Word: eca
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...ECA's boss, Paul Hoffman, was a happy man. After arguing over the matter for weeks, the 16 Marshall Plan nations and Western Germany agreed among themselves last week on how to whack up ECA's $4,875,000,000 (see INTERNATIONAL). It was one of the few times in recent history that the European nations had agreed on anything. Hoffman dared to hope that that cooperation, born out of desperation, was a milestone on the road to economic sanity...
With that milestone passed, ECA sized up its accomplishments. Even while Europe argued over how to divide allotments, ECA had approved shipments to Europe totaling $1.49 billion. The major allotments had been for wheat ($230 million), coal ($128 million), petroleum ($127 million), cotton ($111 million), nonferrous metals ($89 million), meat ($64 million), industrial equipment ($48 million), tobacco ($26 million...
...almost all types of steel. Even alloy steels, relatively plentiful a few months ago, are again scarce. With current allocations calling for 6.2 million tons (out of 66 million tons annual production) the pinch will become painful about November. How much tighter would it get? Some estimates, including ECA needs and other export requirements, put the total set aside at 16 million tons. If so, production of such consumer goods as autos and refrigerators would probably have...
...Hoffman declared that OEEC must take on the job of whacking up U.S. aid among the various Marshall Plan countries. So a four-man committee (Britain, France, The Netherlands, Italy) locked itself in a solitary villa near Paris, to make suggestions about how the $4,875,000,000 for ECA's first year should be divided...
Some gloomy reports from Paris last week said that European cooperation had been foiled and that the OEEC would have to ask Washington to slice the ECA pie. That, said one high OEEC official (an earnest Frenchman), was out of the question. "To admit to the Americans that we are incapable of dividing among ourselves the aid which they are giving to Europe would be an admission of European childishness-or decadence-which would make us all in this building very unhappy...