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EXPORT-IMPORT BANK ACT AMENDMENTS
HEARING
BEITORE A
SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE
E I G H T Y - S E C O N D
C O N G R E S S
FIRST SESSION
oar
S. 2006
A BILL T O I N C R E A S E T H E L E N D I N G A U T H O R I T Y OF
E X P O R T - I M P O R T B A N K OF W A S H I N G T O N A N D
TO E X T E N D T H E P E R I O D W I T H I N W H I C H
THE BANK
MAY MAKE
LOANS
AUGUST 28, 1951
Printed for the use of the Committee on Banking and Currency
UNITED STATES
GOVERNMENT PRINTING OFFICE
88466
WASHINGTON : 1951
COMMITTEE
ON
BANKING
AND
CURRENCY
BURNET R. M A Y B A N K , South Carolina, Chairman
J. W. FULBRIGHT, Arkansas
A. WILLIS ROBERTSON, Virginia
JOHN SPARKMAN, Alabama
J. ALLEN FREAR, JR., Delaware
PAUL H. DOUGLAS, Illinois
WILLIAM BENTON, Connecticut
BLAIR MOODY, Michigan
H O M E R E. CAPEHART, Indiana
JOHN W . BRICKER, Ohio
IRVING M. IVES, New York
A N D R E W F. SCHOEPPEL, Kansas
E V E R E T T M. DIRKSEN, Illinois
A. LEE PARSONS, Clerk
Jos. P. MCMURRAY, Staff Director
SUBCOMMITTEE ON ECONOMIC
STABILIZATION
PAUL H. DOUGLAS, Illinois, Chairman
BURNET R. M A Y B A N K , South Carolina
A. WILLIS ROBERTSON, Virginia
JOHN SPARKMAN, Alabama
J. ALLEN FREAR, Delaware
II
H O M E R E. CAPEHART, Indiana
JOHN W . BRICKER, Ohio
IRVING M. IVES, New York
A N D R E W F. SCHOEPPEL, Kansas
CONTENTS
S. 2006
Statement of—
Gaston, Herbert E., Chairman, Board of Directors, Export-Import
Bank
Letters, statements, exhibits, etc., submitted for the record by—
Agriculture Department, Charles F. Brannan, Secretary: Letter on
S. 2006
Commerce Department, Charles Sawyer, Secretary: Letter on S. 2006_
Economic Cooperation Administration, William C. Foster, Administrator: Letter on S. 2006
Federal Reserve System, William McC. Martin, Chairman, Board of
Governors: Letter on S. 2006
Gaston, Herbert E., Chairman, Board of Directors, Export-Import
Bank:
List of strategic materials credits
Statement of loans and authorized credits
Comparative statement of condition of Export-Import- Bank
Comparative statement of income and expenses of Export-Import
Bank
Loans authorized in 6 months ended June 30, 1951
State Department, Dean Acheson, Secretary: Letter on S. 2006
Treasury Department, John W. Snyder, Secretary: Letter on S. 2006__
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EXPORT-IMPOBT B A M ACT AMENDMENTS
TUESDAY, AUGUST 28,
UNITED
SUBCOMMITTEE
ON
ECONOMIC
COMMITTEE
ON
1951
STATES
SENATE,
STABILIZATION
BANKING
OF
AND
THE
CURRENCY,
Washington,
D.
C.
The subcommittee met, pursuant to notice, at 10:30 a. m. in room
301, Senate Office Building, Senator Paul H. Douglas (chairman)
presiding.
Present: Senators Douglas, Maybank, Bricker, and Schoeppel.
Senator D O U G L A S . Gentlemen, I think we should begin the hearing.
This is a hearing on Senate bill S. 2006, presented by the ExportImport Bank.
Is this Mr. Gaston?
Mr. G A S T O N . Yes, Senator.
Senator D O U G L A S . May we have the clerk supply copies of the bill,
please? The bill will be inserted in the record at this point.
(The bill referred to follows:)
[S. 2006, 82d Cong., 1st sess.]
A B I L L , TO increase the lending authority of Export-Import Bank of Washington and to extend the period
within which the bank may make loans
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled,, That the Export-Import Bank Act of 1945, as
amended (59 Stat. 526, 666; 61 Stat. 130), is hereby amended in the following
particulars:
(a) By deleting from section 6 the words "two and one-half" and substituting
in lieu thereof the words "three and one-half"; and
(b) By deleting from section 7 the words "three and one-half" and substituting
in lieu thereof the words "four and one-half"; and
(c) By deleting from section 8 the date "June 30, 1953" and substituting in
lieu thereof the date "June 30, 1958."
Senator
DOUGLAS.
STATEMENT
Mr. Gaston, will you proceed?
OF HERBERT E. GASTON,
CHAIRMAN,
DIRECTORS, EXPORT-IMPORT
BOARD
OF
BANK
Mr. G A S T O N . Yes, Mr. Chairman.
I am appearing before you in support of S. 2006. This is a bill to
increase the borrowing and the lending authority of the Export-Import
Bank of Washington. While it is a part of the general program of
foreign assistance, it does not come before the Appropriations Committee because it is not in the strict sense an appropriation bill.
This bill, like the Export-Import Bank Act of 1945, would authorize
the bank to lend additional sums and to borrow additional sums from
the United States Treasury, in the case of this bill in the amount of
$1,000,000,000. This will increase our authority to lend for sound
1
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EXPORT-IMPORT BANK ACT AMENDMENTS
enterprises designed to promote the trade and the interests of the
United States from $3,500,000,000 to $4,500,000,000.
It is a part of a general program which takes into account the needs
of nations friendly to the United States for economic support and is
designed to create and to hold for the United States friends in an
uneasy and disturbed world. This bill, as well as the remainder of the
aid program which has been under consideration in the Congress,
has the strong support of the President. He proposed it in his budget
message of January 15, 1951, and his message to the Congress of May
24, 1951, on the Mutual Security Program, used this language:
Loans by the Export-Import Bank will also continue to play an important
role in our efforts to assist the economic progress of friendly countries. In order
that full use may be made of the opportunities for loans, especially to develop
strategic materials, I recommend that the lending authority of the Export-Import
Bank be increased by $1,000,000,000. Not all of the increased lending authority,
of course, will be used in the coming year.
That ends the quote of the President.
The Export-Import Bank does not make grants or gifts. It has
never had authority to do that in its entire history of more than 17
years; it has not done so, and it does not seek that authority. On the
contrary, it makes loans which, in the opinion of the trustees who
guided its affairs to the middle of the year 1945 and of the bipartisan
board of directors which has guided its affairs since late in 1945, will
genuinely forward the economic interests of the United States. The
loans made by the bank have been, as a whole, good loans.
Senator D O U G L A S . I notice you use a qualifying phrase there, Mr.
Gaston. You say " o n the whole" they have made good loans.
Mr. G A S T O N . Y O U think it is faint praise?
Senator DOUGLAS. Well, I do not know, but I notice that you use
cautious language.
Mr. GASTON. Yes. I say as a whole because there have been
some small defaults.
That can be adjudged from the fact that of total commitments
since the bank was created exceeding $5,000,000,000 and total .commitments now on our books exceeding $3,000,000,000, there never
have been any substantial losses. The ratio of recorded losses to
funds actually put out by the bank is at the present time less than
one and one-hundreth of 1 percent.
The loans of the Export-Import Bank have been useful loans.
They have promoted both the political and economic interests of the
United States through several methods. Among the first of these
was by assisting in the financing of the sales of American merchandise,
not only manufactured merchandise embodying the skilled labor of
many American engineers, designers, and mechanics, but also agricultural commodities, such as cotton and wheat.
I think it safe to say that no loan has ever been made by the ExportImport Bank in which the economic interest of a foreign country
was not equally considered along with that of the United States.
The trade which the bank has sought to promote and which it is
enjoined by law to create is a mutually profitable trade. This means
that loans have been made to forward the economic growth and
development of the foreign countries which have been recipients of
loans. Not only has this factor been taken into careful consideration,
but loans have not been made without a real evaluation of the ability
3 EXPORT-IMPORT BANK ACT AMENDMENTS
of the foreign country, the foreign economy, and the particular
foreign industry concerned to repay them. When we consider an
application for a loan, we ask ourselves what it will do for the balanced
growth of the country in which the loan is to be made. We also
continually ask ourselves and continue to get the best information
we can find available as to whether the effect of the loan will be to
increase or to diminish the ability of the recipient country to pay it off
in dollars. We do not make loans to dollar-short countries unless
they promise to increase dollar repayment capacity through fairly
direct processes.
It should be understood quite clearly that we are not presenting an
expenditure program nor even a loan program. It would be folly,
in our opinion, to say that sound loans in a given amount can be made
to a given country in a given year or in given succeeding years. We
can make estimates which may prove fairly close to the mark, or may
prove wide of it, but we cannot make programs for lending. We have
never had a lending program and we don't expect to have one.
What we can say and do say is that the needs of the world and the
needs of the United States will certainly call upon us for new loan
activities that will leave our present balance of unobligated funds,
which is now in the neighborhood of $ 5 0 0 , 0 0 0 , 0 0 0 , at a perilously low
point. When I say perilously low point, I mean precisely that. I
think that the interest of the United States might very easily be seriously imperiled by the inability of the Export-Import Bank to meet
some emergency requiring a sizable loan or a series of loans.
Senator M A Y B A N K . Mr. Gaston, may I ask you there: You have
made some loans that have been recommended by the Foreign Relations Committee through the Appropriations Committee, have you
not? Has not the Foreign Relations Committee at times made suggestions of loans to your board?
Mr. GASTON. I think there are two things, Senator: One is the
matter of the European reconstruction loans that were considered in
1945; the other thing I think of is the EGA loans.
Senator M A Y B A N K . That is right.
Mr. GASTON. Which we make under the direction of E G A .
Senator M A Y B A N K . That is right. And the EGA gave you that
airection through authorization passed by the Foreign Relations
Committee and approved by the Appropriations Committee?
Mr. G A S I O N . That is correct.
Senator M A Y B A N K . H O W much money did you loan, approximately, in that type of loan through EGA and the Marshall plan? I
just wanted it for the record.
Mr. GASTON. Yes, we will give it to you for the record, Senator.
Senator M A Y B A N K . Just approximately, and how much of it has
been paid back.
Mr. GASTON. The E C A , it is in our semiannual report. The
reconstruction and lend-lease loans amounted, at the time they were
made, to about $2 billion.
Senator M A Y B A N K . H O W much has been paid back?
Mr. GASTON. About half a b i l l i o n — $ 5 0 0 , 0 0 0 , 0 0 0 . That was lendlease loans only, not reconstruction loans, because the collection period
was set forward.
Senator M A Y B A N K . That is what I wanted to get. I wanted to
get the amount of the loans for the record and how much has been
paid back and what is due up to date.
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EXPORT-IMPORT
BANK ACT AMENDMENTS
Mr. G A S T O N . I will give you that. As of June 3 0 , 1 9 5 1 , credits of
$ 1 , 3 3 9 , 4 4 1 , 0 0 0 have been authorized by the bank pursuant to the pro-
visions of the Foreign Assistance Act of 1948, as amended. These
include special credits made to Spain and India.
No principal payments have as yet matured on any of these credits.
I can say offhand, though, that of those reconstruction and lendlease loans, the lend-lease loans alone have been payable in the meantime. The large reconstruction loans have not yet become due. But
the total amount put out was around $2 billion and the amount repaid is about $ 5 0 0 , 0 0 0 , 0 0 0 . Thev now stand something a little over
$1,500,000,000.
Senator M A Y B A N K . Are
Mr. G A S T O N . There are
any of them delinquent?
no delinquencies; none at all.
The ECA loans, up to the end of last December, were $1,116,000,000.
Senator M A Y B A N K . They are up to date on what should be paid
back?
Mr. G A S T O N . I don't think there has anything come due on the
ECA loans.
Senator M A Y B A N K . When do they come due?
Mr. G A S T O N . 1 9 5 6 , I think, is the first one.
Senator M A Y B A N K . What collateral do you have?
Mr. G A S T O N . We have no collateral.
Senator M A Y B A N K . None at all?
M r . GASTON. N O , sir.
Senator D O U G L A S . Y O U have the French loan, $ 1 , 2 0 0 , 0 0 0 , 0 0 0 ?
Mr. G A S T O N . May I say, Senator Maybank, that we do
not
ordinarily take collateral on any loan. They are made, as a rule,
upon the guaranty of the foreign government or are made direct to a
foreign government, and no collateral security is required.
Senator M A Y B A N K . All of the foreign governments you have loaned
money to have either paid or amortized up to date, except some small
ones?
Mr. G A S T O N . That is correct.
Senator D O U G L A S . $ 1 , 2 0 0 , 0 0 0 , 0 0 0 in the two French loans?
M r . GASTON. Y e s .
Senator D O U G L A S .
Mr. G A S T O N . Not
$106,000,000 on the Finnish loan?
outstanding, Senator. The total amount of the
two French loans, the lend-lease loan will be $ 5 5 0 , 0 0 0 , 0 0 0 and the
reconstruction loan of $ 6 5 0 , 0 0 0 , 0 0 0 , amounted to $1,200,000,000.
Senator D O U G L A S . Which means there is outstanding $1,100,000,000.
Mr. G A S T O N . On the lend-lease part there have been some payments; they are up to date on those payments.
Senator D O U G L A S . But I am speaking of the postwar loans,
$1,100,000,000 to the French Government outstanding; $100,000,000
in Belgian loans; $100,000,000 of Danish loans; approximately
$ 9 3 , 0 0 0 , 0 0 0 of Finnish loans; $ 8 0 , 0 0 0 , 0 0 0 of Italian loans; $ 1 5 1 , 0 0 0 , 0 0 0
of Dutch loans; $ 4 1 , 0 0 0 , 0 0 0 of Norwegian loans; $ 4 3 , 0 0 0 , 0 0 0 of
Polish loans; and $ 4 8 , 0 0 0 , 0 0 0 of Yugoslav loans.
Mr. G A S T O N . I wouldn't class the Polish loans along with those
others. They were made shortly after the war.
Senator D O U G L A S . I will ask some questions about the Polish and
Yugoslav loans later.
Senator B R I C K E R . What was the money from these lease-lend loans
used for?
5 EXPORT-IMPORT
BANK ACT AMENDMENTS
Mr. G A S T O N . Oh, it was used for goods that had been ordered
that were in the course of manufacture or were in the course of shipment at the time the war ended. They were continuation lend-lease
loans, and the rate of interest was a special rate fixed under section
3 (c) of the Lend-Lease Act, which was 2%-percent interest, but they
were continuations of the lend-lease transactions that were already
in process.
Senator B R I C K E R . None of these loans was considered by our
Government in settling the lend-lease payments due from other
countries after the war?
Mr. G A S T O N . N O , there were lend-lease payments due in addition
to these.
Senator B R I C K E R . Oh, I know that.
M r . GASTON. Y e s .
Senator B R I C K E R .
But there has been no settlement on a national
level of any of these lend-lease loans?
Mr. G A S T O N . They were settled in this way, sir; they were funded,
new notes, new contracts were written and new notes were given payable at definite dates.
Senator B R I C K E R . H O W much w^as the time extended?
Mr. S A U E R . Thirty years with 60 semiannual installments.
Senator B R I C K E R . Was there any change in the interest rate?
Mr. G A S T O N . It was a rate specially provided for lend-lease continuation loans in the Lend-Lease Act, which was 2% percent, and in
the refunding there were no changes in that interest rate. That rate
was one set for the refunding. The lend-lease operation was one which
was not on a loan basis and for which there was no fixed interest or
fixed monetary return at all. But when they were funded in 1945,
under the act, notes were given and collection dates, repayment dates
were set, and an interest rate was fixed according to the law at 2%
percent.
Senator B R I C K E R . The refunding process, refunding agreements,
then, did take into consideration the Export-Import Bank loans, the
same as other amounts due?
M r . GASTON. O h , y e s .
Senator B R I C K E R . Under the lease-lend program?
Mr. G A S T O N . That is true, sir. As a matter of fact,
the National
Advisory Council, which considered all these matters, took into consideration a number of things: the lend-lease outstanding, the lendlease continuation, the foreign liquidation, and the reconstruction
loans.
Senator B R I C K E R . In the original conception of the Export-Import
Bank there was no idea that it would be used to bail out foreign governments, was there?
Mr. G A S T O N . I am afraid I have difficulty with the words "bail out."
Senator B R I C K E R . That is what this amounts to. Contracts were
let; there was no money to pay for them.
Mr. G A S T O N . I think there was full expectation that loans would
be made by the Export-Import Bank to foreign governments.
Senator B R I C K E R . T O foreign governments?
Mr. G A S T O N . Yes. And this was a rather special transaction that
was discussed, I think before this committee, was it not, Senator
Maybank?
Senator M A Y B A N K . A S I remember; yes.
88466—51
2
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EXPORT-IMPORT BANK ACT AMENDMENTS
M r . GASTON. Y e s .
Senator M A Y B A N K .
But the Appropriations Committee and theForeign Relations Committee did the real work. What they really
did, in substance, was to transfer it from RFC. RFC was then committed to the British loan. You correct me if I am wrong; it is just
from memory. They stopped the RFC on the British loan and different things and, as I recall, they authorized you to do it. The
language was strong enough so that perhaps you might say you were
forced to provide it if you considered the loan to be reasonable.
Mr. GASTON. The language was general, sir. It was a broad
charter of authority contemplating our regular process of lending,
but the discussion before the committee was such as to indicate that
certain particular loans were to be made for certain purposes.
Senator M A Y B A N K . That is what I am talking about. You have
the same thing now, have you not? You are talking about making
some loans now. My information is that there has been some talk
about it here, perhaps you can make some loans in connection with*
the foreign-aid program. Is that right?
Mr. GASTON. We expect to continue, as I endeavor to state in this
statement, to make loans under our regular rules for making loans
and we don't expect to indicate any program or any particular
countries to which we will make loans.
Senator M A Y B A N K . That may be correct, but just as two and two
make four, there is knowledge around here that certain loans will be
asked for. They might not have been asked for yet.
Mr. GASTON. There is certain knowledge.
Senator M A Y B A N K . That is what I am talking about. There is
nothing definite. I am not trying to clutter up the record; I do not
mean that; but I just want to get my thoughts together.
Mr. GASTON. There are the Philippines, for instance, under which
the United States is more or less bound over the next 5 years to
provide $250,000,000 to the Philippines, either in loans or grants or
loans and grants together.
We have some men over there now considering what they can do
in the way of repayment and wdiat is the preferred thing that ought
to be done.
Senator M A Y B A N K . A lot of American firms have signed contracts
with the Philippines on certain items, which you know of, and they
have been before the Appropriations Committee at different times
seeking the money to carry out those contracts. They expect you
to lend that money; is that right?
Mr. GASTON. We have no indication, no hint of any kind, that we
will make any particular loan.
Senator M A Y B A N K . I understand. I am not trying to force you
to make loans. I do not mean that.
Mr. GASTON. N O , I know you are not.
Senator M A Y B A N K . But there are these things around that you
are going to be called upon to do, unless I am mistaken. I may be
mistaken.
Mr. GASTON. I just want to make it clear that we are not committed on anything. This situation is quite different.
Senator M A Y B A N K . I am not trying to commit you, but the Congress of the Uuited States is going to have to do something about this
situation. It is my judgment—I am just guessing at it now—rather
7 EXPORT-IMPORT
BANK ACT
AMENDMENTS
than appropriate this money and have a further deficit, that they are
going to ask you to make the loan. I am just thinking that.
Mr. G A S T O N . I am glad to have your judgment, sir.
Senator B R I C K E R . I S that the purpose of the Export-Import Bank;
when we do not want to create a deficit by giving the money, that
you will make a loan? Is that the way you have been operating?
Mr. G A S T O N . I think I have endeavored to explain how we have
been operating. I think that our annual reports will give you a pretty
good explanation of it. We have been operating to assist the economy
of the United States, assist the trade of the United States, and at the
same time to assist the economies of foreign countries.
Senator B R I C K E R . That is a pretty broad field.
Mr. G A S T O N . Yes, it is a very broad field and it does require some
pretty careful judgment.
Senator M A Y B A N K . I S it not a fact that sometimes you have had
to turn down loans?
Mr. G A S T O N . Oh, very frequently, sir. We turn down many more
loans than we grant.
