Word: banke
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Dates: during 1940-1949
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...World Bank last week was beginning to feel like a village moneylender. Its capacity to lend could scarcely make a dent in world needs. Wistfully, President John J. McCloy told of plans to float the bank's first debentures in July-$250 million worth, at around 3% interest. If they are sold, other issues will be floated. The cash from the first issue will just replace the $250 million lent to France. It will leave the bank with only the $727 millions in U.S. currency it now has available for loans. But the world's need...
Poland, alone, is already seeking $600 million from the bank. To determine its ability to repay it, McCloy last week sent a four-man team to Poland. He conceded that the bank's charter forbids political considerations in making loans. But Soviet-dominated Poland's politics are bound to affect the bank's decision on whether she can repay a loan. Moreover, since the bank will depend almost entirely on American investors for its new capital, it will have to persuade them of the soundness of its risks. At best, the bank in the next twelve months...
...Assistant Secretary of State for Economic Affairs warned: "The level of our foreign trade in the immediate future will be largely determined by the volume of American aid and assistance. At the moment, there remain less than $5 billion of unused governmental commitments, plus the resources of the International Bank and Fund...
...Reviewing all the sources of payments now in sight, it is obvious that they will not support the present level of exports from the U.S. for any considerable period of time." In short, the part which the bank could play in world reconstruction-or in rebuilding world trade-was shockingly small...
...fatherless family moved to the grimy city of Leeds. Young Read attended a spartan city school whose only romanticism lay in the library's collection of Rider Haggard. At 15, he became a bank clerk (at ?20 a year) and a "true-blue Tory," at 17 a disciple of Alfred Tennyson and William Blake. At 22, he was swept off to World War I-stopping off long enough in London to hand a publisher his first volume of poems...