate Finnish importers of American goods* fh* reoeht credit to Qreoee will bo mood in the same way imaofar as materials cad #«juipm«nt for priwata industry Is inwolwod* Ill all theee inst&neo*, ths Bank has promoted the movement in the direction of private trade, not only in a specific way tgr its ra^rasofctatlotts regarding ths rata** to private trade* but also in a ganaral nay by helping to rsllors ths eandltloa of dollar shortage which Is in part responsible for * ths ceattinuatiou of j uraheslmg through governmmt rathsr then privet* channels* Items* ths Sxport-Im^ort Bank has beta guided continually in making reconstruction loam* by tho dosiro to rasters foreign trade to privats ohmmsli as rapidly as possible* furthsr progross toward this snd will dspead upas ths srtant to shich foreign governments ars able to curtail ths sotlYitleg of thslr purchfeeing missions in this country* JPraotieaily all of ths missions now in existence wars sot up as temporary organisations to soot ths exigencies of supply sod transport crafted by ths war* thslr activities hara been gen or ally curtailed sines ths snd of ths war. However, aany of ths foreign countries concern**! hara been unable to depend upon private Initiative to procure essential goods for relief and reconstruction. Thsy bars afcto been unable quickly to sst&hllsh work* bis systems for maintaining import priorities through ths lloonslng of individual importers* Iran sftor workable import licensing systems haws been sot up, thsy earn operate only to prevent or restrict imports which are not considers* sseantlal* they in no m y insure that ths liberated m& w*r~d*vastated countries will import at ths proper time m& in the required amounts ths food, supplies$ and equipment which thsy must hare to food their populations and restore their productive facilities. This is espaeislly true In the sellers1 market which prevails today for many typas of goods* for ths JbcporVXmport Bank to require under these circumstances that all of ths trade financed by it be handled through private coamerclal channel* rather than through /urehaeiag missions in the Suited States would ~> therefore be premature at the least# To require as a farther condition of ExporVInpart Bank loans that foreign purchasing ale si one be disestablished would introduce an extraneous iceue into the Bank1 a operatione and exceed ita competence. If the Bank were to sake loans which were fully Justified cm other grounds only on condition that they were need exclnairely to finance private trade, the inevitable result would be to delay, and in some instances prevent altogether, the carrying out of reconstruction programs which are of profound importance to the United States and to the future of its foreign trade* f ery truly yours, *m. McC, Martin, Chairman AM: me Jr.
@FedFRASER