Senator M A Y B A N K . Of course. That is why I wanted to bring
"Uiat up, because in the case of making these loans, even though it
might be suggested to you to make those loans, sometimes you do not
make them; is that correct?
Mr. G A S T O N . That is correct, sir.
Senator B R I C K E R . In other words, the loan to the Philippines that
we have been talking about, should that be made, what relation will
that have to export and import trade in this country? Is it for the
purpose of building up trade or for the purpose of reconstruction?
Mr. G A S T O N . It is for the purpose of helping to rebuild the economy
of the Philippines and promoting the future trade and good relations
between the Philippines and the United States.
Senator D O U G L A S . Will you continue, Mr. Gaston?
Mr. G A S T O N . SO long as piesent conditions in the world persist,
I think it can be said with certainty there will be a demand of a
character that should be met for an increased commitment in ExportImport Bank loans. We do not expect them to be in extraordinarily
large amounts. But I think it is clear that we should be skating on
thin ice if we were to regard our present lending authority as sufficient
to meet emergencies demanding intelligently made loan commitments
for new loans and possibly to supplement existing loans so that their
purposes may be achieved.
Senator D O U G L A S . May I interrupt a minute, Mr. Gaston?
M r . GASTON. Y e s , sir.
Senator D O U G L A S . A S I understand it, you have authorization to
loan a total of $ 3 , 5 0 0 , 0 0 0 , 0 0 0 and your existing commitments are
approximately $ 3 , 0 0 0 , 0 0 0 , 0 0 0 ?
M r . GASTON. Y e s , sir.
Senator D O U G L A S . Approximately. You want to raise vour lending capacity to $ 4 , 5 0 0 , 0 0 0 , 0 0 0 so as to have $ 1 , 5 0 0 , 0 0 0 , 0 0 0 leeway
instead of $ 5 0 0 , 0 0 0 , 0 0 0 ?
Mr. G A S T O N . That is correct, sir.
Senator SCHOEPPEL. D O you use this as a revolving fund?
Mr. G A S T O N . Yes, it is revolving. The lending authority of the
Export-Import Bank has always been revolved.
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EXPORT-IMPORT
BANK ACT
AMENDMENTS
Mr. SCHOEPPEL. No curtailments on that whatever; it is a revolving fund?
Mr. GASTON. That is right.
Senator M A Y B A N K . For the record, those loans that you have made,
they have all been amortized; have they not?
M r . GASTON. Y e s , sir.
Senator M A Y B A N K . SO
far as the Export-Import Bank is concerned
and whatever you gentlemen have done as businessmen, you have
done a good job; is that correct? There is nobody in default to you of
any consequence?
Mr. G A S T O N . W E have shown that, Senator.
Senator M A Y B A N K . I want the record to show that as a fact.
These loans to the French Government and others, the commitments
made during the war and immediately after the war, some of those
as you say are 30-year loans payable semiannually, which is 60 payments. They do not commence to be paid until 1956?
Mr. G A S T O N . N O , that is not right. They begin to be paid next
year, is it, or this year?
Mr. S A U E R . The loans that were made immediately following the
war, though, which were called the three C's loans, are payable in*
30 years in 60 semiannual installments.
Senator D O U G L A S . When do they begin?
Mr. S A U E R . They began in January 1946. They have already
begun and principal payments have been made on those.
Senator M A Y B A N K . And they are up to date?
Mr. S A U E R . They are up to date.
Now, there is another type of loan which the bank makes as agent
for the Economic Cooperation Administration at the direction of the
Congress. We have made upward of $1,100,000,000 of those loans.
They are set up on the books of the bank in its report to the Congress
as loans made by the bank as agent for the Economic Cooperation
Administration.
Senator D O U G L A S . That is included in your report?
Mr. S A U E R . That is especially included, sir. They do not begin
to mature until 1956.
Senator M A Y B A N K . That is what I am talking about. You had to
make those loans; the Congress directed you to make those loans.
Mr. S A U E R . We were directed to make those loans.
Senator B R I C K E R . Those loans do not show in the appropriations
of the Congress, do they, in the ECA funds?
Mr. G A S T O N . They do; yes, sir.
Mr. S A U E R . They come out of ECA funds.
Mr. G A S T O N . They come out of ECA funds.
Senator B R I C K E R . They do not come out of your $ 3 , 5 0 0 , 0 0 0 , 0 0 0 ?
M r . SAUER. NO, sir.
Senator B R I C K E R . Then
the $1,100,000,000 of E G A loans does not
have anything to do with your ceiling or borrowing authority; you
merety act as agent?
Mr. GASCON. That is right; nothing whatever. It has something
to do with our general operations, something to me that seems quite
important, in that they are a character of loans which are so easygoing
and so lenient in their terms that in my opinion they tend to impair
the quality of all intergovernmental loans made by the United States.
9 EXPORT-IMPORT
BANK ACT
AMENDMENTS
Senator M A Y B A N K . I am glad you made that statement for the
record, because that is one thing I had in mind.
In other words, the loans Congress directed you to make and which
are not pa\'able until 1956. they are sort of easy loans as against your
hard policy on loans; these directed loans are easier and sort of, I
might say, give you a little trouble?
Mr. G A S T O N . They are made in a different atmosphere and, in
my opinion, they do impair the quality of our loans, the quality of
all intergovernmental loans.
Our preference, if von will permit me to say it as a director of the;
Export-Import Bank, is that loans that transfer money to foreign
countries either be a clean gift or clean loan.
Senator M A Y B A N K . Yes.
Mr. G A S T O N . And that thev not be an attempt to combine the two.
Senator B R I C K E R . Were all of these $ 1 , 1 0 0 , 0 0 0 , 0 0 0 of EGA loans
direct loans to governments?
Mr. G A S T O N . Yes, sir ; all of them.
Senator D O U G L A S . In other words, this $ 1 , 1 0 0 , 0 0 0 , 0 0 0 of loans made
in cooperation with ECA were in cases where Congress twisted your
arm, so to speak.
Mr. SALTER. Section i l l (c) of the Economic Cooperation Act directs
those loans to be made.
Senator D O U G L A S . I used the slang expression.
Mr. G A S T O N . I wouldn't sav they twisted our arm. We were a
paying teller and they presented us a good check and we paid it.
Senator SCHOEPPEL. Do you have to use your own funds to do that?
M r . GASTON. N o ; w e d o n o t .
Senator SCHOEPPEL. Then, what
type of activity do you play in
this kind of a loan?
Mr. G A S T O N . The activity that we play in this type of a loan is
simply receiving an order frorfi the Administrator of ECA that a certain loan be made and getting a notification from the Treasury that a
note has been received from the Administrator of ECA, and then
issuing a check to the recipient, and then, thereafter, putting it on our
books, and when the time comes we have the responsibility for collecting it. We have no other responsibility in connection with it.
Senator SCHOEPPEL. In other words, you are a servicing agency
there?
Mr. G A S T O N . That is right; we are strictly a servicing agency on
the ECA loans.
Senator B R I C K E R . You have no discretion in making a loan?
Mr. G A S T O N . We have no discretion whatever.
Senator B R I C K E R . Somewhat the situation RFC was in back in the
old days of the veterans' rehabilitation program; they took orders from
other departments of the Government.
Mr. G A S T O N . I suppose we might step out of our territory and argue
with the ECA about some of those loans, but I think that we would be
entirely out of order.
Senator B R I C K E R . Do you find any attitude on the part of governments who borrowed this money as part of the ECA funds that they
never have to pay it, anyway?
Mr. G A S T O N . Y O U say do I think the attitude of those foreign
governments is likely to be that?
Senator B R I C K E R . Yes.
10
EXPORT-IMPORT
BANK ACT
AMENDMENTS
Mr. G A S T O N . I don't want to make that statement, Senator.
I do wish to say that a loan made under such easy terms as these
loans are made tends to impair the quality of our portfolio, which, in
our opinion, are good loans.
Senator B R I C K E R . Since it is a part of the whole E C A program,
which is a gift program by and large, this might be considered by some
of them as being in the same category?
Mr. G A S T O N . That might be; that is true, Senator.
Senator D O U G L A S . Will you continue?
M r . GASTON.
Yes.
It may be recalled by the committee that when the Export-Import
Bank Act was revised in 1945 and the present Board was created, the
lending authority of the bank was increased by $2,800,000,000. It is
obvious that we are not looking for any such heavy demand as
occurred in the 2 years following that increase in lending authority,
but rather something on the order of what has been going on since we
finished making our heav}^ reconstruction loans to Europe in 1945 and
early 1946. The total commitment of funds since July 1945 has been
about 4 billions, but more than one-half of this was committed prior
to June 30, 1946. Incidentally, we have collected more than a
billion dollars in principal and interest in that period.
Let me emphasize again, even though I may tire you by repeating
it, that this is not a program. It is not a fund to be disbursed in 1 or
2 years. It is an increase in lending authority which is to be interpreted in the light of the past history of the Export-Import Bank for
the kind of loans which are to be considered also in the light of that
history.
Senator M A Y B A N K . In other words, if you get this $ 1 , 0 0 0 , 0 0 0 , 0 0 0
you are going to handle that $1,000,000,000 just like you have handled
it up to today? Of course, you are not responsible for that law that
made you the payee for the ECA, but you are going to handle this
business just like you have in the past. You have not lost any money
on any of your loans.
Mr. G A S T O N . That is what we are going to do, unless we get some
different instructions from the Congress.
Senator M A Y B A N K . I just wanted to make certain that this $ 1 , 0 0 0 , 000,000 would be in that same category, the loans would be of the
same character previously made.
Mr. G A S T O N . But there is one qualification to be made to that
statement. We are now making a considerable number of loans of a
slightly different character; loans for the production abroad of manganese, of tungsten, of sulfur, of nickel, of uranium, and of other
scarce materials that are regarded as critically essential for our defense program. We are making them in the interest of national
security. Although they are being made with all safeguards appropriate under the circumstances, it will be appreciated by this committee that our national interest may require that in some instances
greater risks be taken in this type of loans than in others made by
the bank.
Accordingly, the Board of Directors is prepared to give liberal interpretation to the statute of the bank in connection with loans for
the development of raw materials abroad which are deemed by the
defense authorities to be essential to our preparedness program.
11 EXPORT-IMPORT BANK ACT AMENDMENTS
I might give you an illustration of that: We just approved a l o a n it's a small loan; it's about $300,000—for the renovation of a manganese mine in Mexico close to the national border.
That company that owns that mine is practically insolvent. They
have gotten loans from a bank. Their assets consist of the workings
and some ore out on the ground and some machinery. In the ordinary market it would be very difficult to liquidate those. We have
had that looked over by some very competent mining engineers in
the employ of the bank and we think that that mine can be made
into a good, profitable mine, and they have a contract with the
General Services Administration to buy the manganese and to turn
it over to us unil the loan is paid. It is not the kind of a loan that
we have been making in the past, but we think it is an entirely safe
loan.
Senator S C H O E P P E L . T O a degree, I presume, you, or someone
designated by you, exercises some supervisory capacity over it, do
you not?
Mr. GASTON. We insist that they employ a manager who is satisfactory to us. Our own engineer has looked over the works and has
pretty well outlined what ought to be done to it.
Mr. Sauer suggests that we have a list here of strategic materials
credits which was established between January 1 and August 27 of
this year, which may be of considerable interest to you. It is a
fairly extensive list; it covers tungsten, manganese, sulfur, uranium,
iron ore, lead, and then we have credit applications of considerable
number covering tungsten, manganese, nickel, cobalt, copper, tin,
sulfur, abaca, which is manila hemp, as you know, tannin extract,
zinc, lead, mixture of fluorspar, and chrome.
If it is agreeable to the chairman, we would like to put that in the
record. Those are loans made and applications seeking loans for
strategic materials.
(The list referred to follows:)
Within the past year the Export-Import Bank has established 15 credits totaling
$113,940,796 to assist directly in financing the production abroad of minerals and
metals required for the defense effort of the United States. Of these totals, seven
credits aggregating $58,675,000 were extended to private enterprises for development in Latin America, and the remainder to government and private enterprises
in Europe and South Africa. These credits will aid in expanding the production
of iron ore, lead, manganese, sulfur, tungsten, uranium, and zinc, chiefly for purchase by the General Services Administration, the Atomic Energy Commission,
or United States industries.
The bank now has under study a wide range of additional projects. Total
credits requested for these projects would exceed $138,000,000. The defense materials, financing of which is now under study, would be obtained from North,
Central, and South America, as well as Europe, Asia, and Africa, and would
include the following 19 critical and strategic commodities:
Abac£
Asbestos
Chrome
Cobalt
Columbite
Copper
Diamonds (bort)
Fluorspar
Iron ore
Lead
Magnesia
Manganese
Nickel
Rubber
Sisal
Sulfur
Tannin extract
Tungsten
Zinc
Senator M A Y B A N K . Y O U confer with the Munitions Board?
Mr. GASTON. I think we can take some credit to ourselves—I
think Mr. Sauer can take a great deal of credit to himself—for having
12
EXPORT-IMPORT BANK ACT AMENDMENTS
been instrumental in setting up a better system of conference between
the agencies concerned on these strategic materials loans.
Senator M A Y B A N K . That is what the}^ told the subcommittee here
when we had the question of stockpiling up 2 or 3 months ago. We
had an executive meeting down here, the sort of thing that did not go
on the record, but Mr. Small sent several people down here and that,
in substance, is what they said; the}" worked together with you, on
these strategic materials you mentioned, uranium, and things like that.
Mr. GASTON. That is right. We don't go ahead on anything before
we get in touch with the agency of the Government that has special
technical knowledge of that particular thing.
Senator M A Y B A N K . Did they recommend this manganese mine in
Mexico?
Mr. SAUER. They did, sir.
Senator M A Y B A N K . The Munitions Board did?
Mr. SAUER. And Defense Production, both; yes, sir, they both
recommended the loan.
Mr. GASTON. They both recommended the loan.
Our own man, the man that we sent, made that examination of the
property.
Senator M A Y B A N K . I just wanted the record to show that you work
with the other agencies.
Mr. GASTON. Oh, yes; we don't make any strategic materials loans
without the recommendation.
It is valuable. It isn't a huge amount of manganese, but it is right
close to our borders, and it would be very useful.
Senator M A Y B A N K . It is on this continent, which is very important.
Mr. GASTON. It is our purpose to make loans in the future as we
have in the past to promote the interests of the United States, including the trade of the United States, to make loans as directed by
the Congress which shall generally be for specific purposes, and in the
considered judgment of the board of directors of the bank to offer
reasonable assurance of repayment.
To that I should add that they will be loans which, in our judgment,
seem best calculated to forward the national objective of peace in the
world and the principles of freedom and friendship around which the
policy of the United States centers.
Senator DOUGLAS. Mr. Gaston, thank you very much.
At the end of the testimony, I am going to ask that there be inserted
in the record the exhibits which you have prepared and submitted:
Statement of Loans and Authorized Credits; Comparative Statement
of Condition of the Export-Import Bank; Comparative statement
of Income and Expenses of the Bank; and Loans Authorized in the
Last 6 Months.
Also letters recommending enactment of the bill forwarded to us
by the Secretary of Agriculture, the Secretary of State, the Secretary
of Commerce, the Secretary of the Treasury, the Chairman of the
Federal Reserve Board, and the Administrator of the Economic
Cooperation Administration.
(The material referred to will be found beginning on p. 26.)
Senator DOUGLAS. Mr. Gaston, may I start off by saying that you
have a very distinguished record in public service and we want to
compliment you for what I believe has been your devotion to the
public interest, and if ask I certain questions which may seem to be
13 EXPORT-IMPORT BANK ACT AMENDMENTS
pressing I hope you will not regard them in any sense as a reflection
upon you.
Mr. GASTON. Thank you, Senator.
Senator DOUGLAS. When these foreign governments and foreign
corporations apply for a loan, they generally have American representatives, do they not, as well as their diplomatic representatives?
Mr. GASTON. They sometimes do; not always. In a great many
cases, they do not.
Senator DOUGLAS. In some cases the application for a loan is
handled by the diplomatic representatives?
Mr. GASTON. In many cases, and I should say probably in the
majority of the cases, we get our first intimation of an application by
a foreign government through our embassy in the foreign country,
and then it is usually followed up by the commercial representative
of that particular country in their embassy here, and in some cases
they do employ a United States representative.
Senator DOUGLAS. D O you have a record of the loans in which
American representatives of these foreign countries have participated?
Mr. GASTON. We can get such a record. We have a record of any
visit made to us by anybody in behalf of a loan.
Senator DOUGLAS. Would you submit for the record, for the inspection of the chairman, the American representatives of foreign governments in connection with specific loans?
Mr. GASTON. Yes, sir. We will go through our records and we will
submit that for the information of the committee.
Senator DOUGLAS. Do you have a record of the fees received by
these representatives?
Mr. GASTON. We have never inquired anything about the fees.
We know nothing about it.
Senator DOUGLAS. It is not true that the fees received by the
American representatives are paid for out of the loans which a foreign
government obtains?
Mr. GASTON. That might—I think that is quite unlikely, Senator.
Senator DOUGLAS. Where else would the American representative
get any money, if the borrower is broke and has no money?
Mr. GASTON. In nearly every case we don't send them any money.
In nearly every case we pa}^ the bills. Our disbursements are made
upon invoices for goods shipped to the foreign country. They seldom
handle any money and, if they do handle it, they have to account for
it to us in the form of invoices and bills of lading and other documents.
That would be in the case of all loans which are for materials bought
in the United States.
Senator DOUGLAS. What about disbursements within the country
to which the loan was made?
Mr. GASTON. We ask for such documents as they can supply us.
We ask for payrolls, we ask for certifications of disbursements within
that country.
Senator DOUGLAS. But you have no record, then, of the fees
received by Americans in connection with these loans which have
been obtained.
Mr. GASTON. Mr. Sauer just whispers to me we have that record,
and it is to this effect: That there w^ere none because we don't permit it.
I am not so confident as Mr. Sauer is that we can prevent it. We try
by every means within our power to prevent the payment of a fee for
88466—51
3
14
EXPORT-IMPORT BANK ACT
AMENDMENTS
representation before the Export-Import Bank through American
representatives.
Senator D O U G L A S . D O you have a rule that no one can receive a fee?
Mr. G A S T O N . Yes, we do. Yes, we do; we haveia rule. They have
to sign it in the written loan agreement; they have to put their name
to the fact that 110 fees have been paid for American representation
out of the proceeds of this loan.
Senator D O U G L A S . D O the American representatives do this for
love, then?
Mr. G A S T O N . I would-——
Senator D O U G L A S . D O they do it for love, 1-O-V-Q?
M r . GASTON.
Yes, I get you.
They—we insist—what I am saying, what I am endeavoring to
say, Mr. Chairman, is this, and I probably haven't expressed myself
well: That we don't permit the payment out of the proceeds of our
loans of any fees to representatives in this country.
When they hire lawyers or other representatives in this country
and those lawyers or other representatives get paid, they have to get
paid from other funds than those which are the proceeds of this loan,
because the proceeds of this loan go to buy goods in the United States,
as a general rule.
Senator D O U G L A S . D O you ever get from attorneys a statement of
fees that they get from other sources, from these governments?
Air. G A S T O N . We have never gotten such a statement, Senator.
Senator D O U G L A S . D O you think it might be advisable for the
attorneys to file with you a statement of their fees?
Mr. G A S T O N . I think it is a matter that is worth considering.
Senator B R I C K E R . I think it would be the height of impudence on
the part of the board. The attorneys have a right to fees, just like
anybody else. They have a right to make a living. If the loan is
used for that purpose, it is none of your business. An attorney is
entitled to his hire, the same as anybody else.
Mr. G A S T O N . Mr. Sauer, who has been with the bank longer than
I have and sees more of these representatives, says that he can name
011 the fingers of two hands the cases in which the foreign countries
have been represented by American representatives. They are a
very small minority of cases.
Senator D O U G L A S . Y O U are going to file, however, for the record
those cases?
Mr. G A S T O N . That is correct, sir.
Senator D O U G L A S . May I ask this question. Perhaps the answer
should be classified and, if you feel it is embarrassing, do not reply
because the press is here.
Mr. G A S T O N . I wouldn't ask that it be classified unless you wish
it to be classified, sir.
