Word: loaned
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Dates: during 1940-1949
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...California's businessmen, it often seemed as if Henry J. Kaiser might be the New Deal's own private Paul Bunyan. Back in 1942 when the Defense Plant Corporation turned him down emphatically, the RFC loaned Kaiser $123,305,000 to build his Fontana steel mill. And he was permitted to use his shipbuilding profits (most of which would have gone to the U.S. in taxes anyway) to help pay the RFC loan. In this way he paid off $17 million...
...asked the RFC to write off $85,329,544 of the $105,452,160 he still owes on Fontana. He asked that payments of $9,000,000 in interest and a $1,358,195 wartime operating loss be applied against the loan. The rest, $74,588,261, should be written off as "excessive wartime costs of construction." Kaiser was willing to pay the remainder-some $15 million he still has coming from the U.S. Maritime Commission in shipyard earnings, and $5,000,000 to be raised by private or public financing...
...Chamber of Commerce, and other steel-committee members like cheaper steel more than they dislike Kaiser. If Kaiser would promise to "substantially reduce" Fontana's prices, they would back him. Kaiser, who now has to add $16.40 to the price of every ton to apply on the RFC loan, readily agreed...
What is worse, much of the cash and gold is not in the hands of those who need it most for trade. The biggest U.S. customers are rapidly exhausting their dollar resources. The $3.75 billion loan to Britain, for example, is being eaten away so much faster than anyone had calculated that it may be spent by early next year...
Frozen Balances. Within six weeks, Britain must meet another financial problem, which will shrink the dollar supply still more. Under the terms of the Anglo-American loan, Britain must make all sterling balances, earned by other nations after July 15, convertible into dollars. More serious by far is the problem of the $13.5 billion in accumulated sterling balances piled up by Britain's creditors. At present, these balances can be spent only in the sterling area. However, the Anglo-American loan agreement provides that any amounts from the accumulated balances which are made available for spending after July...