Word: loans
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Dates: during 1950-1959
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...istiqlal approached last week, the government prepared for it with a sort of dazed reverence. The ministers scuttled between the two capitals in a borrowed U.N. plane, to arrange a three-day celebration. Someone got the loan of a U.S. howitzer for a 101-shot salute, then found an old Turk who thought he knew how to fire it. A team of G.I. technicians visited the King in his dagger-hung study, to record his independence proclamation for broadcast. The King patiently reread the speech four times and then, when it was played back on a wire recorder, widened...
...battered and broke, Britain got a $3.7 billion loan from the U.S., another $1.2 billion from Canada. The Labor government promised to start repaying both loans on Dec. 31, 1951. Last week, as the deadline approached, Britain announced that it would pay the first installments on schedule. The U.S. share: $51.5 million on principal, $80 million in interest...
...impressive gesture. Hard-up Britain could have avoided repayment by invoking a clause in the loan agreement allowing it to postpone interest payments. Instead it decided to dip into its dwindling gold and dollar hoard to make good its promise. The Tory government had its own good reasons for honoring the debt punctually. Winston Churchill, due to visit Washington next month, wants to sweeten up U.S. opinion before asking for a bigger share of U.S. Mutual Security funds (perhaps $300 million). "Our principle," explained a Whitehall official, "is that you should always pay your tailor promptly for the first suit...
...Harvey is a Los Angeles aluminum fabricator who doesn't give up easily. He was all set to get a $46 million Government loan to make him the nation's fourth producer of aluminum (TIME, Oct. 1) when Interior Secretary Oscar Chapman blocked the loan. Chapman did not like some things he had heard about the Harvey company's work for the Navy during World War II. Bitter at the turndown, Harvey grudgingly went to the giant Anaconda Copper Mining Co. with a proposal. He knew that Anaconda was eager to find a steady source of aluminum...
...power negotiations with Anaconda-Harvey were begun. There was one thing that Fleischmann did not mention in his letter, and reporters were quick to take him up on it. What about the wartime charges against the Harvey company? Said Fleischmann: "The reason that I am canceling the Harvey loan contract ... is not as a result of any finding on my part of moral turpitude or unfitness on the part of the Harvey company, [but] because we felt that such a large loan was not advisable if the aluminum could be obtained in any other way . . . The criminal investigation ... of Harvey...