Senator D O U G L A S . I do not want to ask a question, the reply to
which might be embarrassing to the national interest of the country,
but when .you make your loans do you consider purely the economic
purposes for which the loan is made, or do you also consider the
political advantages of the loan?
Mr. G A S T O N . We consider both. Obviously, we don't follow the
same policy in making loans to a country that is pursuing generally a
policy hostile to the interest of the United States as we do in making
15 EXPORT-IMPORT BANK ACT AMENDMENTS
a loan to a country which is pursuing a policy friendly to the United
States.
Senator B R I C K E R . D O you make any loans outside of governments?
Do you make any loans to foreign industry?
Mr. G A S T O N . Indeed, we do, sir.
Senator B R I C K E R . Are they guaranteed by their governments?
Mr. G A S T O N . In some cases, and in some cases not. We have a
good many loans on our books, Senator, which are guaranteed through
private channels and not by any foreign instrumentality, any governmental instrumentality.
Senator B R I C K E R . Both for goods purchased in the United States
for them and for manufactured products which they sell here?
Mr. G A S T O N . For goods purchased in the United States?
Senator B R I C K E R . Yes; do you loan money to a foreign country,
for instance, to purchase raw materials or goods in the United States
for their processing or manufacturing?
Mr. G A S T O N . We do in some cases; yes.
Senator B R I C K E R . D O you also loan money to foreign countries for
the manufacture of goods which we in the United States want to buy?
For instance, the manganese mine?
Mr. G A S T O N . That would be an instance in which we do; yes.
Senator B R I C K E R . Those are the loans which are directly related to
export-import trade?
M r . GASTON.
Yes.
Senator B R I C K E R . D O you have any way of following the loans
which are made to governments
Mr. G A S T O N . Y O U didn't cover the whole field, Senator, if I may
interrupt. You spoke of raw materials and you spoke of manufactured products, but you didn't speak of that much larger class of
loans of manufactured materials made in this country and sold to a
foreign country by which we assist them.
Senator B R I C K E R . Y O U mean tools?
Mr. G A S T O N . Hydroelectric-generating machinery.
Senator B R I C K E R . Machine tools, plant equipment?
Mr. G A S T O N . 50,000-watt generators, Diesel locomotives, railroad
equipment of all kinds, textile machinery, cement mill machinery;
an infinite variety.
Senator B R I C K E R . That, of course, has an indirect relation to the
export-import trade and commercial relations between the countries
and the people of the countries. But how closely do you tie those
loans with the direct trade with this country?
Mr. G A S T O N . That is direct trade, sir. When we help to finance
the sale, for instance, of a string of 40 or 50 Diesel locomotives to
Uruguay, we are—and take a part in financing, say, as much as 40 to
50 percent of it—why, that is increasing the trade of the United States.
That is export trade of the United States.
Senator B R I C K E R . But you do not emphasize what they are going
to make with this thing that we might buy back?
Mr. G A S T O N . We look into the question of where their markets are.
We want to know particularly whether they have dollar markets
which will enable them to repay. There might be some very worthy
industrial undertakings which manufacture a lot of valuable goods
but for which there is no dollar market whatever, and it would simply
16
EXPORT-IMPORT BANK ACT AMENDMENTS
add to the dollar-payment burden. We don't want to add to any
country's dollar-payment burden.
Senator B R I C K E R . Thank you.
Senator DOUGLAS. From whom do you get advice as to the political
aspects of your loans? From the State Department?
Mr. GASTON. From the State Department; yes, sir.
Senator DOUGLAS. That is
Mr. GASTON. Of course, we share some matters of common knowledge which enter into the matter of making loans, political knowledge,
but we do consult the State Department. In fact, the State Department is represented on the Board by an Assistant Secretary of State,
who is a member of the Board. That is Mr. Willard Thorpe, the
head of the Economic Division, and he is a very competent adviser
on economic as well as political matters, and frequently consults the
political desk as to how they feel about a loan for a certain purpose to
a certain country.
Senator DOUGLAS. Are there any cases in which the State Department wanted you to make a loan which you did not make?
Mr. GASTON. Yes; there have been.
Senator DOUGLAS. Have there been any cases in which the State
Department did not want you to make a loan which you made?
Mr. GASTON. We have an unwritten rule that we allow the State
Department a veto when the veto is on strictly political grounds.
If the representative of the State Department says "Don't make this
loan; we don't think it's a good risk; we don't think the economics
of the situation are right," he is just one member of the Board.
When he says "Don't make this loan; it is contrary to the political
interests of the United States," we consider that final.
Senator DOUGLAS. In other words, they can prevent a loan being
made on political grounds':
M r . GASTON. Y e s , sir.
Senator DOUGLAS. But they cannot force you to make a
Mr. GASTON. That is true.
Senator DOUGLAS. If in 3^our judgment it is unsound?
Mr. GASTON. That is right.
Senator DOUGLAS. But their opinion is rather persuasive,
loan?
naturally,
on your considerations as to certain loans, persuasive but not controlling?
Mr. GASTON. That is right. If they say to us that it would be a
very good thing for the United States to make a loan to Iran; it would
be a very good thing for the United States to make a loan if you can
find that they have the repayment capacity, we look very carefully
at their repayment capacity to see if we can find it. We look at it
hopefully, but we look at it from a different aspect than if they had
said to us: "Well, Iran wants you to make a loan, but there is no sense
in doing it. We don't see any particular sense in it."
They are tw^o quite different cases. We look more sympathetically
at a loan when they say that there are good political reasons why it
should be made, but we try not to make loans which are bad loans
simply because they appear to be in the political interest of the United
States or are said to be in the political interest of the United States.
Senator D O U G L A S . In the 1920's the New York banks used to go
in for Latin-American loans, and there was a very famous economist
who was attached to them who would go down and claim to reor-
17 EXPORT-IMPORT BANK ACT AMENDMENTS
ganize the governments and financial procedures, and so forth, and
then the loans would be floated, and the American public would
subscribe to the bonds, and I think every single issue, virtually, defaulted, and the American public was taken for a joy ride to the tune
of hundreds of millions of dollars.
Mr. GASTON. I think Latin America has been unjustly blamed in
that connection. It was just plain bad banking. I think much of
it was just plain bad banking.
Senator DOUGLAS. On our side?
Mr. GASTON. That is right.
Senator DOUGLAS. I quite agree. I quite agree. The purposes
for which the loans were made were not carefully supervised. The
loans were excessive. I think it is a very black chapter in the history
of American banking and finance, and I would imagine that your
bank was partially created to get around some of the difficulties, due
to the fact that the private bond market had dried up for such issues.
Mr. GASTON. I don't know whether my view on Latin America
would be of special interest to you, but I think very well of Latin
America as an Export-Import Bank risk. I think very well of them.
I think on the whole our loans to Latin America would stand up exceedingly well.
Senator SCHOEPPEL. I would like to ask you this: I have not looked
over your exhibits here, and I may be asking a purely academic question, but have you had applications for loans from some of these foreign
countries that have connections with, say, for instance—just using it
as an illustration—the big steel companies in the United States or the
big oil companies in the United States, who are forced to charter their
operations or channel them through these foreign governments?
Mr. GASTON. I haven't seen, Senator Schoeppel, any indication of
that in any of our applications at all.
Senator DOUGLAS. Mr. Gaston, the questions I asked were preparatory to another one: Do you take steps to follow up and see that the
loans are expended for the purposes for which they are asked?
Mr. GASTON. We do, but we don't do it well enough. The reason
we don't do it well enough is that Congress won't give us enough
money.
Senator DOUGLAS. Oh, I see. It is to be cured by a larger appropriation?
Mr. GASTON. That is right.
Senator DOUGLAS. Like most evils.
Mr. GASTON. Another reason is that the type of people required to
do that sort of work is a very specialized type of people and they are
largely engineers, and engineers are scarcer, much scarcer than hen's
teeth.
Senator DOUGLAS. I can remember the Bolivian loan of unhappy
memory, which apparently was spent for purposes very different from
those for which it was asked.
Mr. GASTON. We have been struggling with the Bolivian loan ever
since, and we have been trying our best to bring order out of it, but it
is a tough one, although they continue to make payments. We
would like to get that road built.
Senator BRICKER. That is the intercontinental road?
Mr. GASTON. From Cochabamba to Santa Cruz. It led from
Cochabamba, which is in the heart of a fairly well-settled region in the
18
EXPORT-IMPORT
BANK ACT AMENDMENTS
center of the Andes, to Santa Cruz, which is out on the plain and to the
east and in an agricultural country. It would foim—create communication between that agricultural country and the metropolitan area
around Santa Cruz—around Cochabamba, I mean. Pardon me.
Senator B R I C K E R . One is the same as the other to me.
Senator D O U G L A S . Y O U have $ 5 0 0 , 0 0 0 , 0 0 0 leeway now. If we give
you $ 1 , 0 0 0 , 0 0 0 , 0 0 0 , you have $ 1 , 5 0 0 , 0 0 0 , 0 0 0 .
M r . GASTON. Y e s .
Senator D O U G L A S . D O
you feel you need this extra billion? Why
not take a smaller sum?
Mr. G A S T O N . D O you think we will go out on a spree with that
additional billion?
Senator D O U G L A S . A billion and a half is still a lot of money.
Mr. G A S T O N . I feel, Mr. Chairman, that we do. I feel that $ 5 0 0 , 000,000 could be licked up almost overnight through some national
or international emergency where it was highly desirable for us to
put out some money and to put it out fast, and I think we would be
in a very unsafe and, as I said, a perilous condition if the United
States were without resources in its own lending agency to make new
loans.
We have the Philippines before us and we have a lot more strategic
materials which may run into money, and then we have Japan. I
am sure that there is going to be very strong pressure on us to do
something for Japan. In fact, we have had it already. And I think
Japan has, within limits, some repayment capacity so substantial
lending can be done there. I don't know about the rest of southeast
Asia. We have done $100,000,000 in Indonesia. We would like to
know more about how that is coming along before we do anything
more there. Burma, the conditions are quire unsettled. I should
say, coupling the Philippine and Japanese situations with the demand
that we will get from the Middle East, and the strategic materials,
that $500,000,000 is not enough of a reserve.
Senator D O U G L A S . $500,000,000 more would give you a reserve of
$1,000,000,000. Suppose we raised your limit from 3.5 billion to
4 billion. You would have $1,000,000,000.
Mr. G A S T O N . Mr. Chairman, we are not going to spend this money.
Senator D O U G L A S . If you are not going to spend it, why do you
want it?
Mr. G A S T O N . We are not going to spend this money. It is for the
purpose of meeting emergencies in loans—for the purpose of meeting
known needs for loans which will further the interests of the United
States. I think this is a case where it is better to be safe than sorry
I don't think that holding back that $500,000,000 puts the Treasurer
of the United States in any better position, makes any difference
whatever. The only difference it could conceivably make, in my
opinion, is that, if you come to a situation where the funds are desperately needed, then we would have to rush up here on the Hill and
say: "Here, we've got to have some more lending capacity."
Senator D O U G L A S . I have never known Congress to turn you down
when it was actually needed. We do not want to gamble with the
security of the United States ourselves, but we also do not want to
give blank checks to administrative agencies to spend the public
money.
Mr. G A S T O N . W E have always had a blank check, Senator.
19 EXPORT-IMPORT BANK ACT
AMENDMENTS
Senator D O U G L A S . There is always an advantage in keeping the
blank check limited in the total amount.
Senator B R I C K E R . Mr. Chairman, may I ask how much of this
money—possibly it may be a judgment estimate figure—how much
of it would be useful for strategic materials? And we know the
importance of strategic materials.
Mr. G A S T O N . I could just make a wild guess, Senator. I Would Say
$500,000,000.
Senator B R I C K E R .
We know the condition of our stockpile and we
know the need for the strategic and critical minerals and metals.
Mr. G A S T O N . That is right; yes, sir.
Senator B R I C K E R . $ 5 0 0 , 0 0 0 , 0 0 0 would be just the best guess you
could make?
M r . GASTON. Y e s , sir.
Senator M A Y B A N K . Y O U said you had known needs.
Mr. G A S T O N . The United States has officially promised
to lend some
money to the Philippines.
Senator M A Y B A N K . That is right.
Mr. G A S T O N . I don't know how much we are going to lend. It will
depend upon what we consider to be the capacity, what our own men
consider to be the capacity and the extent of the needs and what they
ought to have that will have to be in the form of loans. Then we
have Japan. I don't know what the extent of the known needs or
what the extent of the capacity to repay may be there, but it will not
be small; it will be substantial.
I think the Middle East situation will probably develop into a demand for some good lending.
Senator M A Y B A N K . Let me get this straight for the record. Kno wn
needs that you are aware of now are stockpiling, Japan, the Middle
East, the Philippines, and would that be all?
Mr. G A S T O N . Raw materials.
Senator M A Y B A N K . That will be strategic mostly, will it not?
Mr-. G A S T O N . N O . I am talking about raw materials for export.
I am talking about cotton loans and possibly wheat loans.
Senator M A Y B A N K . Wheat and cotton. Where would that be
shipped?
Mr. G A S T O N . Oh, it would be shipped to Western Germany and,
if we go ahead, as it is indicated is probable, with the further commitment to Spain, they will be on our necks for a substantial additional
amount of cotton.
Senator M A Y B A N K . Spain will?
Mr. GASTON. Spain will. West Germany is crying for cotton
right now, and through a half a dozen different channels they are
trying to get at us for cotton for West Germany. We are investigating that 'situation now. The United States now has a surplus of
cotton, of course, as you know. Senator, and I have an idea that it
will be necessary to use the lending power of the United States to reinstate our world cotton trade.
Senator M A Y B A N K . Three years ago you would not lend a nickel.
Now, Mr. Gaston, you know that 4 years ago or 3 years ago you would
not lend Spain any money.
Mr. G A S T O N . That is right.
Senator M A Y B A N K . Of course, it is. I know who stopped that.
If 3^ou had done then what the committee wanted done, Spain would
have been rehabilitated.
20
EXPORT-IMPORT BANK ACT AMENDMENTS
Mr. GASTON. I don't think that Spain at that time was good for a
loan. I just don't think they were good for it.
Senator M A Y B A N K . They had many assets to put up. I was over
there with Senator McCarran.
Senator SCHOEPPEL. I would like to ask you, Mr. Gaston: You
mentioned wheat. The matter that you have in mind of anticipated
needs, is that outside and beyond the International Wheat Agreement
arrangements?
M r . GASTON.
Yes.
Senator DOUGLAS. We are having a little colloquy here on cotton.
Senator M A Y B A N K . That was wheat, too, with Spain.
Senator DOUGLAS. Mr. Gaston, let me ask you this question, and
if I ask questions which tread on undue disclosures, you simply refuse
to answer, but how much of a margin do you think you should have
between your ceiling and the amount committed for safety?
Mr. GASTON. Oh, about $500,000,000.
Senator DOUGLAS. SO that if you loaned a billion, you should have
a billion added authorization. That is, vou want to keep, roughly,
at least $500,000,000?
Mr. GASTON. I think this bill will provide us a billion that w^e can
safely lend out; yes, sir.
Senator DOUGLAS. Not much more than a billion?
Mr. GASTON. Not much more than that, except for the emergency
for which we are holding it.
Senator DOUGLAS. Of that you would spend approximately half,
$500,000,000 for raw materials, and $500,000,000 for the Middle and
the Far East?
Mr. GASTON. For strategic materials, Senator, that would be imported into the United States.
Senator DOUGLAS. The remainder for the Middle and Far East?
M r . GASTON. Y e s , sir.
Senator DOUGLAS. In
other words, the point 4 program for the
Middle and Far East is too slow. What you want is large scale development?
Mr. GASTON. That isn't exactly the way I would put it. The
so-called point 4 program is a technical advice program.
Senator DOUGLAS. That is right; designed for a long pull.
Mr. GASTON. It isn't a capital investment program.
Senator DOUGLAS. That is correct.
Mr. GASTON. If the situation shapes up so that something can be
done for the condition of serfdom that exists over a large part of the
Middle East through some pilot programs, such as that which is being
done in Afghanistan now, in which we have a very substantial loan—
it is being very well done with the enthusiastic cooperation of the
Afghans—if that situation should shape up, there would be an opportunity for a large amount of capital investment to bring about a
higher standard of living and to create these 25 percent sharecroppers
into people who actually live.
Senator DOUGLAS. Can you make the loans conditional upon the
institution by the government of the reforms?
Mr. GASTON. We can make our loans conditional upon the administration of the loans in such a way that they will in themselves constitute a considerable degree of domestic reform. I wouldn't say
that we could take extraneous matters and bring them in. I don't
21 EXPORT-IMPORT BANK ACT
AMENDMENTS
think we can trade like that, but I think we can make contracts for
land cultivation
Senator D O U G L A S . In other words, if it were for irrigation, you
would require wide land ownership?
.Mr. G A S T O N . That is right, which would permit a breaking up of
these large estates and break up this system, this ancient system of
landlordism and serfdom which they have all over the Middle East
and which I think is a serious menace to the United States.
Senator D O U G L A S . I want to congratulate you for your foresight.
I only wish there were more people in the United States Government
who had the ^ame view as you have on this matter. I want to
congratulate you, Mr. Gaston.
Mr. G A S T O N . Thank you, sir.
Senator D O U G L A S . I have no more questions.
Senator M A Y B A N K . You have the asset in the material itself in the
importation of all these strategic materials.
Mr. G A S T O N . Most of this stuff we can work on contracts entered
into with General Services, whereby the General Services will pay us
direct and the only gamble we take is that the people to whom we
lend the money will actually produce. Well, the reason for believing
that they will produce is that they have a strong incentive to produce.
They won't make money themselves unless they produce.
Senator D O U G L A S . I have no more questions.
Senator B R I C K E R . N O more.
Senator SCHOEPPEL. I have no more.
Senator D O U G L A S . Senator Maybank?
Senator M A Y B A N K . N O .
Senator B R I C K E R . I think you have made a very clear and forthright presentation.
Senator D O U G L A S . Thank you, Mr. Gaston.
Mr. G A S T O N . Thank you, Mr. Chairman.
Senator D O U G L A S . Y O U were a very excellent witness. We are
very pleased to have had you.
(Whereupon, at 11:50 a. m., Tuesday, August 28, 1951, the subcommittee recessed.)
(The material inserted in the record by Senator Douglas follows:)
22
EXPORT-IMPORT BANK ACT AMENDMENTS
EXPORT-IMPORT
BANK
Past operations, loans fully
Credits authorized
Country
OF
WASHINGTON
repaid,
Cancelations
and expirations
as of June 30, 1951
Disbursed and repaid
Interest
Direct
Agent banks
LATIN AMERICA
Argentina
_
_
Bolivia,.
_ _
Brazil. _
Chile
Colombia_ _
Costa Rica
Cuba
Dominican R e p u b l i c . __ __ ...
Ecuador._
_ _ _
Haiti _
_____
______
Honduras
_1_ _ . . .
Mexico, __
_
Nicaragua __ ._ _ _ _
Panama-__ _
Paraguay
___
Peru
Uruguay
Venezuela,
Miscellaneous Latin America. _
Total Latin America.-- _
ASIA
China
India- ___ ___ _ ___
Indonesia
_
__
Iran __ _
_
Iraq
_
_
Japan
_ __ _
_ ___ _
Philippine Islands
___ ___ Saudi Arabia _
________
Turkey _ _
_ Total Asia
__ _ __. -
EUROPE
Austria,
__
___
Czechoslovakia _ _ _
...
