Word: loan
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Dates: during 1950-1959
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...myself," said Capitalist Masani, "hold the view that the country that gives a grant or loan has a right to attach conditions which in its opinion make for honest, efficient and productive use of the assistance. On the other hand, there should be nothing done that appears to question the right of a country democratically to determine the structure of its own industry or economy. Any suggestion that an attempt is made to export a country's economic philosophy is one that needs to be scrupulously eschewed...
Scholarship aid would not be decreased at the expense of loans, Munro asserted. "Every time costs have gone up, we have increased both loans and scholarships," he observed. He added, however, that Harvard last year used all the loan money which it had and needed to employ about $70,000 of unrestricted faculty funds...
Wallace McDonald '44, director of Freshman Scholarships, stated that he largely concurred with Monro, but emphasized that the growth of loan programs was not "going to be a sudden revolution" just because it was recommended to President Eisenhower. McDonald stressed that this was "not a brand-new idea...
Acheson also stated that we must not allow "Nehru's and Krishna Menon's talent for annoyance" to blind us to the importance of India. Commenting that their most "trying statements" were for domestic consumption, he supported a plan of "capital assistance on a loan basis." He further suggested that in Asia generally we "use imports of food to help countries through the agricultural stage by freeing farmers for industrial work...
...reply, President Black reaffirmed the bank's policy that loans must be related to "the real credit worthiness of the borrowing countries," that loans will be granted only for "specific projects soundly conceived," and that each country and loan will be treated "on its individual merits...