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...bipartisan advisory council of citizens to survey the American economy, determine how much could be drained from it for transfusions to the world's economy without impairing U.S. health. But many a Congressman showed little sympathy for expanding U.S. ventures in internationalism. House-Senate conferees agreed on an import fee on wool which, if it became law, might wreck Administration efforts at Geneva for freer world trade (TIME, June 2). Marshall and Under Secretary Will Clayton had to rush before a House committee to plead for extension of the Maritime Commission's power to operate the tankers...
...what extent did German differences reflect disputes between the occupying powers? Last week, when the U.S. failed to make good all of its food import quota, the Russians refused to continue food supplies for all sectors of Berlin. On the third anniversary of Dday, a scorching editorial in the Berlin Soviet mouthpiece Tägliche Rundschau asserted that U.S. and British airmen had sought out German cities for destruction during the war, neglected military targets. General Lucius D. Clay, U.S. commander in Germany, quietly commented: "I would not dignify that kind of charge with a formal protest." Convinced that...
Welcome Back. Holland made its first postwar test of the U.S. private-capital market with a $20 million bond issue floated by Kuhn, Loeb & Co. The money will be used either to repay an Export-Import Bank credit or for reconstruction. At week's end about 95% of the bonds were sold...
...moment, the world can use loans and relief money from the U.S. to help pay for American exports which cannot be swapped for imports. All told, the loans and relief will swell the $7.6 billion from U.S. imports to nearly $14 billion. Thus, at the present rate, the net export-import deficit of foreign nations which will have to be made up from hoarded savings will be between $4 and $5 billion. That is nearly one-quarter of the $20 billion in gold and U.S. dollars held in the world outside...
Last week a faltering step was taken to ease the shortage. The International Monetary Fund, which was set up to help members meet "temporary disequilibriums" in their international payments, had its first customers. The severe European winter had forced France to import large amounts of U.S. wheat, with a consequent drain on its supply of dollars. France got $25 million by paying francs to the fund. The Netherlands, also short of foreign exchange, put up guilders for $6 million...