Denmark,
_
_ _ _.. _
Finland
Germany _ __
_
Hungary _
__ __ - ..
Iceland
___________ _
Italy
__
Latvia
_
Netherlands _
________
Norway
_______
Poland
_ _ __
Portugal
_ _
Rumania _ __
Spain
_ _ __
Sweden
_ _ _ _ _
United Kingdon
Yugoslavia
_
Total Europe
$93, 480,000.00 $93,090,000.00
2,178,004. 50
48, 250. 58
151,459, 625. 50 112, 954, 717. 23
16,191, 747. 60 8, 263, 678. 30
12, 888,456. 00 2,052,153. 88
1, 723,000.00 1,448, 392. 71
90,366, 535.31 34,198,061. 95
300, 000. 00
16,067. 58
1,105, 000. 00 1,075, 000. 00
8, 350, 000. 00 2, 670,000.00
2, 700, 000. 00 1, 700,000.00
26, 709, 832. 83 5, 683,308. 80
3, 235, 000. 00
585, 000. 00
4, 500, 000. 00 2, 012, 296.12
1, 400, 000. 00 1, 200,000. 00
37, 000,000. 00 37, 000,000. 00
11, 500, 000. 00 11, 500,000. 00
35, 951, 000. 00 32, 805, 421. 65
118, 983,198. 91 94,370, 933. 75
$390,000. 00
2,129, 753. 92
12, 759, 701. 82$25, 745, 206. 45
2, 978,221. 70 4, 949, 847. 60
831,802.12 10,004, 500. 00
50,878. 62
223, 728. 67
30,130,973. 36 26,037, 500. 00
283, 932. 42
30,000. 00
5,680,000. 00
"i,"666,~666.~66
2, 789, 291. 20 18, 237, 232. 83
650, 000. 00
2,000,000.00
2,487, 703. 88
200,000.00
$28,376. 44
116,480.63
2,151,325. 57
452, 211. 61
669, 783. 63
4, 954.06
2, 069, 946. 84
3, 225. 09
404. 72
1,473, 853.30
82, 772. 75
1, 846,313. 80
406, 206. 38
207, 790. 57
7,196. 87
2, 698,178. 35
4, 534, 038. 85
216,113.38
3, 761, 542. 29
447,400. 00
20,078, 226. 31
620, 021, 400. 65442, 673, 282. 55 82, 783,
94, 564,165.17
952. 93
13,498, 497. 93
151, 943, 329.99 4, 550,357.86 137,074, 015. 08 10, 318, 957. 05 17,199, 999.93
16,000,000.00 16,000,000.00
100,000,000.00 100,000,000.00
1,130,000.00
240, 030. 64
13, 928. 26
667, 570.61
222, 398. 75
100,000.00
100,000.00
55,158,121.05 15,000,000.00 8, 275, 411.01 31, 882, 710.04
381, 266.19
25, 600, 000. 00 25,600,000.00
5, 000, 000.00 5,000,000.00
12, 467, 860.00 12, 467,860.00
367, 399, 311. 04 179, 385, 788. 47 145, 571,824. 84 42,441,697.73
750, 000.00
23, 728, 931. 61
10, 000, 000.00
28, 636, 772. 77
7, 603, 412. 93
2, 375,000.00
1,000,000.00
49, 256,197.91
1,903,000.00
894,995.90
11,000,000.00
6, 740,000.00
5, 500,000.00
50,000.00
15,072, 871. 78
17,155, 000.00
22, 500,000. 00
517, 667. 00
750, 000.00
950, 781.01
10,000,000. 00
1, 398. 72
3, 006, 750. 75
2, 375, 000.00
410, 000.00
6, 341,628.18
1,892,217.97
108, 596.70
10, 552,000.21
6, 703,822.27
4, 229,134.35
50,000.00
1,391,797.89
10, 889,000.00
22,500,000.00
517,667.00
17, 595,194. 38
5, 384, 692. 62 17, 393, 457. 98
569, 709.01
11, 682, 592. 36 16, 952, 781. 69
4, 592,103.18
4, 559.00
496, 029.10
58, 270.31
590, 000. 00
1, 961, 922. 81 40, 952, 646. 92
10, 782. 03
786, 399. 20
226, 612. 00
221,387. 79
36,177. 73
1, 270, 865.65
32, 716. 26
565, 601. 49
56.99
38, 703. 63
20, 895.09
112,333.06 13, 568, 740. 83
2,155,000.00 4, 111, 000.00
539, 881.08
179,973.81
204, 683, 849. 90 82, 669, 795.05 27,380,897.47 94,633,157. 38
2,633,657. 28
131, 820. 51
OTHER COUNTRIES
Australia
Canada
Ethiopia
Jamaica
Puerto Rico
Virgin Islands-
_
_
_
_
_
_
Total other countries
1, 400, 000. 00 1,400,000.00
364, 965,000. 00 187, 550,000.00 177, 415, 000.00
500, 000. 00
25, 000. 00
25, 000.00
450,000. 00
450, 000.00
250,000. 00
250, 000. 00
367, 590,000. 00 189, 225, 000. 00 177, 865, 000.00
500, 000.00
3,160,866.57
9,888. 70
60, 536.42
500, 000. 00
3, 231, 291. 69*
VARIOUS COUNTRIES
Various countries
7, 500.000. 00
7, 500,000. 00
MISCELLANEOUS—GENERAL
Miscellaneous—General
Grand totals _
_
1, 612,973. 67
1,612,973. 67
15, 709. OOp
1, 568, 807, 535. 26901,453, 866. 07 433,601,675.24 233,751,993.95 36,974,350. 28
EXPORT-IMPORT BANK OF WASHINGTON
1.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
CoUNTBT AMD PBIMABT ObUQOB
.lAXIR-AMEBICUL.
Argentina;
Agenela de Transportes Moore Mc-
..^ooiedad Mlnaza.Argeirklnar..S«.J
COMMODITY OB PURPOSE
(Nhom
xp
kfliM
poM
Kh)Mtd
bUtoofri'en
otoer*tedmfrom
*boww
ahom
In pba«n
rta
CaxoiTs AUTHORIZED
.4oa. JCarhQr..bargas...
..ilSrM.. A
4-77-. Hollar-exchange
Equipment for production of
..495. .TuogRfeen..f«&..(iu]Lfibuc
..5-17-5-0...
4-26-51
314
.315..Jligbway...
Highway construction equipMl—»Eait..^.J6SfirT.iC«L
3- 6-1*2
2±Q,.QQQ..Q&>
CoLUtCTXD J O B
SIONS
EXTMBAKK
Eximbanlc
&
5,214,8.0.
. 3 6 , 9 6 4 , 7 0 0 . 6 7 . .9-30-51..
5,000.000.00
5,000.000.00
_5.j2l4.80
3.4,.8.20,.000.00
.035,299,33.
88a.24Qj084.53
a,50ft, JQIQDQ
.Q
7.546.374.87
..6l,.4J5.5.6...;
2.04,785.,20. fc.
143,349,.6k. j 1
2l,Qio.,4o.. I
8*035*299x33
573,082x98-
6-30-53-
7,546,374.87
-61,435.56.
88,178,648.97
-.994,093,38
.. S^SOO^OOO^OO.
7-68.,.6.00.00
10,320^000.00
......6j.QOO..OO.
..7,-731*400.00-
-1*085*169x95.
.1j-7J[1X958._88
8.453.625.13
.10x314,000,00
8.453.625.13
...77.4,600,00
27,273j625..13.
..26,499^025,13.
116.108.58
.2x973,237.41
Brazil:^
.233 Staples! . products
Electrical equipment
253...
.269- 5t.eelailljBaTi1pn^nt
.269.31Q-.
Companhla Vale do Bio Doce, S.A.
..XBepuhllc _ at. .Brazil).
national Treasury of Brazil
.C^^l^llyayB.pt'.Brazil
Lloyd Braelieiro
.jBancQ-dQ Brasil)
—
6-12-39.
049*28
1,117,049.28
-989^065,09-
.12.7^580.19
.-—3x801^035,61
JJOjUO.^
1^151,878.36
1,-454X.Q35.,65
5.199.698,60
25xm^885..32
-6,160,557,05.
..4- 3-40 .
...4,4.71,806,5.0
4,471,806.50
.6.-19-40...
...14,68^,416,08
14,688,416,08.
6-1Q-40
..3.0,311,593.92
fe mining Aqulp.
3- 3-42
Less: Advances for participaii
._l4*Q0y*.000...Q0
7.000.000.00
..7*000*000^00.
.7,000,000.,00.
701,803.-26
...6,.2^£i,196,74
2,068^510,49.
...5x000^000,00
...5*000,000,00
167,213.05
4,832,786.95
1,0^5,202.19
^11.0^337,30
A*
-35&
359. Electrical equipment
376.
Cargo..6tfianer».
.403—[A1r1Inn
.equlimnnt...
Pttnftir.do.BraziJL
Moore-McConnack (Kavegacao) S. A.
.409... Harbor-barges...
{MhMcC.. Lines.,.. Inc.. )
Ccotpanhia Yale do Bio Doce
....Natl—Treaaury-of-Brazil
Electrical equipment
Sorocabana Railways
.424. lBl®ctricfllJ5iport..C.orp.J.—
....{S£§&e...Qf. Sao. IHal.oJ
Cla Municipal de Transportes
.447- BuaeB^TwiiL.CcaaciL.Compariy.)...
...CQletiT0B*..0f. Sao .BmiIo.
U. S. Materials, equipment
Cla Br&sll de Energla Slectrica
....(Brazilian. J51ectric..R»er..Ca..)
.456, ..and..»erslceflCia Snergia Slectrica da Bah la
....{BJU?—Co_)
J15MCia Central Braailelra de Forca
..do...
.. I$c1;r.i<?a. jCBaBx ., Qq, )
JtSfid
Cla Forca e Luz de Mlnaa Gerais
..do...
....{B^J^.Co.J
.45&I
Cla Forca e Luz Nordeate do Bras11
..do...
.456d
...<B JS^B-. Co-}
Cia Forca e Luz do Parana
..do..
jy-^i
- VB«Mv"Cov)
88466 O - 51
OUTSTAKDINQ
ACCOUNT
6-3.0-53.
41,964,700.67
IPj32PJP0P_.00.
10-28-49..
£otal..
..ftanrloan-Bra?. 11 Km Corp^JBU-i:^
State of Sao Raulo- 8orocabana
.Jkil^
Cla. Slderurglca Nacianal - Banco
..do.BrajsU..(Republic of.Bjra&U).
..P.O..
UNTJSUD BAIUWCB OF
GVABANMS L/C
INTEBF.ST AND COMMIS-
AMOUNT DISBURSED
Expiry Date
125.,.000.,.0.00. .QQ
.....13.0jm.QQQ.QQ
BoliYiAi.
Corporacion Boliviana de Fomento 314 Materials, equip. & services
•315"
..(Bapuh 1 leaf _ Bolivia )
3- 6-kZ.
Xte
DISBCRSED
B A I O N C B OT APPRO VXD
ALLOCATIONS
ODTSTANDINQ
of the credit ha-\ e been fully repaid
and are included in.."^st..0pera$jl<2&s'
.Ts&al
—Do
BALANCE NOT Y E T
Amount
July 31. 1951.
1=27.-45...
30,311,583.92
,2-12-45 ,
....4,500,000*00.
..3.,.798,.607,14.
1,688x269.84.
.9-11-45—
.38,000,000.00
..3.8,.000,.000,00
15, 95Qj 801.74
....1*600*712x86
.. 1,600,712.86
701x392,86
.115,000,.00 i
115*000*00.
523,.674 v34 12-3.1-51...
1^801,179.^
.52,067,^56
1,600,712,86
35,186,63
627,970,86
4,551,112.24.
79,-8_!3.37
15,834.10
..6^976^325.66.
J^l,342.36
2^849x580.68
_5^.,68l..31
..2-.12-4I...
....7,500,000,00.
...4r.23r.4l...
....6,649,021.40.
.6, .64.9,021,40
.3x799,440.72
..7-rJ21-4a...
...3,655,000x00.
451,997,.5.6
3,203,002,44
1,704,450,00...
.1x498x552.44
158^,056,71
....2*336*000^00
124*464.18.
.2*211*535x82.
287*328.00.
-1,92.4,2.0.7.-82.
.156,-980.35-
423,000,00.
.163^583-32
259,416.68
52,029.00
207^387.68
17,126.85
3,084,.73.
118,75^,27
.14x986,20.
...1Q3x.7^9-.Q7.
4,601.8
12-22-H8
.6,976,325.66
2Zz2Z=M.
121,839x00.
12-22-48
158,149^00.
...158,149.00
.19x452,33.
.138x656.67..
-.^.284-r.iP.
12-22-48-
147*000x00.
...35,28.7..-7.8.
...1.11,712,22.
. 18,081.00
... 93,631,22.
..5j.892.59
.-250,000x00.
110,527,35.
139,472.65,,
-30;.750.00
108,722.65
8,403.10
.587x9.71,85.
EXPORT-IMPORT BANK OF
WASHINGTON
STATEMENT OF LOANS AND AUTHORIZED CREDITS
COUNTBT AND PBTMABT OBLIQOR
COMMODITY OK P U B P O S E
(Ntaa of eiporten from whom bank puichucd
obllfor'i note* lbown In paraotMtaa)
(Nam« oI pitranton ins ihown In paranthMM*)
C B S D I T S AUTHORIZED
.203*002^890.04-
245a- IiadMeujamdu^^
_3=ZZ=-39. ....14*539*260,24-
..do.
.6*200*000,00
Do..
-..Chilaan..Stata.-Rail»ay»
Chilean. jStattt.Jtailaagrs
Corporaeion de Fooento
.(Rapublic-.of.Chile)
Chilean State Railway®
.(Republic .of Chile).
Corporaeion de Fomento
(Republic ofChile)
..BaCorporacion da Fonento
.(Pftpnhl lc.jqfChila)
386*629,26
4.9^858^79-
152,476.21
3*026*523,79.
-3-91*017^X1-
7-61^ 240..OO.
.3*806*200*00
.. 2,062,500.00 ...7rl5-5.2
1*080*000*00
.6r30-52
... 856*853.49
.. 7*960*746.51
336*720,47
216,151*32
.
124*5.24,.60.
3^.044,960.00
...1,-0.80.,.000.00 ,-
856.,853.49 !.
3QjPPftiQQl?t00 .6-30-55
2*369*196,73
65,546*920.85
104*77.5A8ft-54
.30*311*583,92
-38*756^459,37.
.96*330*313,09.
19*171,310.^4
.14*539*260^4
.13*464*260^4-
1*0.75*000,00
. 1,.T»,170,06.
6*200*000,00
200*000.00
... 4.*25Q*00Q^D0..
2*050*000,00.
42.
5*QQQ*0QQ»QQ313 ~ ^Railway equipment Dollar exchange2:50*000.00
355- .Inganiarla. JElactrlaa^.-S. A .0 ..1 2 = 3 0 - 4 4 . .
Loconotirea (Baldwin
JxecQrootiTe.WDrkfl)
__
...7=13=44.. _....1,2Q0.*QC!Q,QQ.
372Electrical Enuioment
2*800*000 JQQ
373-- (Electrical. £xport-Corpu)._ . . . 7 - 1 3 ^ 5 -
5,000,000JOO.
^*886*560,Q0.
113*440,00
250,000.00
175,000.00
302*700,00
897.,3.Q0...Q0.
.717*840,00.
.168*107,40
... 2,631,892.-^..
411-.
JSteal^nill equipment
U.S. materials and
.equipment
.3^11-45..
...do...
Machinery and equipment
for., rayon-plant
U.S. materials, equipment
flp-mH m>B
464-Railway and construction
465- equipment
Road building machinery,
pqiH profit,
485-
1*061*525UQ.
48^000,00^,00
797*510,40.
5*OOQ,OOOjQO.
500*000-
11-^30-51
...4*500^0QO..OO.
2*120*000,00.
.6-,.7QQ*OQO.,QO.
1*200*000,
12-31-52.
...5*5-OQ-,-000...00-
.....4S,.QQ0.,.000.^00
1*200*000.00-
463-
10=_5-49-.
25,000,900-00.
10w26a49-
2*750*000.00
. 8,17.5a-
-1-.800-.000.00.127*239*260,24-
-8*949,31
25*000*000,00
.. _6*QQQ*QQQ,QQ.
410-
15*128,76
....2,635,504,79
6,800.,-000.00
m...
1,083,000.-00.
75*000,00.
_1.79*4^.tOp.
JL*55Q*367*20
.47*202^489*602*380*000,00
...J.*975.*P0P.,00
.429,950.31
5Q5-, 5.69.91
529,411.34
23^559.*73..
86,492,39.
100*755.49
3*923*241,86
2.6S*937.,59.
417*5.78.80.
...1*200*000,00.
.1*200*000.00
34*750,68
23*917*000.00
-.23*917*000,00
819*198,69.
2,75.0,000.00
J 12-31-52
1.200 JQOQ,00
J 12-31-51
.1*553*807,40
5,65.0,000.00
.600,000,00.
.99*296*192,60
20*739*2.60,2/ s
600.000.00
4.890.41
8^17,756.80
914*507.26
6*442,459,00
4*337*292,52
,027,268.83
5,069*050.00
-4*351,-198^8.
9Q7.12.
606*000,05.
--6*294,000.00
3^,765.37.
35,517,696.04
ColonhJju
Pfpyh^y pf
aiM a
296...
.Do...
296...
Caja da Credit* Agrario, Indaa,
--y..Minaro-(RepuJblic .ef-Cola«h1 a)... 346-
88466 O - 51
.10*5.79*751.52
..10*579*751-52.
Matarl alft,eqj*ift... A.
Da.
9*420*248^8
1m lr^3
.10*000*000,00..
UNTTSBD B A L A K C X OF
GCARANTXED L / C
OOTSTANDINQ
f
626,362.74
.6*800,.000,00.
245a.
-Chilean-StataRallwaya
Corporaeion da Fomento da la
.Producclon. (Republi c of- CMIa) -
IHTERFST AMD COMMIS-
EXIM3ANK
Total
.JD®..
AMOUNT Diiso
SIONS C O L L E C T E D FOB
ACCOONT
Brajtil. - ccjntljauad
... I .
U.S. materials, equipment
Cia Energia KLectriea Rio
J^jand«Ln8e(B J! JP.Cki^i i36.Pl and -.aergicaa
...1*013*012.00.
U.S. Materials, equipment
Cia Paulista de Forca • Luz
456-LAnd aeracioaa
„(a.E.P,jCkuX
3*129*000,CO
JL2se22=4£..
Tarries & Coaverted LST
Bnpreza Intl. de Transport®s Ltda
10-26^49..
•-(lHmraeaoJ5erjJ..-do-Braaily-Xtde»).466.. .w.fteelft..(JHiggi&6*. Inc.X
...3*806,200,_00.
Cimento Aratu, S.A. (Cia Hac. da
(Allis-Chalmers Mfg. Co.)
CiJi»JDito..I^xtl€oa.^.S...AO.
vm- Kquipaent l or cejneni. plant
...3*142*500,00.
Cia Paulista de Estradoa
..d»..F.exxo.
-479-. Railway, .eryilpwarnfc
...6=22^50. ...8*817*600,00.
Cia Siderurgica Nacional-Banco
do. Br&Bil (Ee^ublic oil _Brw>i1l)
481.. Stfeal.aiH. egntyant
Z?=2Q-5Q- .25*000*000,00.
Sociedade Braaileira da
IHwiwiMft I / M * .
L491- Product ion, of.. Mangare sn_ orgi.
„2P,0QQ«Q 0 0 , 0 0 .
ChHS4„
Corporaeion da Foment© da la
..PkrodiiMlea. (Republic, of Chile)
,AXCE N o r Y E T DISBI'RSBT,
9*420*
3*100.,_QOO,QO 12-31-31
...6*900*000*00.
.7*837*191*64
B A L A N C E OP A P P R O V E D
ALLOCATIONS
OUTBTAMDINQ
Jocmifo.
(tUr*.DM
T-K-FFI)
EXPORT-IMPORT BANK OF WASHINGTON
3.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
JuiT
COUNTRY AND PHIMABY O I U « M
(Nunes of PUNUITON »I« showo ID paraatiMMi)
STim*tfeiftrtai trwo wbttta. M j M w d
obllgor'iD»Mmm*ewi»
i Nft,
AMOUNT DISBUESED
BALANCE N O T Y E T DISBURSED
CKKOITS AWTHOHUSM
COMMODITY OS P|TBPFI»
j CBKDIT
INTEBI.3T AND COMMISSIONS C O L L B C T B B F O »
EHMBANK
ACCOOHT
UKTIBKB B A L A N C X o r
GUARANTEED L / C
OUTSTANDING
P.o.^^ia-cpnt^ued...
SflKpresa d e E n e r g i a B l e « t r l « e . S . A .
. .(Banc o d e l a Repwb l i e * , e t a 1 , J 351..
t
(Baldwin.
WaeJuO
.iKMriiaCoDsmny)
Qolojgbia
M
-87^599,91
.330
36*738,00
-58U739.A3
....15*258*00.
141,7-7.0,51
6.3,008.00
-10,262*51
4 5 0 , 8 0 7 ^
.45,080.00.
