Word: loaned
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Dates: during 1940-1949
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Only the day before, Beaverbrook had got some imperial yearnings off his own chest. For the U.S. Scripps-Howard papers he wrote a pungent evaluation of Britain's status. "The basic cause of our being in the present condition," he said, ". .. is the [U.S.] loan and the conditions under which it was accepted. It provided easy money. It destroyed our prospect of reconstructing our economy on sound lines. These lines entail the development of our Empire potentialities with speed and vigor...
...first major step in a desperate policy of "constructive contraction" soon after he became head of overexpanded, ailing Western (TIME, Dec. 23). Last March he received-and within five hours spent-a down payment of $1,000,000 which United had made in the form of a loan. He also applied to the Reconstruction Finance Corp. for a loan of $4,500,000 to pay off old debts and buy new equipment got a tentative O.K. on the condition that CAB approve his proposed sale. But since then the sale had hung fire. Drinkwater heard that CAB Chairman James...
...Wilfrid Eady, whose thin face, horn-rimmed spectacles and realistic command of facts make him the embodiment of the British civil servant. The details of the talk between them and their experts the world did not hear. But it heard much of the $3,75° million loan to Britain, and of "discrimination" and of "convertibility" (see INTERNATIONAL) . The conferees could bring about no full solution of the crisis; that was for the U.S. Congress and for Parliament, if a solution could be found. What the conferees could do they did. They suspended convertibility, froze what was left of Britain...
...that night, Dalton almost told Britain the worst. Sterling, he said, acquired in "current transactions," would no longer be convertible into dollars. Dalton, however, did not tell the British that in agreeing to this suspension the U.S. had insisted that the $400 million remaining in the U.S. loan to Britain was to be frozen. In other words, the loan that had supported the British for a year was finished. It had not brought Britain the recovery which the American experts confidently, and the British experts reluctantly, had hoped it would...
...around to doing so, they feared that the British film industry might be the real loser. Most cinemoguls on both sides of the Atlantic felt that the tax was mainly a bargaining point which Britain had readied for this week's conference on relaxing the terms of its loan from...