Word: mccloy
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Editor Hamilton Fish Armstrong had packed the anniversary issue of his grave, grey Foreign Affairs with a roster of big names: Henry L. Stimson, Sumner Welles, Anthony Eden, the Earl of Halifax, Historian Arnold Toynbee, World Bank President John J. McCloy...
...casual reference to Lend-Lease, Chancellor of the Exchequer Hugh Dalton made a not-so-casual plea for crisis aid from the International Bank (whose staff calls its present quarters, one of London's deepest air-raid shelters, "the second Fort Knox"). Bank President John J. McCloy pointed out that the Bank was designed to make only commercially sound loans, attractive to private investors, and not to grant emergency aid not likely to be repaid...
...some financial experts, including John McCloy, are beginning to doubt whether U.S. dollar loans will ever solve Europe's troubles. They appreciate Europe's tragic poverty, but they are wondering whether continued handouts create, among other things, the proper attitude...
...loan since it started operations eleven months ago (France borrowed $250 million last spring), advanced $195 million to The Netherlands for "the reconstruction of productive facilities." Payable in 25 years, the loan stipulates not a dollar will be spent for "military purposes" (i.e., in Indonesia). Bank President John J. McCloy also announced that Denmark will soon get $50 million and Luxembourg $12 million...
...chummy note to "Lew," World Bank President Jack McCloy suggested to his brother-in-law Lewis Douglas, U.S. Ambassador to Britain, that the World Bank might provide funds for Ruhr reconstruction. But since Germany is not eligible for a World Bank loan, a way would first have to be found to get around the bank's legal restrictions...