4$5,727.00
180.320.QQ.
225,407.001
7^34
326^93.
21,855.03
3CM&I.57
163,352.97!
-59,799-.
- 1 1 5 , 9 2 0 . 0 0
1 , 2 0 6 . ,
.. .141^485.00545,370-00
£ 7 7 - 5 *
.2,.COQ,.OOQ.
. 2 ,
• 0 0 , 0 0 0 . 0 0
..(.Gearga J ? . . . W a g n f i r . J j u o e i a t e a ,
JBusea
4 4 2 - C
....
fie
C o a e e j o Adas, de l o s F e r r o c a r r i l e s
.Hac.._ d e G a l . { R e p u b l i c o f C o l o m b i a )
1,838,334.33
. 12-10b.47
.6-30-52
373,106.47 ! 12-31-51 -
-
-66l,307.5g|
1^44,378,28!
480
C . o n a t r u a t t o n . f o r . . g r a i n . atotfig
.436.
f j a a i g h t . A a i _ paaaengoac
4.90.
Die&el
electric.JLoccncrfcjgea—
122,5*5.79 ; 12-31.-51-
5 , 5 0 © . , 0 0 0 .
277,876.37.
<?IXM3tJ22 .169,930.5ft
125,000^00
2,126^893-53-
2,^161^93.53
—30,513.22
4 ^ * 7 8 0 . 8 2
262,452,910
5 , 3 7 7 ^ . ^ , 2 1
105,000,00 112-31-50.
2-21-51
> 6 - £ 9 - 5 . 0 . .
l»,430LAi
.... 14,099,82.
75Q,OOa.JQO
—
16,352,1.7
3 2 E * 3 ^ 7 O J
1,219,2*5.67
1,971,4.79.25
1,130.19. 2 , -5QQ,JCXX)..
JftefcCBietrucliQxi
4 4 2 - D B a i l r c j a d a p a x e ,partfi..„
DQ......
.1,-471^607.30...1,055^621.12
..kr27'h9.
khz,. .-Bighyay-eaaatruction
Do
Mq
hotel
canatructiaa.
.
Se&golag hopper dredge
£ O
,
,
J&O.
Goods a n d s e r r i « e f l f o r
JRftpulillc of Colcaibia
.....
L
-1*322,597.
. J S l » c ^ -Int. . - C o }
Be p u b l i c o f C o l o u b i a - C c o a e j o A d a .
. .de _
I'eirocarrllse.
C o l * -1.352.. J B a l l y a y . E q n i p a o w t
...Jtepwtolic o f
6
XSZ^SSIt,
•ittUt^Sftaa-at—X HKft fin,
Do
l o t e l San D i e g o S . A .
.. . ( l a n e o 4© l a J f c p u b l i e * , )
8z4,j«9,
3
.2,200,.000.
2,200,000.00 | 6-30-52
XlD^V^TV...^'..;
645,000,00
...645,000.
.lr.lir.50...
.645,,000.00
6-30-52
56,-739,598.44
1,117,475.19
9,2^,375-59
.3^959,499,18
11^420,245.48 i
17,.871,873,QG ......2p..l5gi*8l?u64 i
4,853,557,66.
CoetaBioft:
. . . B o p y i b l t c o f C a s t a Bice.
330-
Cxaafl.tr.,.
teajtorialR&.-aagglCfea.
4 9 3
Equip.. m t e r l e l e . . & - jB«r» i c e B
.lfc.-22.--42.
7,000-000,00
6.985,000.00
15,000.00
588,156.41!.
CSFOFLII
. . . C j a h a n - E l a c t r l a ..Gattpajay
Pomln.1 .can Republic;
... D.graialcJUX . R e p u b l i c
88466 O - 51
i
|
1 .266.... I.
Const r u c t i o n Material,
©auijinent and. jaarvlcea..
12*000, 00a. 00
3,000,000.00
12, .000,-000.00. 6-30-53
3,000,000.00
2,991,327^.7)6
. 6.396*843.5$ ! -
564,68
iysi.
BAAANCB o r APPROV«D
ALLOCATIONS
OUTFLTA N D I N O
EXPORT-IMPORT BANK OF
WASHINGTON
STATEMENT OF LOANS AND AUTHORIZED CREDITS
COMMODITY
-COUNTRY AND PRIMARY OBLIGOR
OK PURPOSE
(Names of exporters from whom bank purchased
obligor'< notes are shown In parenUwuet)
(Name* ot guarantors are ihown In parentheses)
BALANCE NOV Y K T DISBURSED
CEKDITS AUTHORIZED
AMOUNT DISBURSED
INTEBI ST AND COMMISSIONS CoiiLECTKD KOB
E X I M 3 A N K ACCOUNT
PBINCKPAL RBPAID
ON L 0 A N 8
By Commercial Banks
at EIB Risk
Amount
UNTTSID BALANCE O »
GUARANTJBBD L / C
OUTSTANDING
..LATIN. AMEBIC A . . - . c o n t i n u e d . -.
Ecuador*
Municipality
... l E e p u h l l c - o f Municipality
.(Republic o f
of Quito
Ecuador)
—.
o f Guayaquil
Ecuador)
..32a
Materials.,.. e q u i p ,
32$..
-..Republic.. o f . E c u a d o r
.
Republic.Qf Ecuador
-
sarsrices..
d.0
-343- M a t e r i a l s , - e q u i p . s e r v i c e s 432-
..do--
U.S. Machinery,
equipment
and-aervices-
.. R e p u b l i c . . o f . - E c u a d o r - U n a l l o 4 t e d
471-
. . J l e p u b l i c - o f JEcu&dor
,471-* L.iiighway-iaaintenan&ii-
—
fia
JB®
Do . Do
..M.-22.-M2..
....4,Q0Q,Q(XUQ0.
...4-22-42..
—
471«B Railway-equipmentMechanization o f r i o e
Uti-C p p o d u o t i o a
—
R e h a b i l i t a t i o n o f water
I471-® a u p p l y e y & t e *
Inprcnrement o f G u a y a q u i l &
500 - .Oiiiia,.ftis|iQrtii
...
$ -...2,360,000^00
-6-30-53
..-A^QO^QQQ.QQ
a,-771,47-0.10
.....2*72O,0QQ..Q0
.12J4-4&-- .—3,250,000*00-
_Jte-l«5fiL.
2,720,000*00
.&r30r-52
. 3,250,000,.00
12--31-51
...1,500,000,00
1,200,000.00.
12-31-51
300,008,00
...1^00-,-QQQ^QQ
1,042,902.14
12-.31..51
457^097«M
-223,115,00..
.1,416,685,00.
90,M7^-91
399,035,26-
-4,900,-964.-74
-325,010^84
.6,275,250,40
1,77a,9®3^14
2,4*5,819*70
..300,900,00
250^000^00
..2,674,0^
.18^246^71
250,000.00
~2§Qy000v0a
500,000,©0 j 12-31-52
.500,000,00-
.3=19*51-
AtQQQtQQQ»QQ j
-900.-00
.Total...
4
5,3-Q©,-0QG..QQ
-&,79i,9cxueo
-12-44-4$..
k- 1,-640,000.00-
12,072,902,14 |
20,829.90
16,71^167.96
3^36,216^67
13,581,951,29
- 2 , I f 1,549,61
1,025,500^)0
3,974,500.00-
1,435,018.74
RaiiU..
.. S e d a t e H a i t i a n o - A w i r l c a i n e d e
Developpement A g r i c o l e ( R e p u b l i c
...of H a i t i ) .
Derelopment o f r u b b e r and
295. .. j other, t r o p i c a l . p r o d u c t s
Construction material,
;457
equipment ajad .services —
..5^.1*41.
Nacional F i n a n c i e r s , S,A.
..-(•Uoited-ifexicRn S t a t e s ) .
Nacional F i n a n c i e r s , S.A.
,, ( U n i t e d Mexican S t a t e s )
C i a Fuzididora d e F . y . A . de
S .A,
Nacional F i n a n c i e r s , S. A.
„iUjaltM.M^fi^-5.tAtas
Nacional F i n a n c i e r a , S.A, (United
.„«^ftan..S.t^a)-UijallQtted
Nacional t i n a a c i e r a * S.A«
... (.V.<M m r X o s n S.tataa)
..Da
323..
Highway c o n s t r u c t i o n
.ftqalpnont . . a e r r i c e s
S t e e l - m i l l equipment
A l t o f t . H o m e s de_ liexieQ
2,000,000,00.
..5-18-42..
1,0*5,497.75
..3ir21s45..
. . . 1 9 . , 0 0 0 , 0 0 0 . 00
an^ aiippTjft*
3-79—
TJ. S . e q u i p . , f a c i l i t i e s
1
4 2 7 - -and-aerv-icea
—
Nueva C i a . E l e c t r i c a
4 2 ? ^ . Chnpnlfi,—S.JL».
.-3-21-45..
-42.7-B-
..Ba..
4 2 7 - E J w s u g a r Ottilia -
..DA..
427-G
..SrZLtiX.. . 3-Q-,.972,.7-67.1?.
hwreH nyftft.
3 3 8 — UAYT
Railway equipaent-Natlcmal
MilW-oXJieadao
362.
S t e e l - m i l l equipmentI l a f f i t r i c a l . .equipment
366.
R a i l r a y . . jaquipcaeat
\A27rfD.
88466 O - 51
34^000.000.00
Ammonium sulfate plant
-5»16r45-
; 12-31^51
14,000,000.00 ;
....19^000,000,00.
Total
..Dp .
5,000,000*00.
....$,000,000^00
12-29-4S,.
-5,000,000,00
4,000,000*00 j
26^972,767^17
500,000^00 |.
-- 70,000.00
1
5s.Q41.48
...7^.^10,000.00.
12-31«?51
1,009,-756.27
19,000,000,00.
800,000.00.
800,000.00
--20,000,000,00
20,000,000.00
22^222,596^00
-4,350,171,17 |
3,178,«74»7!6
S^OSfOOOJX)
-4,092,000.00 !
l,X84,«62O0
935,497^75
-S^L50,000^00-
42-5,000.00
I6r925y000w00
-3-50,000^00--
10-..1-47-
3,500,000*00
.11«12»43-.
5-,000,000.00
-5,000,000,00-.
1,826,000.00
12»~3~47
-7,000,000,00
7,000,000,00
2,112,743.18
-5,000,000.00
-5,000,000,00.-.
1,-500^000^00
Tarapieo-Giudad Madera
-2»~2-49~
427-H Jte±BT..m>rka.
Railway equipment
4 2 7 - J - •ME&HWV-National -Railways- —•8—-3-49-
6,000,000,0(1
10,8-50,000^00
15,125,*$.
2,627,970.1750,-^97,2-72,005,445.5a
.344,250^00-
344^250*00.
•12--3-47-
I
74,258,52
405,720-00
-l^QOQ^QOO^OO-
JUWL5-51
—5,000,000,0a..
.12«31-51
-11,-525-,fiOO^L
1,515,750.00
1,51-5,7-50, ®0-
310,-950.00
.2^744,280.00
3,174,000»00-
.208,303*53.
244,9*9,11
-4RS3*R236,F2
672,364*51
.....3,500,000,00.
-442,15-5*29-
-4,789^)50.00-
-276,202,7-5
-1,-515,750^00-
42,919rU
I
rvrotrH t. j
B A L A N C * OF APPROVSD
ALLOCATIONS
OUTSTANDING
EXPORT-IMPORT BANK OF WASHINGTON
5.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
July 31. 1951.
COUNTRY
COMMODITY OR PURPOSE
» of eiporters from whom bank purchased
AND PBIMABY OBLIGOR
(Names of pmrauton are shown In psrenthMas)
UiflNJLMERICA »» contiaued—
Nacional Financiers. S. A.
... (United. Mexican. States)
Railway equip. - Southern
427«K -Pacific. Hallway, of. Mexico....
423WL .Goal, .mine. development..
Do.
Nacional Financiera, S«A. -La
...Gctnaeilidfda, S JU..(United..Mexican.452..-.. Haw. .materials..
States)
Development of agri. transp.,
Nacional Financiers, 3* A.
..(United..Mexican .States)* .Unallotted^?-. .communications -&. ele c*. power:
CREDITS AUTHORIZED
.-J0ft-.3-<«49~
.5,000,000*00$
...4-. 5r5.0..
2,7.40.,.Q00-.00
.9^15.-48-
.1,500.,000.00
.8^31^50.
.H4j000,000. .00
.114,-000,000*00
1.2*5.00.,000,00
12,500,000,00
m-k F-aleo.B.D.a®.-acd-JP9-«e.r. Plant—.
Jte
Do
.
4#7-B. Anaalduafi-Ham..
Bo
Mexican Gulf Sulphur Co. and
..Mexican.Sulphur. .Co,
...
.12-15-50.
17,500,000*00 ...6-30*53-
-17,500,000J.00.
.3-31-51-
.-..5,.0Qa,.QQ0..00.
5,000,000..00
6r-15?r53
.Jiel2r51..
,1.875.000.00.
1.87,5.000.00
12-31-5.2,
Construction -sate rial f.
-
Panama*..-
I
~~l.
-
448-
...Jlepublic of .Panama...
501.-
Bqliipment.A.i^rffixes--
Finance unfunded
obligations.of.hotel
7.^21-xa..
..2,500,000*00
7«R2£HR.51-
.1^500*000*00
Construction material,
..3.^400^000 *oo.
pB... equipment &.senices.
Do
,337-
Material, «Kjuip*..&..ser2icas..
..ih-18-4*.
Pernt
Corp. Peruana del Santa
—(Repnhl 1 nof-JBaru)
...C.exro.. M. Paaco. . Corp ..
...Eerjsdxi.Malaga. S..a.S54jaa
Total
88466 O - 51
.1,500,000^00.
.-400*000,00.
ELedtrical equipment
,£68... (Hastinghausa Ela c. lot Go }.. .6-12-45..
^ £3.fclnc -refinery—
-499-
5eT®lopment of products of
tungsten
AO-50..
450,000*00
• 5,8/,1.16-
..20*800^000*00
...45,007,983^84
1,184,000.00.
.70,455.,472.99 ....11,5.49,609,86
—816,000.,.00
572j.3.87»42..
...816,000..00
. 572,3.87*42.
-2^00,000.00
2,500,000...00
.62,.718...02.
..2,500.^300^00.
.2,500,000.00
.62,.718..02
2*787*797*79
.212,202*21
.863,491.24.
.6^000^000^00..
3*452*747*79
.2*547*252*21.
-1,635,978*40..
-444,158^84
.205,901*46
.238,257*38
.58,987*99—
-444,158.84.
.205,.901.46
.23.8,257.3.8.
58,987,99...
—.1,184,000.00.
-20*800,1100J30. ..6«3Q«53
MQJCKXUQQ. -.6«3Q«53-
650*000*00-
.21,900,000*00
1,009,756.27
.13*DQQ.QQQ*00
-400,000*00-
-
.2*000,000*00.
.4*000*000.00
. -3-..QQP...QQQ.X3Q-
Total
1,128.09.
-142,766.19.
_6*30»52.
. 4-^000,000»Q0
...Republic of Paraguay
-490*183.39
.1*289*793*09
6 0 0 , 0 0 0 . 0 0 1. 6 - 3 0 - 5 2 .
.600.,000.00 1
..2*600*000*00;
Total.....
Baraguay*
114,453,700.56.
...2,000,000.00.
60Q»P0Q,PQ
equipment
Construction material,
Hoteles Interamericanoe
....(Republlc-Of Panama.)
4,920.,000,00 I 161,649.,.8.0.8.09
..2,000*000.00
1 ,qniinent and Msrvlaas.
_
"Diesel-electric generating
limit.. steel, ..cement. ether..
.210,206*91
.6^35^53
1,000,000*00 -6r?3Qr?53
12=15-50..
..Republic of .Mcfirague,
Empress de Lua y Fueraa Klect.rica f
INTERF3T AND COMMISSIONS COLLECTED FOB
EXIMBANK ACCOONT
PRINCIPAL REPAID
490,183..3.9.
.1,500,000*00
487^0. Yaqul.il.ta. "Canal
Hicar&gaau
Total
2,249,816*61. .12-31-51.
l J&zpanalaa ..of .M®el .mill...
\a28-DI
'Financing erection of
1494...- Sul^ur..ilant
AMOUNT DISBURSED
.....5,QQQ,000*00. -12«*31«51
1,000,000.00.
.282*233,264*92
..&*. ju
BALANCE N O T Y E T DISBURSED
..5,.$41.16..
UNUSED BALANCE o r
GUARANTEED L / C
OUTSTANDING
BALANCE o r APPROVED
ALLOCATIONS
OUTSTANDING
EXPORT-IMPORT BANK OF WASHINGTON
6.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
COMMODITY OB PuBPOSE
C O U N T R Y AND PHIMABT O B L ^ J O B
tuna of exporters from whom back pure
obli(or'< note an ibown in parenUMM
(Nuw ot puranCon are ihown in pminb—p)
C B B D I T S AUTHORIZED
CANCELLATIONS AI
EXPIRATIONS
BALANCB N O T Y E T DISBURSED
JttJj 31. 1951.
AMOUNT DISBURSED
INTEREST AND COMMISSIONS COLLECTED FOR
E x IKBANK ACCOUNT
b» I
UNUSED BALANCB o r
GUARANTEED L / C
OUTSTANDING
B A L A N C E OF A P P H O T B D
ALLOCATIONS
OUTSTANDING
IATXRAKBfflIGA-CQN±IIIUA<L..
.Salvador.:
BeqcaJklic..of H flalmdoe
Construction materials,
^uijiment arKi aei^icefl
m..
.12.-10-41
$
ljt.726j.0W..00.
4-
...25.0x000,00
1,476,000,00
I-
-691*115-6
. 784,884.40!^
.334,.076_49-
J..
.of.. JteMBiAj.
331..
.333.
Printing press
.XH-..Ho»..aai Co.* Inc ..)
.....4r.22-42.
4r.22r.42
Jtepufel.ic .of..Jfrattmj..
.......... 3 4 5 - .Materials,fiMiuifu. St. ajarvicasA— 2 r . _ 2 r . 4 3 .
Paper-Baking Machine ry(S«jndy
Tudustria Papelera Uruguaya, S.A
11-n-kQ
454 Hill Iron & Brass Woyfcsl
(Banco deJLa. .Be^licaj
Electric locoaotives and
JRepublic of Uruguay.
4$C-4.BPWe
.Ssa^ 3 - 8r5.1.
Elec. Co.)
.. B ^ p u b l i c o f Uruguay.
-
-93Q,6oo.,oo.
.118*000-00.
14-1,.6.00,00
2,538,100,00.
46,052.66.
-1L, 601,450.00
V59&, -565.37-
32,822.34.
20,982.7a.
.1,3.64,1*00,00
345,339,46.
23*6.00.00
.6*845.93.
..13*022,2.72^34
1,969*733.54-
12-31-52
12.-31-52.
...4-.2.-M
.6.,.000,-OQO.OQ
.1.1.-23.-49.
17*711*125-00.
.220,475.00
-2*859*540.00
1*890*674-73-
6-30-52
. .5-0-0* 000. .00-
..1^35*000^00
149,-900-20
.49*900-20
5.158.000.00
.1*801*8.73-82
. 3?973i5Q0'00
4,149,626.1^-
6-30-53..
450,099-80
-
6*364.93-
.53*965^-70
- 450*099.80
... 2 4 * 3 2 8 . 7 7 - -
.215,335-11
-.1*586,538.71
...155*1^-61
1,800,135.51
.4,733,,.760-58
.780^318,69...
1*149-41..
1.184.500.00
1.18^,500.00
6, 53.1,896 _
t Q9.
-5,864,174,73
535,987.56-
...613*500-00.
...447*022-27
5.00* .000.. .00..
. 148,126.18
...1,493*202.66
44-7*022,2.7
-600,000.00
..£QQ,jaoajoa
.16,545,697,00
-14*295*000-00
1*998*500.00.
.4,001*500.00.
.£,331, -657.-00
-i,95O,-QQO..0Q
Total
88466 O - 51
i4i,6oo..oo
-398*550^00.
-
.2^295^000^00
. 1 7 * 705-000.*00.
... - 2 , 5 3 8 * 1 0 0 * 0 0
.35*086*140^00
ja. &.fi C<»yrtruatian..Co» de
Venezuela, C.A.(C .W. Saith,W.L.
