Word: eca
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...Marshall Plan's latest appropriation bills are up for congressional approval. During the past week both the Senate and House got the bills from committee; the Senate measure gives ECA just what it needs, while the House bill could cripple our relations with Western Europe...
...last week, the U.S. Government had spoken softly in its fight against Britain's restrictions on dollar oil (TIME, Jan. 2 et seq.). Then it decided the time had come to waggle a big financial stick. ECA's petroleum chief, Oscar Bransky, told a House subcommittee that Britain will get no more ECA dollars for expansion of its own oil refining industry until the fight is settled...
With $13,355,000 in ECA funds, British oil companies and associates are building four refineries to boost their output by 33 million barrels of oil a year. They want another $30 million to add 46.5 million more barrels. That request, said Bransky, had been put on ice indefinitely. But "we are still hopeful," he added, "that a satisfactory outcome will be obtained...
...roughly $6,000,000, have already rejected as discriminatory one British compromise proposal-to permit U.S. companies to boost their sales in proportion to any additional dollars they spend in sterling area countries. And they still believe that Britain is less interested in saving dollars than in using its ECA-created oil surplus to drive the U.S. out of existing markets. Nevertheless the State Department is still trying to work out some formula that will meet the British need for saving dollars and still permit the U.S. to compete on equal terms in the world oil market. But Texas...
...itself-through ECA-had helped set the trend. The $400 million in Latin American business that the U.S. lost to Europe last year was one measure of Europe's recovery and the Marshall Plan's effectiveness. This year might see Europe again in possession of more than one-third of the Latin American market, now four times its prewar size and a valuable prize indeed. "Our European competitors," griped a U.S. businessman in Mexico City last week, "are simply using U.S. taxpayers' money to compete in U.S. markets." Like it or not, U.S. citizens would have...