..do..
..Etavena and Raymond A. Jooe*)
Diesel electric generator
C.A. la Electricidad de Caracas |
.. .IC.orp... V.eneiiQlAm de Famanta)
451- unit*
Electrical equipment
Do
469-
Total latin America
.20*000*000.00
78*875-00
6*125-00.
Locomotive Co.)
Yeeoasuelai
Banco Obrero
m. C.cnstr *. nftfcari&lfi. .&nd_i&siiisu.1 0 - 2 . Z - 4 1 .
(Bnlted.-Statea-.of ..Venezuela)
Goods and services for
Hotel Tananaco, C. A.
365-A Jfcafcel construction.
kr_.2=48..
(Baacp Cb_E«tr<?)
8 & 8 Construction Co. de
Y«mesuelft*C^A^.A, de Seguraa
La Naciooal & St. Paul Mercury
423. JCI~.J3.. gooda.And.J^TKicea..3-19=4.7.
Indeaaity.gOx)
-
. Jmx%.ooX Services.,..Inc.
Machine Affiliates Trading
..Ca&ctxftMai
Tetal
—85*000-00.
12,000,000.00
Electric locomotive* and
\_mrl.npftr&.-p&rta .iAnericaii
..JCsfcal...
MAMAUM*.CHM. . Mtta Aster ica:.
...12,.000*000-00
4.527.12
L
459- MajsMne.. toalfl..
„4-..6.-.49.
..3*073*315-77-
-.£,.798*257-64.
6-30-52.
275*058-13
73,315-77
.201*742.36
473-.-. Maciiina toola.
.2.-15.-50.
1.501.291.25
-1,493,^3-75
..6-30-53.
7.7^7-50
1,291.25
6,456.25
.282*805.-63
7-4,-6.0.7-.02
78*058,654.54
154,632,958.71
...4,57.4,.6-0.7. Q&
-996*889*35-7.66
-4*29.1,80139.
32.,518,II6..36.
366,.438,598-33-
-519*873*988.43-
.208,198.6.1.
8.63
Revolving Credit
XlXfjR O^ealt
.1,158*04..
443*299,684.26 . - 6 0 3 2 8 , 5 9 5 . U
9*388,-693.1.49.
EXPORT-IMPORT BANK OF WASHINGTON
STATEMENT OF LOANS AND AUTHORIZED CREDITS
CREDITS AUTHORIZED
COMMODITY OR PURPOSE
COUNTRY AND PRIMABY OBLIGOR
(Names of guarantors are shown in parentlMMS)
CANCELLATIONS AND
EXPIRATIONS
BALANCB N O T Y E T DISBURSED
AMOUNT DISBURSED
PHINCIPAL OUTSTANDING
ON LOANS
INTERF3T AND COMMISSIONS COLLECTED FOB
EXIMBANK ACCOUNT
U N U S E D BALANCE OF
GUARANTEED L / C
OUTSTANDING
ASH-
Afghani
qtrny> I
U.S. equip., materials and
Afghani stan... J*2Q... aer.v..-.ijar- dam .-cnnatr..- and— 11=23«49-.
canal
—Bflyal-Go.mrninfliit
Ghlnai—
Univereal Trading Corp.
-4Bank-of-Chiwu)
Yungli Chemical Induf. Ltd. (BttSt
D^^-.agri^.A.ij^diia^-produata.
..16,000,000.00
I..-L96-
do
Generating equipment and
397... angineering..serviceE
Do
-
Ho.......
Do
'39^... Railway~repair-materialsEquip., materials and
--I-399- supplies..for... coal Mining.
-
lotal
..8,400,000.00.
..£,400,000.00
.20., .000., .000.00.
-18,600,000.00.
...1,455,425.*.01
.14,544,574.99.
.4^243^7.50.00.
. — . - 5 9 5 - Cargo., vessels
Do
..12,600,000-00.
20,000,000.00
.-.Qf-Chlnw aM.aapublla.oi'-nMna)., J.36Q- Machinery.,.. equip*. .&.. jaandjefiLS—
—Republic of China...
.21,000,000.00
4,243,-750^0
-
.406,730.00.
—1,400,000*00
110,573.38
3,832,020.00.
...281,B96u2fe
—59,052.45-
2,5A.0.,.9A7.55.
..a ^8OO ,QQO.OO
517,780.83-
.8,282,219.17.
8,282,219.17.
-16,-650^00^00
16^,650,000-JXD.
..16,650,000.00.
....l>50Q^CIOfl>00.
-1.5QO-.OOQ.-OQ
•JtSMmOQ-
54,6.72,341.-73
1^121,408.27-
3,791,864.03.
1,455,425.01.
.2,600,000.00
- £ 9 ^ 7 9 3 , 7 5 0 JX1
...20,376.71
2,540,947.55.
.19,006,730.00-
.35,665,611.73
839,020.73.
^.976,??
..5,557,251.5.7.
Indeneeia*
ILEPUHLICOFMQBE8IA--UNALLFITX43O
Do—.
-
-
Do
-
Do
-
Da
—-
-
...Da
-do--
-
relecommunicatione
1
472-1•BdeLTOlopmentDredging equipment
492-C harbor .conatay..
Railroad rehabilitation
422-D program...
•4IXJERAF-T-&-FLQUIPBIENT
Do
—
-
-37-^904,500.00
37,904,500.00
.7»2!2W50L.
..?2,100,000.00
.22,100,000.00
9??21sr50...
260,000.00
260,000.00
6^30^52
lQ-19r?5Q.-
....6^700^000^00.
.... .6,700,000.00.
6-30^52
H-..3rr5Q—
..17,100,000.00.
-17,300.^000.^00-
6r30-?52
6,0.85.,5.00.^00.
...6r3.0r..52
472.. U«S*..aquip»-and..matfirisLLa
472^A
Bo
- 472.JE Kle ctrdfixiation. Prograa
6-3CU52-
11-30^50—
...6,085,500.00.
1»25«51-
.. 8,300,000.00
.... £,300,000.00. ..6-30-52..
— 1.550..000.00.
-.-.I^fflW
-422-G •gorfyat Development Progr-am-
Total
-100,000,000.00
100,-000,000.00
..25,000,000.00.
...25j.O0O,QQ0,O0..
...6-30-52..
lmt..
—lapnrial
Govarnaaat of lran
...State o f . I s r a e l —
Da
Da
88466 O - 51
mteri&lg- k. .aejnricesL.
-45B-A . A g r l ^ t i t i t f t f W n c t i o n . .
1k19«49--
B.arafisttietMB^
^n«<|Tig m«tATHa"l«
70,000,000.00
9,410,000^00
-3*-l6«49~
25*000,000*00.
.2-15r53.
...3.5,088*606*07.
7,146,010,47.
..15,562,262,32.
7jI46,010.47
..15,56.7,762^32.
843,462.74
17,337,507.92
176,329.68
1,499,782.23
8,721,37MS.
BALANCE or A P P B O T B S
ALLOCATIONS
OUTSTANDING
EXPORT-IMPORT BANK O F WASHINGTON
STATEMENT OF LOANS A N D AUTHORIZED
CouNTHY
ASD I ' u m A & J
CMU)IT8
COMMODITT 0» p0ltPO««
ten from Whom bulk omehued
Oswao*
(NMM* oI fu8f*>Jto« TN ihcwo ta t»«NnUHM}i
AOTHOKOIW
GANC£LLATO
I K& ilNU
BALAKCB
NOT
YET DmBoaaKP
EXPIBATIOHB
M m siiova in p M n f t c s o ;
Expiry
Date
B y Commercial Banks
at E I B Risk
Biriw^nk
8.
CREDITS
PRINCIPAL R X P A I *
ON LOAMS
July 31, 1951.
or Avnovmo
j
om L O A K B
EXUHAKI
B A U N O
AIXOCATIONS
OvTairAMDiMa
ACCOO-NT
MIA. ~ GOftjttoMod...
i R m e i . ..r
Ha
. .Telssconaamicatlana. .eijuip- „
Dq
.ItexelQpiaant. of ..porta
Ska
.
ajQt&l
J&iXlj^pjbML
...IzZl-M.
_. d f i T z a l o p a i B n t i
^
... 5 . > . m . 0 Q Q , Q 0 .
. 3 > 7 i 5 > 6 2 6 . 6 7
2-15-53
4 5 0 ^ 2 3 6 ^ 3 6 .
atl5.-52
M-IS^-KS..
.A^an-^
.135,.QQiCl,.QQQ..QQ
-
...
.71,-527-^732^96
JjElAttdft:.
M
.
Hardwood l u a ^ r
.ds.vjelowaatL.
. lQQ,.QQa..QO
...m.QO!C>.QO
ATi^JyiAi
C e i ^ a t
10^000^000.00
I 386. ..JSrodJucfcfi-.fij:^. jis-Kvdc&B...
of Ss:uili.Amiii&
fiasa
0 0 0 ^ 0 0 0 , 0 0
60Q,000.QQ.
-..7.,JMQ,.0QQ.00
Ccajqp«i)Qy
Ik, 000,000.00 I 6-30-52
..K±Q®icm.i3f-Ssajdi Amfcia.
%'YMX
.
I
OUfcCXUXKUXlM
1^82.
J5,J|00,000.00
M^QQQ^QOQ^OO.
.
Tsixim^-ji
Turkish State Airways
.(BispBbllc. o f .TurJQBy.)
I
. 3 . ^ . 0 0 , W t O Q
1 3 ^ 6 0 0 ^ 0 0 0 . 0 0
2 , 6 0 1 , 0 0 0 , 0 0
i U.S. equip.,
facilities
^
I
i (Vulcan I r o n Worke)
.I kQl'A
j
j WeetiJighouOT S l e c . I n t . Co.)
I .ter:^. Ifit .contract
. Mi. BftolL (aep.uj>llc. of .TjgarliBy.)
I
j E l e c t r i c a l equlpasnt
. SMiaer..Bflak..(Bepublli:. of Tmch&y)... . .i .<itQZrJa..(l)ifcl. Gen., Jllec.. Co..)
'
(Foeter-WheeLsr Corp.)
.kQ7 Ifit-.coatract
-i)o
j (Viilcaa I r o n Works)
..liQ>l^..2D(flL..cantract
-JBepublio. of Txirkey
; 4o7-=-jj (Siaco .Corpx)
5,396^51?^, 00
.
..]..kQ'|:r4.(H&mlachfBfier..Co!rp...)-.
•
i paper M i l l s
.Gen,-Alec...Ca,-)
-Sumer. £ank..(B«piD5lic.. of. .Turkey.). Hq
1 9 , 3 5 0 . 0 0
.200,000.00
162,500..00.
2,502,119.00
I,ll01,1*82.00
21Q^QQQ^QQ
1 3 6 ^ 0 0
88466 O - 61
. 1 5 , 1 0 3 . 3 5 .
n,500..QQ
70^000^.00.
4 3 2 , 0 0 0 , 0 0
117-,J36...QQ
36^605...00
...U13Q,.€KX>,.Q0.
l,.iaQ,800,0()
. a r J J . r M -
5 2 ^ 5 0 0 ^ 0 0
5 9 . ^ . 0 0
m^OQO^OO
Jja^OQO.QQ.
.
2^403.,50.
2l£^.QOP,Qp
lhQ^m>..OQ
.lk0.,.C)QQ..C».
. . E - A O - M .
. .U,.175..6Q.
.l,UQ0.,6a7..Q0
.18,81|6.0P
.621^940.00
38*250.».00.
:56^.000,00.
2 1 ^ 2 5 0 . 0 0
5-6^ .000., 00
. 7 , 0 5 9 , . ^ .
. ^,23S't59' .1
2,938.15..
. 7,295..5.Q.
... 289,0^.,85..
. 2 ^ , 5 . 1 7 . ^ . .
.MyvklXQ ot .Tiwrkey
-JEti JBank .CRepubllc..Qf..2ui:l5By^
.370,419.. 15.
.
K-JSSKL..
i
i (Foster-Wheeler Corp.)
LlfcQ7.-rJj..2nd..CQntract
.. Ltorjd.
! 2nd contract
..;..torJi-.tWeatinghQUfifi-iiififi.. Jm^. Qal
.. 2^10.1,MQ,.00
'd30M3.M
. 2 0 0 ^ 0 0 0 . 0 0
.2^521^1169.00
LrJ21-k7
{Bepubiia. .of ..Tiuckeyi
..2i5.,.2.I3..1l.
M ^ M ^ . S O
.6M,.000,.00
..Bapublic. of -Turkey...
.632j 000,00
5i>6oo.
...
I)P
..aimer.JBank. <Bepubllc..of..!rurkeyJ[..-
1>989^.Q00,00.
117J71B..71
..IRI.ARM...
9t
HQ
.3^000^000.^00...JLO.,.6.QO.,QQO..OO
I M r p o r t eqxiipaKjnt
.
-JSti-JBank. (Bopublic of. Turlcdy)
5-31-53
. . . I M . 3 . 0 , 9 4
1 3 8 * 7 4 5 . 9 6 .
,.-j.Jb.ja7.f4-tln^ersolL BftnA ao..)
10jt>QQQ...QG
L O A
3 ^ 2 0 0 . , ^
. .4,3.6l..02.
Vorm.No. KIB-01
EXPORT-IMPORT BANK OF
WASHINGTON
STATEMENT OF LOANS AND AUTHORIZED CREDITS
J u l y 31,
COUNTRY AND PRIMABY
COMMODITY OR PUBPOSE
OBLIQOB
(Nainea of guarantors are shown in parentbaM)
AMOUNT DISBUIISED
BALANCE N O T Y E T DISBUR:
C B I D I T S AUTHOBIZED
INTEREST AND COMMISSIONS COLLECTED FOB
E X I M S A N K ACCOUNT
UNUSED B A L A N C * OF
GUARANTEED L / C
OUTSTANDING
. ASJA- . c out inwfed..
Bepj&lic. of.. Twtey
Da.
r
-Da
1QI:
.Stats..raiiwayjj
.407=
.State seaways. and.. harbora - ..5---25--19-
...4*250*000^00
-40?=
.lL..&...railB-aBd-.accefl»oria .Ar.31-49-
999,524.92
5.00,.000.00
Earth.-rawing.equltsceut
... .Bti. B ^ ..(Bepj&lic...of..T.urk©y)
. .BepHbliG. of. TMrkey.
Bepub lie of Turkey
JfcQI: L-.Struc.tiMEaJkJJtfiel
4.35
.BeconTOrsipn.pf.vessels _
3r.25r.k9_,
.5.-29.-49...
..£r.2.8.r5.Q_
ii-26-47_
Total Asia..
Auatrifti
Creditanstalt-BankvereIn
(Bepublic of..Austria)
..Ho..
Do
Do..
..Do...
..Do...
. Da...
P.Q.
Do
Do
....3*750*000..00 |>.
430
430
-Capital-goods..
...X- - ...Bay. .oat ej;ialB
430
...XI.. ..Capital.gQQdfi
430
...II.. ..Itev.ja&terbla430
..do..
.III..
430
...XV...
..jdQ..
430 ...Capital.-gooda.—
430
...VI..
AO..
430
...vx.... .Jfey..nja.ter.ia.ls.430
AQ....
.VII..
430
VII J. . Capital.^ooda
.3*712*844.42
.4,217-, 7-43.22 • 7-15-52
819.74
.72.0,862.32
7,999,180.26
8,052,112.75 ;
176,502,187.44
.7-QQ^QOO.OQ
3*439^47
696,560.53
53.0,000.00
5,073.66
924,926.34
..7-3.lr.47_
280,000,00
.35,122.79
. 244,877.2.1
..7-31-4.7..
1.00-,.000,.00.
-..5,.598.59!
94,401.41
..-7-31-4.7-
.. .62.5,-000-..QQ
...7-31-4.7-
25.O,.000..00
...7-31-4.1.
. .la9.QQj.000,.00
...7-3.1-4.7..
_ 800^.000,00
-7.-31--4.7-
...7-31-.47..
225, QOQ-.OQ-
.
5960.707,55
3*292,45
624,572.57
427.43
115,.187.63 !.
1,953,191.76
32,379.39
19.2^620..6l
—1*319*236.,.63
-763.37-
I30
.IBB.. JBew.mteriAls.
1,765.62.
278*234.38-
..Z-31-.4.7..
.....^440^.000,00.
8,756,35.
1,.43.^243...65
Do
.IBB.. . .Capital. .goods.
-.7-31=4.7-
19.0.,000.00
.113,.66.6,46
Do
,I£C
..7.-.31--47-
....1,400., OOO..QQ
20,.880.94
T.cfcftl..
88466 0 - 51
U. S. coonodities
-
-55a348_..3l
441,676.34
58,374.98
244,877,21
M,500,00
344,000,00 ! I"
335,000,00 |
-.36.7.,.775,-QQ
850,117.97
47,901.41.
252,707.55!
~
R
289,572.57;.
.40,363.91.
2.50^000,00 ! .
.20^544.61.
. . . .1,103.,073.79
192,620.61
.552,850,00
652,862.00
17,894.77
-5,275.12
45,297,84.
131,656.94
43^.638.99
122/.1.75... 4.3
18,260.27
766,386,63
83,711,78
.278,234,38
.18,242.10
778,381.65
-.-89,591.43
.76,333,54.
76,333,54
4,895.50
1*379^119.06.
1,379,119.06
102,012.53.
500,000.00
500.000.00
..13,5.05^.000,.00
-696*560.53
483^250,00
216,637.39
280,000.00
4-34-
9.13.02^423.52
1,672,312.37;
-...l>32L0.>-00-0...Q0-
"R^riiblip c*f ft'v^tri*
142,.5Q3,.975,86
112,500,00
-7-31-4-7-
430
..3.3,.9.28,211,58.
.573,75.0,00.
11,808.24
ijin^.ok
16^160^631.17
790,387.39
—7-31-4-7-
430
5,142,206.26
2,856,974.00
..—1^784^812.37
9,612.61
.. Capital - goods
430
-938*452.33
...23,969.-63
1.7a .7.18 ..73
.11/891,481,58
25.0*.0.0.0.,.00..
Osterreichische Laen&erbank, A.G. 430
LBA ..Bast ..materials..
...(Bapublic. .of. Auattia } —
..La..
Do
..999*524.92
5QQj._000.Q0l
9.-30-51
5^017,024.93
30,.912,270.59 —221^489^291.971
1
116.,232.43-
32*256.-78.
. ... 5.00,000, 00
681^563,00
.33,860,000,00
..6m,mo...qo
3*337,8.4.4.-42]$
375*OOCLOO.Ji
999*524.92
..7-11-4.7..
...7-31-4.7-
$-
32*256.78
-
681,563.00
8,000,000.00
...428,.2Q3,.75Q,.oo
...X—
..3-7-,155-.58.
.. 13a 13-7-..225.00
133,500.00
366,500.00
4,084,329.97
.2,.Q5.2,895,03
904,066.13
.38,906,701,3^
1951.
BALANCE or APPROVED
ALLOCATIONS
OUTSTANDING
EXPORT-IMPORT BANK OF WASHINGTON
10.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
COUNTRY AND PRIMARY
OBLIGOR
(Names of guarantors are shown in parentheses)
CREDIT
JvJo
I
1
COMMODITY
OR PURPOSE
CKBDITS AUTHORIZED
BALAKC® NOT Y E T
AMOUNT DISBURSED
DISBURSED
INTEREST AND COMMISSIONS COLLECTED FOR
EXIMBANK ACCODNT
(Names of eiporters from whom bank purchased
obligor'* notes are shown in parentheses)
U N U S E D B A L A N C E ow
GUARANTEED L / C
OUTSTANDING
BALANCE OF A P P B O T B D
ALLOCATIONS
OUTSTANDING
JSURQEE-.. coo-tinned -.
Belgium
.. KiSgdoa:. of. Belgium
.m.
. U*S*.. products. .flJid-aerv-lcfiiSL.
JL6A-.
BP
Do
-
-
..do...
U.S. raw materials and
-436.... equipment
Less: Advances by participants
..9r.Ur_45JL
I—55.,.0.0.0.,.000.^0.0... fc
_9rllr.45.
...45,QQQ,QQQ*QQ
11-26=47.
...50,000,000*00
18.000.000.00
.. 3 2 ..QQQ .000*QQ.
To-tal.
^—10,083,464x00-1
.45,000,000,00
-132rQQQ*QQQ»Q0
.132,000,-000*00-
-20r000r000,00
20,000,000*00-
.44,916,53.6,00
... .6,27.9^353.15
..45,.000,000.00
.5,417,164.37
n.iakflOQ.QQ \
p3,^0Q,QQQ*QQ..parjphased from
EIB by commercial banks for
.30,983,464*00. ....-101^016,536^00 L ... 14,043,9-67.56 ..their..own. Account and risk
Denmark*
—Kingdom.-of Denmark
370-
U»S,-Agric,-&.4iv*us,prod*-—
7-13-45-
20,000,000, QO
;
-1,105,707.-83
Einlandi
4.16~~ .(Atlas-Supply-Gompany-)
—1-22-47-
£3,333*00
-480,
Do
416-— (B,-JE » Goodrich)
—1-22-47
216,666*33
—511.
216,154.82
Do
416
.1-22-47..
—-700,000*00
-48,
Do
j - 4 1 6 — {-FiskTire Exports-Go-.--)
1-22-47-
.....-283,334.82
--40,
- -282,
. 66,38.4.65
73
699,926.58
—Republic of Finland-
-
Do
.....
I416- (Gen,. Tire- &-Rubber-Ex^t,CkO
-1-22-47-
j (U,ST Rubber Export^-Cofflpa^p)-
0-22-47-
;4l6
DoFinnish American Trading Corp.
.iBank, of Finland)
Bank of Finland
...(Republic of Finland)
(Firestone .International)
.I4I6- I (Ford..Motor Company)
;422 !. Mac hi nery . and.. equipmenti
'Consolidation of Credits
I4.S3—!i2-50,2-51r391»a4A,--414B-and453.
2-.LB.-.4&...2*19-42.
11-3-48
Total
-66,667.00j
.--Tooyooorooj
I
-1,950,000*00:
46.
-2,500,000,00 i
I
.106,-500^001.-15
-
82,-852*39-
82,822*4.7
21,391..0C
699-,951*77
-499,952*42
.-19-9,99-9*35
... 70,92CU9^
28-3,293.-84
-199,999*82
—83,294.02
28,686.3C
-.l.,949,9-53.39
-2,500,-000.00
92,^3.216.01
.7,598,267,70|
...—7,801,7-rM-—
82,852.3-9-133,332,35-
-98, -901,733.45
—.66,3.84.65
499,920,84
1,216,532.07 .
104,000.00
i
5,177*7:
-200,005.72 i -
... 7-0,018,01.
--..733,421*32 i.
. £4,150.2'
I
;
. -2,-396,000.00 ':.
.204,995.0C.
,4Q
5 , 0 5 6 , 9 5 3 . 5 3
j -
9 3 , 8 4 4 , 7 7 9 . 9 2 ;
1 4 , ^ 7 9 , 8 5 4 * 2 5
Frances
—Republic of France
-J-382— !-U»Sr products and-services—-
-9-1-1-45-
550,000,000.00
Do
-[404---|-U,S^-equip»-&-raw-materia-ls-
.&-I.9U46.
65Q.QQO.QQQ.OQ
96,433,500.00
96,433* 500 .-00-
-1,200,000,000.00;
Greace:
;
453,566,500,00
-59,-583,656.^5
- 650,000,000,00 1
^.905.929**3
1,103,566,500.00 !-
139,459,5*5.-58
...
-iLLngdom-of Greece -
88466 O - 51
390-- l-U,^. pr-o4uots-and- Bep^ioee -
-1—9-46-
25,000,00.0,00!. .. 10,436,687^39 •
. 14,-563-,-312,-61..
-14,563,312.61
-1,328,702.70
EXPORT-IMPORT BANK OF WASHINGTON
il.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
CHBDITS AUTHOKUED
COMMODITY OB PDKPOSE
CoUNTBT AND PBIMABT OBLIGOS
(Names at guarmnton
an shown In parentbma)
•BALANCE N O T Y E T DISBURSED
AMOUNT DISBURSED
INTEREST AND COMMISSIONS COLLECTED FOB
EXIMBANX ACCODNT
PBINCIPAL OUTSTANDING
ON LOANS
(Names at exporters from whom bank purchased
obligor's notes are shown in parentheses)
Italy:..
-. Italian._ Credit. Institution
I s t i t u t o Mobiliare I t a l i a n o
-.-(jQovBrnmeiit.jQf-Xtaly)
417--=A Ant.nmnt.1vA jnrhist/ry - Fiat
412»B
..Da..
Da..
Tj rpf & rubber
11*2.00,000,00^
7-31^47..
-Pir«»TH.2=31=42...
417-G ^h^nri fffll In^Mf?.
2»-31«47
5,765,-333*96
5,265,338.96-
1 , 4 4 5 , 33a, 96
-3,102,339*45-
422,500.00
417-D
10-..1-47-
-3,1-50,000,00
412-E do. - S..2-.X.- -
1 0 - 1«42-
800,000.00
3-47-
412«G
.Da.
. Da..
Da.
-412«L
Da...
412»M
Da.
-412-N .Lombard* Falc]c,- S,P..A»-
10-23«42do-Societa Italiana
flrvpr>^ gf-jnpn
j-417-0
i
Da -
Da
Dai s t i t u t o Mobiliare Italiano
—XGosrernment o f I t a l y ) . -
--552,661,04
...3-,.0^7*000.00 -
3 0 6 * 4 8 9 » 54
.1,350,000.00
202,500,00
...1,147*50-0.^00
...105^243 *ul4.
195,000,00
...1,105^000^00.
-1Q2*7454.75
10*15-47 -
550,000,00
.—214,553.64..
2,911,500,QQ
246,165.38
500,000,00.
187,500,00
-312,500.00
3Q»279^19
6,558,117.94
6,558,117,94
1,967,517.94
.4*590^600 JX1
452*566,93
23,391,781,19
23,391,281,19
3,-527,-518,92.
109,432*55
109,432.55
27*532,55
153,522.37
584,906,33
12»..3«42~
39*323.23
294,016.23
920,366,92
10-»23«42.
..Total..
425,000*00.
450,000,00
10«23«42..
2-1-5-50-
^9*952^62
. .aQ2*917 e .94.
-3,634,661,0^
500,000*00
-417-Z A i r c r a f t and r e l a t e d Raw m a t e r i a l s f o r I t a l i a n
handicraft-industries437
-1^700,000^00.
-3,634,661^04
10-15-4?—
-417-V Small- me t a l l u r g i c a l i n d u s t r y
Miscellaneous materials
-417-X and-equifaaettt
...238,364.69
£79,926.78
1*350,000*00
Medici rubber industry
412«U
.2^634^839^45
-2,650,000.00
3,882,366,92
Da
—546,698,49
25,000.00.
-3^)00^000,00-
Do.
305,092*12.
-4,320,000,00 i
1,350,000.00.
3,882,-366,-92
—
.829*013.84
9,000,000,00-
3,000,000*00
Small e l e c t r o - m e c h a n i c a l
industry.
j
9,000,000,00
10-15-47 -
Enall-cheaical industry
-2,500,000,00
500,000,00..
Medium chemical indus-try
-
300^000,00
...7^340^00,00 J
500,000,00
1,300,000,00.
417-R Medium .nietallur <?ical. i n d u s t r y 1 0 - 1 5 - 4 7
Da
2,000,000.00..
-1,300,000.00
Medium e l e c t r o - m e c h a n i c a l
•1417-Q . i n d u s t r y .
Da..
120,000,00
799,926,28
-2-3,22
10-23-47
10=23=42...
do-Acciaierle e Ferriere
-Da-
-42,660.-55
-
2,000,000.00
i r u i-/ t 7
Steei ? mills-Ilva.Alti Forni
412-H Acclaierie-J>IXtaliar-S^P.^. 10-23=42..
do- "Terni" S.p
412-1 X!lnduatria-e l»£l»ttr-i«J,ta~ 10-23*42- -
.Da.
3,360,000.00-1,500,000.00-
JDo--
do*£an.tlari. R1nnltl,-SL,P.A ,
t
-4,000,000.00-.
-D©~.
41
$-.11,200,000,00.
4,000,000*00
-
_
1^03^522.64
—31*9QCL-QQ
-8*690U5
153,522.32-
46,058^3?
lQ7f^.0Q j
12*242.64.
584,906*33-
-.87,ft?/>.33-
4.92 *0»1.QQ |
^262.00
13,531,150.00j
-451*419*10
15,919,872,20
3.5,919,822.20-
2,383,722.70
500,000.00
500,000,00-
166,680,00
-333^20.00
10*923.23.
19,808,939.78
80,323,326.45
-6*529,461.65.
4r$35.Q0P.QQ
..101,925,000.00
6-30^.52 ...
-42,233*72.
1,250,000*00
100,132,266,23
!
Netherlands^
- .Kingdom, of. Ne therlands. .
-
-
-9-11-45
381. .U, S, -. prcduc-ts- - and- - serv-iee* -
Do
Do-
j-380--.
---
Royal Dutch Airlines (KLM)
.iKingdom of the Netherlands.).
400 -
do-
Less: Advances by participants
42a.
-3*20*46.
-5-2E-47-
—50,000,000,00
--50^000,000,00.
8,899,68.3*00.
.. 41,100,317,'DO
-^625,872.02.
-50,000,000,00
-50,000,000,00
1,666,666,73
-4^-333*333.27-
j6^17,824^4-
.102,231,330,00.
40*827,110., 00
61,4.04^220^.00.. |-11*033*458,16
2.103.519.-30
tojsnnM
.200,000,000,00
,283,670.09
..106,216,330,00
4,485,000*00-
2.266.816,60
4,^5,000,00,,
88466 O - 51
-204r498r146.60-
-53.4-96.-979,03-1 151,-0Q1,167.*57-;., .23*162*557>69.
U N U S E D BALANCE or
GUARANTEED L / C
OUTSTANDING
BALANCE OF APPROVED
ALLOCATIONS
OUTSTANDING
EXPORT-IMPORT
BANK OF
WASHINGTON
12.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
CoUNTBT AND PRIMARY OBLIGOR
N
( ame* at fuarantors are shown In parantheiea)
COMMODITY OR
CREDITS AUTHORISED
PURPOSE
(Names of exporters from whom bank purchased
obligor's nou* are shown In parentheses)
Amount
—
CANCELLATIONS AND
EXPIRATIONS
BALANCE N O T Y E T DISBURSED
AMOUNT DISBURSED
INTEKI ST AND COMMIS-
SIONS COLLECTED POR
Expiry Date
EXIM3ANK
ACCOUNT
UNUSED BALANCE O »
GUARANTEED L / C
OUTSTANDING
Europe -v continued
Jfornjj
.... Kingdoa „ of _ Norway
Bank
. ..(Republic o f . Poland}..
. . . B e p u b l i c o f Poland
. 3 6 9 - 1J... S... a g r l , . &. I n d u s , . .prod »
....7-13.-451
141...|Cotton-
.10-21-36
212... (lotion aad.capper-
.llr..3-T38.
402....poal .oars. jind l o c o m o t i v e s -
.^«24«46-
Materials and equipment f o r
Do
Do
m -
Do
JM...
.2,655,508.67
/,n,nnn,nnn.r>n
.3.-1-5.0..
.8rlQ—5Q-.
do
Miscellaneous Europe:
j
Foreign Banks (National Government
. Unallotted
.387-
.47,04301
• 3,491.96
..40^300.000.00 L
1,041,486.85
-4.430.755.94
210,293.67
10-15-51
11,714,781.48
..600,000.00.
- 1 1 , 1 1 4 , - 7 8 1 . 4 8 j.. . . 3 8 0 , 4 7 0 . 2 8
259,994.34 10-15-51
7,740,005.66
-500,000.00.
... 7 , 2 4 0 , 0 0 5 . 6 6
296,637.28
-.487,022.2J
.43,300,940.18
.3,102,946.91
4-30-52.
16,897,053.09
.1.6,.897,053.09
,.15.000.000.00,
.2.355.297.23
5-30-52.
1 2 , 6 4 4 . 7 0 2 „ 77
-12.,
...55,000,000.00
.6,003,457.00
-38,412,399.74
-38,a2,399.74|
25,585,972.53
2,979.27
.3,297,448.22 ;
20,000,000.00
1,997,492,290.01
Total. Europe.
.163^250.56
0,666,666.70...4,201,287-68
43,511,233.85
285,218.52
8,000,000.00.
..do..
166,742.52
....3,344,491.33
40.000.000,np
..2,655,-508.67
.12,000,000.00.
min-tng Inrinat.-ry
U.S. materials, equipment
X62ra .and..ser.vlcefl-
-8,333,333.30. $
.50,000,000.00
-166,742.12...6.,000,000.nn
46,166,742.52
J...
lugoalavia-i
Narodna Banks
—.(Republic o f . J u g o s l a v i a )
50,000,000.00-
48,996,5A3.00
.1,100,000.00.
.1,925,740^60.74
46,165,856.74
219,507,793.28
5,475,222.06
-47,896,543.00
.1,314,574.98
1,706,232,667.46 ;
212,234,988.39
OTHER COUNTRIES
..Steep.Hock Iron Mines, Ltd.
Egyptt .
F e r t i l i z e r and Chemical Indus...tries of Egypt
455
429
5,000,000.00
' U . S . . equipment ..and services
...7-16-47..
U.S., g o o d s and . s e r v i c e s
2,275,000.00
.7,250,000.00
6-30~52
r
2,725,000.00 ;
2,725,000.00 ;
117,194.16
.7, 25.0,000 ..00
7,250,000.00 !
563,708.17
H"
Ethiopia:
..Ethiopian Empire.
Do
88466 O - 51
;405~A Aircraft and spare..parts
i
.'405r-B U . S . products, and services.
.6^22-50..
...
. 1,000,000.00
...27,731.82.
.9.72,26.8.18.
125,000.00.
..2,.000.-000.00-
.250.027.57.,
-1.-74-9., -9-72.43.
1.216.666,74
-.3,000,000JD0
.277,759.39-
I
2 , . 7 2 2 , 2 4 0 . 6 1 I.
1,341,666.74 !
847,268.18 |
13,807.66
533.305.69.1
104.8.83.38.
1,380,573.87
230,9.78.5.7
-.2,882^204*79
.1,597,452.*U;
77
Canada*
273,0.70*44
118,691.04
..^,983,712,94
BALANCE OF APPROVED
ALLOCATIONS
OUTSTANDING
EXPORT-IMPORT BANK OF
WASHINGTON
3.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
COMMODITY OB PURPOSE
COUNTRY AND PRIMARY OBLIGOR
CREDITS AUTHORIZED
BALANCE N O T Y E T DISBURSED
AMOUNT DISBURSED
INTEREST AND COMMISSIONS COLLECTED FOR
EXIMBANK ACCOUNT
N tmes of exportersfromwhom bank pure!
obligor's notes are cbown In psrontbese
(NtmH of guarantors are shown In pcrentbeM)
U N U S E D B A L A N C E OF
GUARANTEED L / C
OUTSTANDING
BALANCE OF APPROVED
ALLOCATIONS
OUTSTANDING
OXHEB.COOKimBS-coDLtiiwopL.
Liberia;.
. L i b e r i a .Mining. Company
MO.
.... J t e p u h l i c . a f . . L i b e r i a
_
. .
Do
..Iran..QEe..productiQn....Highway improvement and.
. c o n s t r u c t ion.
Water s u p p l y and
h91
.4-27-49- i
1-11-5.1
4,.000,.QQQ..QQ.
$. k+QOQ.>QQQ-.SXXi.
...5j.QQpjOOO.Op
6-14-5.1
1,^0,000.00
...10,35-0^.000,.00
Total.
5,.000,000.00
6.-30-53.
1.350,000.00
6-30-53.-
i
..4,.QQQ,.QO0_fOO
.6,350,000..00.
.4,000,000.00. $
147,259.92
A,.00.0,-000,00
147,259,92
PQgtugue.se. West A f r i c a •
-C.ba.8 .... B . M&Ds&ie.l,.. Jr
.319.
Jfet«riftla..and. euuipnant..
h98.
Mining equipment, m a t e r i a l s
.and.aeCTicaa
—
raaioa.Qf-South Africa j
.Yarlcma.JMining ..Companies
.. 3.00^ .000.,-00-
235,000.00
-31,504.67-
i.OQO.QOQ.OO
.60^9^000,00.
T o t a l Other Cquntries._
. . 3 5 .-000.000.00.
..5.i2j.759.r39
. l6x762,240.61
.43j625,Q0p-00
.. 1j3.75J.I62 ,07..
-15J387jQ78.54
359,557,96
msm^mmrjmsm,...
8j?e.Qjiai E^xt.er-.Iffl5>orter Credits
Aaericaa Engineering Product&.Co..
The. Atlas. laternatlonal. Company.
Cftryhirry TTft.rH rig Oompftny
Dftfil^Bce Spark Plug Corp.
SseflUltife.. Chemical. C.csnpftny.
JohnF-.FltzGarald, J r . & HaroldA...
Pumpelly, Trading a s John F .
F i t z g e r a l d , Jr..
-3-1-38.
.167.
. MexohandiflA
..da.
12-31r51.
.26,155.'00.
.21,707-00..
.20.,.000..00
12-31-51-
166,919.98-
-166,9191.9a.
..13j.05.7-27
12-31-51
-90,694.64.
..15,000.00
15,000,00
12-31-51
.130,133.74
. -15,5-78-.-9-7.
12-31-51
186,919.98
-1Q3j.75.1,9.1
..da-
Merchandise..
..Chemicals..
-Merchandise—
...5,552.00
31,70-7.00.
-
-do—
23,840.05
H.._R.-Jacoby, I n c .
Universal Products C o . ,
(l. t -.Jt..Shernaa)
-do-
271,922.99
Inc.
Vfi_se..ftn&. Constable, Inc.....
Unallotted
. Bubber, .rayon.silk „garments.
.Merchandise
..29,915^56
32,852.03-
Home -Plan . C o r p o r a t i o n . .
.414,554.77-
769,473.00
—422,997.26.
88,m»91.
—4,445.00
1,487.66
- l j 242,73
928,99
.4,421,.03
-.4,-471.53
.410,133.-74.
2,936.47-
2,936.4.7-
-23,840.05-
-23,8-3-9.05-
191,-77.
-29,915.56 j.
!
—
1.00:
£<2tal. a^ilable..- il,000A000A00...
Revolving.
Credit l i n e s ranging
Lfeanses rejey-...
able in 90 days of l e s s .
.779^61.
827.35
-15,000,00
12-31-5.1
256,922,99
256^922.99
.21,53.8,00
12.-31-5-1-
747,935.00
744,473.00
3J462.oo
7_, 1 4 1 . 4 4
- . 2 3 , .275,00- 12.-31-51-
399,722Ag6.
397,997.26
.1,-725,00
5,027;.79
2,113,681.40
45,915.32
.23,261,01
2,.638,S.Q8 ,.792,18 ...8o,.l88,335'7P
.411,627,807.. 04
..2j307J4.6$J321,44
••.•4.13,601,675,2 k 233,75it993-95
667.^3,669.19
. . . 2 , .404,87
..-.Q25.084.4kTotal
Total. Active Credits..
^st. Operations .
.95.4,.085-68.
-3,113,682.40.
3,M7-,-29-9,Q8Q,.Q7
89,529,118.87. - 6 - 7 8 , 672^832..72..
1,5.68.,.8.Q7.,535..26..1 9 0 1 . 4 5 3 . 8 6 6 . 0 7 .
.5,-056,106,615.33- - 9 9 0 , 9 8 2 , 9 8 4 . 9 4
?.. ...Advances hy. ^rticipants
Total. Authorizations...
88466 O - 51
5aa8.49Q.l89.k2.
-.6.78, 6.72, S32...72-
-29,915.56
3,-0.72,510,-468.-02
-2,129,681.16-
313,940,329^65 -!.l,078,98l,476.23.
282j 848,825.99
-53,.279j.iQ7..-.79..
36,974,350.28
2,30.7, 469 j 321,44 .3.19,823,176,27.. ...53,2.79.,1PX..79-.
23 EXPORT-IMPORT BANK ACT AMENDMENTS
Summary statement of loans and authorized credits
Total authorizations, cumulative since inception of bank, Feb. 12, 1934
Total allotted to participating banks and others under authorizations, cumulative
Total cancellations and expirations, cumulative
Export-Import
Bank funds
$5,188, 490,189.42
132, 383, 574.09
990, 982,984.94
Commercial
bank funds
Total
Total disbursements, cumulative
$3, 072, 510, 468. 02 $313, 940,329. 65 $3, 386,450, 797. 67
Total repayments, cumulative
809, 571, 927. 97 269, 409, 548. 26 1, 078, 981, 476. 23
Total outstanding loans, July 31, 1951
2, 262, 938, 540. 05 44, 530, 781. 39 2, 307, 469, 321.44
Balance of authorizations not disbursed, July 31,
1951, including unused balance of guaranteed letters of credit outstanding in the amount of $53,678, 672,832. 72
279,107.79
Total of outstanding loans and balance of authoriza2,986,142,154.16
tions not disbursed, July 31, 1951
Amounts allotted to participating banks and others under eximban]c authorizations
not guaranteed by eximbank
Latin America
Europe
Asia
Total.
1
$7,099,904.09
111,283,670.00
14,000,000.00
132, 383, 574. 09
24
EXPORT-IMPORT BANK ACT AMENDMENTS
Comparative statement of condition of Export-Import Bank as of June 30, 1951, and
Dec. 31, 1950
June 30, 1951
Dec. 31, 1950
ASSETS
Cash:
In U. S. Treasury
In banks, on hand, and in transit-.
$1, 054,941. 79
303, 462. 78
$335, 756. 39
1, 693,921.80
1, 358, 404. 57
2,029, 678.19
Due from borrowers:
Reconstruction loans to foreign governments..
Other loans to finance exports and imports. _.
1, 566,061, 961. 65
748, 538, 957.34
1, 580, 448,322. 42
639,037, 428. 52
Total loans
Less loans advanced through agent banks
2, 314, 600,918. 99
44, 864, 735. 90
2, 219, 485,750. 94
66, 049, 728. 96
Balance of loans made with Export-Import Bank funds
Loan disbursements b y commercial banks under letters of credit
(see related liability)
Accrued interest oji loans
2, 269, 736,183. 09
2,153, 436, 021. 98
11,252, 413. 36
23, 766, 522.14
11,149, 663. 48
22,341, 113. 97
2, 304, 755,118.59
226, 177. 52
2, 186, 926,799. 43
229, 370. 77
2, 304, 528,941. 07
39, 679.15
3, 475. 34
067. 68
2,186, 697, 428. 66
38, 700. 25
2,305, 978, 567. 81
2,188, 812, 754.40
42, 912. 44
31, 208. 46
39, 751. 45
27, 660. 43
74,120. 90
74, 695.62
67,411.88
473, 979. 56
6, 216,171. 51
11, 252, 413.36
8, 650. 54
11,149, 663. 48
44,864, 735. 90
44, 262, 910. 49
66,049, 728. 96
46,309, 250. 95
Less reserve for possible losses on loans in default.
Accounts receivable
Stationery and supplies inventory
Furniture and equipment, less reserve for depreciation..
Total assets
46, 947. 30
LIABILITIES
Accounts payable:
T o departments and agencies of the U. S. Government.
T o others
Deposits b y borrowers subject to refund or application on loans
Accrued interest payable to U. S. Treasury
Liability to commercial banks for loan disbursements under letters
of credit (see related asset)
Deferred credits: Interest collected in advance
Contingent liabilities:
Loans advanced through agent banks
Guaranteed letters of credit
Undisbursed authorizations, excluding guaranteed letters of
credit
Reserve for employees' accrued annual leave
Investment of the U. S. Government:
Notes payable to U. S. Treasury
Capital stock, authorized and outstanding, held by U. S. Treasury
Earned surplus:
Reserved for future contingencies.
Net profit for fiscal year 1951
Total liabilities..
630, 424, 547.39
167, 813.89
691, 633,120. 58
171,021. 30
1,039,600,000.00
942,100,000.00
1,000,000,000.00
1,000,000,000.00
203,185, 739.13
i 51, 615,134.37
228, 634, 506. 67
2, 294,400, 873. 50
2,170, 734, 506. 67
2,305, 978, 567.81
2,188, 812, 754.40
i Dividend of $20 million declared by Board of Directors on July 26, 1951, and remainder transferred to
reserve.
25 EXPORT-IMPORT BANK ACT AMENDMENTS
Comparative statement of income and expenses of Export-Import Bank for the 6-month
period ended Jane 30, 1951, and Dec. 31, 1950
6 months
ended June
30, 1951
Income:
Interest on loans (including commissions):
Loans made with Export-Import Bank funds..
Loans advanced through agent banks
Total income.
Less: Operating expenses:
Administrative expenses
Nonadministrative expenses
Interest paid on notes to U. S. Treasury..
Total operating expenses
Operating profit
A d d : Other income:
Recovery of principal and interest on loans in default-.
Profit on sale of equipment
Net profit.
6 months
ended Dec.
31, 1950
$32, 983, 735.99
510,157. 88
$32,051, 447.97
647,002.07
33, 493, 893. 87
32, 698, 450.04
448, 490.93
18, 970. 79
6, 966,837.37
456, 294.44
12, 237.84
6,683,326.74
7,434, 299.09
7,151,859,02
26,059, 594. 78
25, 546, 591.02
3,193.25
103.46
5,456. 53
195.33
26,062, 891. 49
25, 552, 242.88
Loans authorized in 6 months ended June 30, 1951
No.
Date
Country and obligor
N E W
1951
Apr. 2
Feb.
8
Jan.
Hi
Jan.
11
LOANS
A N D
Interest
rate
Thousands
$5,000
percent
5
Argentina: Sociedad Minera
Argentina, S. A . (tungsten
development).
Brazil: Sociedade Brasileira de
Mineracao Ltda. (manganese
development).
Brazil: Cimento Aratu, S. A .
(cement plant).
30,000
41/2
1,072
41/2
3M
489
1, 350
3M
Apr. 12
Mexico: Mexican Gulf Sulphur
Co. and Mexican Sulphur
Co., S. A. (sulfur production).
1, 875
5
M a y 24
Nicaragua: Empresa de Luz y
Fuerza Electrica, S. A . (power
installation).
South Africa (uranium development) .
Uruguay: Republic of Uruguay
(International General Electric Co.) (locomotives).
Uruguay : Republic of Uruguay
(American Locomotive Co.)
(locomotives).
600
11
June 14
June 28
Mar.
8
Mar.
8
Increase in revolving credits
Total credit commitments.
Increase.
491
5,000
12,000
Jan.
495
478
Cuba: Cuban Electric C o .
(power development).
Haiti: Republic of Haiti (Artibonite Valley irrigation development).
Liberia: Republic of Liberia
(road improvement and construction) .
Liberia: Republic of Liberia
(Monrovia water system).
Mar. 29
8 semiannual installments
beginning 3H years after
date of credit agreement.
Notes due June 15,1963
10 semiannual
installments beginning 2 years
after date of credit agreement.
10 semiannual installments
beginning not later than
2 years from date of each
note.
3 H 10 semiannual installments
beginning
6
months
after date of first note.
30 semiannual installments
beginning Dec. 31, 1956.
3M 36 semiannual installments
beginning Sept. 16, 1956.
1, 503
Apr. 19i
Repayment terms
CREDITS
AUTHORIZED
Colombia: Consejo Administrativo de los Ferrocarriles Nacional de Colombia (railroad
equipment).
Colombia: Republic of Colombia (coastal vessel).
Feb. 21i
1
Amount
145
10,000
36 semiannual installments
beginning
6
months
after date of note.
36 semiannual
installments beginning 1 year
after date of note.
8 semiannual installments
beginning 18 months
from date of loan agreement.
10 annual
installments
beginning M a y 21, 1953.
321
457
497
494
496
498
35,000
2,538
493
20 quarterly installments
beginning Mar. 15,1952.
do
106,404
200
106, 604
For 6 months ended June 30,1951.
395,300
For fiscal year ended June 30, 1951.
492A
492B
26
EXPORT-IMPORT BANK ACT AMENDMENTS
(The letters referred to are as follows:)
D E P A R T M E N T OF A G R I C U L T U R E ,
O F F I C E OF T H E S E C R E T A R Y ,
Washington, August 28, 1951.
HON. BURNET R.
MAYBANK,
Chairman, Committee on Banking and Currency,
United States Senate.
D E A R S E N A T O R M A Y B A N K : I appreciate the invitation of your committee to
comment on S. 2006, a bill to increase the lending authority of the Export-Import
Bank of Washington and to extend the period within which the bank may make
lean
I should like to record my complete agreement with the purposes of the bill and
to express the hope that it may be promptly enacted into law.
Th3 facilities of the bank have been a valuable aid to the agriculture of the
United States in its efforts to maintain its markets abroad. In the years that lie
ahead it seems certain that the same use of its facilities will continue and on a
much broader scale.
The present level of agricultural production and opportunities for sale of some
of our products abroad as well as the prospect of increasing demand for credit
make the proposed enlargement of the bank's lending powers and continuation
of its existence most advisable at this time.
In view of the time limitation we have not ascertained from the Bureau of the
Budget advice as to the relationship of this bill or our report thereon to the
President's fiscal program.
Sincerely yours,
CHARLES
DEPARTMENT
F.
OF
BRANNAN,
Secretary.
STATE,
Washington, August 28, 1951.
M Y D E A R S E N A T O R M A Y B A N K : The Department of State fully supports the
bill, S. 2006, now before the Senate Committee on Banking and Currency, t o
enlarge the lending authority of the Export-Import Bank and to extend the
period within which it may make loans.
The Export-Import Bank is the major United States instrument for providing
public loan funds to expand our foreign trade, to promote the economic growth
and strength of the countries of the free world, and to facilitate and increase the
production abroad of strategic materials vital to the common defense. It is
important to the success of our foreign policy that the bank be in a position to
continue its lending operations.
The bank has a record of notable achievement. Since its inception in 1934, it
has authorized loans in excess of $5 billion. These loans have ranged from shortterm credits to finance the export of commodities such as cotton and tobacco
to long-term, development loans to expand the productive capacity of borrowing
countries. With financial assistance from the Export-Import Bank, the countries
of the free world have been able to enlarge their power facilities, improve their
railway and highway transportation systems, and to undertake extensive irrigation and land reclamation projects. The bank's assistance to private enterprise
operating abroad has helped to increase the supply of such critical materials as
iron ore, and more recently of manganese, zinc, tungsten, and sulfur. This latter
function of the bank has special significance at this time. The Export-Import
Bank has served the interests of this Government in other ways. The loans of
the bank to out western allies immediately after the war helped to support these
countries during the early critical period of reconstruction. Similarly the bank's
loans to countries newly emerged into statehood have been of substantial value
not. only in helping them meet the pressing economic problems of newly established governments but also in providing concrete evidence of United States
Government interest in their welfare. Great care has always been taken to insure
that the bank's operations are in harmony with other activities of this Government
in the field of foreign assistance.
The excellent repayment record of the Export-Import Bank reflects the soundness of its loan policies as well as the contribution its financial assistance has made
to increasing the national output, export and tax capacity of its borrowers. To
date repayments to the Export-Import Bank of more than $1 billion contrast with
defaults of some $250,000.
27 EXPORT-IMPORT BANK ACT AMENDMENTS
If the bank is to continue its operation, its lending authority must be increased
since it now has available uncommitted funds of approximately $500 million which
is less than the amount it committed in calendar year 1950. The proposed increase of $1 billion in the lending authority of the bank requires no direct appropriation of funds by the Congress nor does it represent disbursements to be made
over the next fiscal year. Rather, it constitutes an increase in the amount which
the bank may lend as and when the interests of the United States Government
so require.
Sincerely yours,
DEAN
ACHESON.
T H E S E C R E T A R Y OF C O M M E R C E ,
Washington, August 28, 1951.
The Honorable B U R N E T R . M A Y B A N K ,
Chairman, Committee on Banking and Currency,
United States Senate, Washington, D. C.
D E A R M R . C H A I R M A N : I am writing in response to the committee's invitation
^o present my views on S. 2006. This bill would increase the lending authority
of the Export-Import Bank of Washington by $1 billion, to a total of $4.5 billion,
and would extend for 5 years, until June 30, 1958, the period within which the
bank may make new loans. I understand that the committee's hearings on S.
2006 will commence on August 28, 1951.
I heartily endorse the purposes stated in this bill. As the committee undoubtedly knows, these proposals were considered by the National Advisory
Council late in 1950. At that time the status of the bank's loan program and
prospective demands upon it were reviewed in detail and the Council approved
such extensions in principle. Approval by the Congress of the authorization
requested in the bill would assure continuity of the bank's operations for some
time to come.
The Export-Import Bank's activity is an integral part of the United States
security program. It has a two-fold role in this program. First, the bank has a
definite role to play in the foreign-aid phase of our national security effort. In
this connection it will be recalled that the President first recommended the steps
provided in the present bill in his message to Congress on the foreign-aid program,
submitted earlier this year. There will be many opportunities to accomplish
specific United States foreign-aid objectives by making loans on an economic and
business-like basis, with sound prospects for repayment. In such cases loans
rather than grants should obviously be used. Ihis type of credit is clearly distinguishable from economic aid designed to promote a general improvement, over a
long period, in foreign productivity and living standards. It is most desirable
that the Export-Import Bank remain in position to extend such credits within the
framework of the over-all United States foreign-aid program.
Secondly, in addition to its constructive participation in the over-all foreign aid
program, the bank is making and should continue to make a direct contribution
to the domestic defense production program. By far the most significant aspect
of this contribution has been the financing of increased foreign production and
movement of strategic materials needed by American industry. The urgent need
for financing of this type will undoubtedly continue for several years. The bank,
with its long experience in developing and financing American foreign trade, is
ideally suited to continue and expand its work in this field.
In the present unsettled world situation, furthermore, it is distinctly in the
United States' interest that the bank have in reserve at all times a substantial
fund to meet emergencies or similar unanticipated demands. The value of such
flexibility in the bank's capacity has been amply demonstrated in the past. Its
lending authority should be maintained at a level which will provide such a
reserve, while carrying out a lending program of the type I have described.
I am sure that the bank will have furnished the committee complete data
concerning its present financial position and that for this reason it is unnecessary
for me to cover this matter in detail. I should point out, however, that at the
end of June 1951, the bank had available for new lending only about $500 million.
While it would be difficult at this time to estimate precisely what demands may
arise during future months, it seems reasonable to assume that new loans totaling
possibly as much as $500 million per year may prove desirable as the foreign
situation develops.
It is clear from these facts that an over-all increase in the bank's lending
capacity is required if it is to be able to discharge the responsibilities I have
28
EXPORT-IMPORT BANK ACT AMENDMENTS
described. Considering the probable scale of foreseeable demands, and the
desirability of maintaining an adequate reserve for emergencies, I believe that
the proposed increase of $1 billion in lending authority represents a reasonable
adjustment.
With respect to the second provision of the bill, namely, the 5-year extension
of the bank's lending authority, I may observe that under the present legislation
the bank would be unable to undertake new loans after June 30, 1953. In view
of the uncertain duration and major proportions of the program upon which
we are embarked, the desirability of extending this date in order to avoid uncertainty or interruption in using the bank's facilities is self-evident.
Needless to say, should the committee in its further study of this bill desire me
to testify personally, I should be happy to do so.
Sincerely yours,
CHARLES
SAWYER,
Secretary of Commerce.
THE
SECRETARY
OF T H E
TREASURY,
Washington, August 27, 1951.
M Y D E A R M R . C H A I R M A N : The committee on Banking and Currency now has
before it Senate bill 2006 to increase the lending authority of the Export-Import
Bank from $3.5 billion to $4.5 billion. I should like to take this means of placing
before the committee my recommendation in favor of this bill.
In the preparation of the mutual security assistance program, for submission
to the Congress, the executive branch carefully weighed the proper role of lending
operations in the foreign-assistance activities of this Government. It was the view
of the National Advisory Council on International Monetary and Financial
Problems that military assistance and economic assistance in support of the rearmament effort should generally be financed on a grant basis. Assistance of this
sort does not increase a country's capacity to service foreign loans and in fact the
assumption by foreign countries of a substantial military burden may well reduce
their ability to service loans.
On the other hand, the National Advisory Council was of the opinion that,
economic development in friendly countries should be financed on a loan basis
rather than a grant basis, insofar as recipient countries are in a position to service
loans and the projects proposed are of a type adapted to loan financing. The
Council believes that loans made for development should be sound loans made by
the established lending institutions, the International Bank for Reconstruction
and Development and the Export-Import Bank, under their usual terms and
conditions.
In the period immediately ahead one of the important security requirements of
the United States is the procurement of increased supplies of certain raw materials
needed for the defense effort, or for the maintenance of the economic life of the
United States and countries associated with it in common defense. In many
instances the procurement of strategic and scarce materials can be handled by the
ordinary procurement agencies of the United States through systems of purchasing
contracts, or in some instances by making advances repayable in specific strategic
materials. In other instances, however, securing increased output of the materials
will require the financing of more than the direct production of strategic materials.
For example, to get a given material it may be necessary to construct or improve
transport facilities. Development projects of this type will generally contribute
to the long-range improvement of economic conditions in the borrowing country,
as well as to the production of the particular strategic material. The ExportImport Bank can play a very valuable role-in financing such projects. In other
cases, it may also be desirable that the bank finance the actual production of
strategic materials themselves.
The Export-Import Bank now has an uncommitted lending authority of approximately $500 million. From the very nature of its operations, it is difficult to
predict at what rate the bank will make loans in the near future. It is essential,
however, that the bank be in a position to extend loans at such time and under
such circumstances as may be in the national interest. It seems likely that $500
million will be an inadequate amount in the light of the requirements for loans
in connection with the defense effort or for economic development in accordance
with the policies of this Government.
The Export-Import Bank has an excellent record of prudent management of
the funds entrusted to it. The defaults on its loans have been negligible. It
29 EXPORT-IMPORT BANK ACT AMENDMENTS
makes a careful analysis of loan projects before committing funds and it exercises
adequate supervision of the expenditure of these funds to assure efficient use.
The policy of the Export-Import Bank in making loans is coordinated with the
general financial policies of the Government through the National Advisory
Council.
The increase of the bank's lending capacity by $1 billion will assure it of the
degree of flexibility that is needed in the coming years. In my opinion the bank
can be expected to use its increased authority wisely in the interests of the country,
and so I heartily endorse Senate bill 2006.
Sincerely yours,
JOHN
SNYDER,
W.
Secretary of the Treasury.
BOARD
OF G O V E R N O R S
OF T H E
FEDERAL
RESERVE
SYSTEM,
Washington, August 27, 1951.
The Honorable B U R N E T R. M A Y B A N K ,
Chairman, Committee on Banking and Currency,
United States Senate, Washington 25, D. C.
M Y D E A R S E N A T O R : I am informed that the Committee on Banking and
Currency is to consider a bill (S. 2006) which in effect would authorize an increase
in the lending authority of the Export-Import Bank by $1 billion. I am further
informed that you would welcome a statement of my views on the subject.
As you are no doubt aware, the National Advisory Council on International
Monetary and Financial Problems has taken formal action recommending an increase in the lending authority of the Export-Import Bank along lines which are
entirely consistent with S. 2006.
I fully support this recommendation of the National Advisory Council, and I
therefore recommend the adoption of S. 2006.
Sincerely yours,
WM.
ECONOMIC
H o n . BURNET R.
COOPERATION
MCC.
MARTIN,
Jr.
ADMINISTRATION,
Washington, D. C., August 27, 1951.
MAYBANK,
Chairman, Senate Banking and Currency Committee,
Senate Office Building, Washington, D. C.
D E A R S E N A T O R M A Y B A N K : A S a member of the National Advisory Council on
International Monetary and Financial Problems, I want to give my support to the
proposed legislation now before you to increase the lending authority of the Export-Import Bank by $1 billion. This proposed increase was carefully examined
by the Council.
As Administrator for ECA I have worked closely with the Export-Import Bank.
The bank has done a fine job and it needs added lending authority to carry out
its program. ECA and the Export-Import Bank work in complete harmony in
the areas where our operations come together, and we have agreed procedures
which make for the most efficient use of the funds which we have at our disposal.
Sincerely yours,
»
WILLIAM
X
C.
FOSTER,
Administrator.
@FedFRASER