Word: stopgaps
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This week, Hoffman would have to pause long enough to face Congressman John Taber's Appropriations Committee and justify the expenditure of $4.2 billion of ECA's $5.3 billion authorization. EGA had $1 billion as a loan from the Reconstruction Finance Corporation and $55 million for stopgap aid already tucked away. But the big balance would have to be approved by Congress again. That might slow down Hoffman's steps. Cautious, tight-fisted John Taber said that he wanted to go over all the European nations' requests carefully, the hearings might take weeks...
...President had a little work to do. He signed the rent-control bill (a stopgap extension to April 1) and a bill continuing the Government's authority to operate merchant vessels...
Dependent on the U.S. for its motor fuel supply, Cuba was going to be on short rations at least until spring eased the U.S. shortage and released tankers for the Cuban run. As a stopgap move, the government last week ordered sugar-mill owners to put aside 40 million gallons of blackstrap molasses for the making of alcohol. Combined with gasoline, the alcohol would soon go into motorists' tanks as carburante national, a low-grade, high-knock fuel...
...industry knew that the plan, if approved by the Department of Justice (which must waive prosecution under the Sherman Antitrust Act on such an industry agreement), would be only a stopgap. The shortage will soon get worse. The enormous demand for oil this year is expected to exceed the 1945 wartime peak by some 14%. Among the reasons: over 90% of the locomotives now on order are oil-burning; oil-burners are being installed in homes at a record clip, and farmers are mechanizing their farms at a record rate. Since 1938 U.S. per capita oil consumption has increased...
Until the U.S. began to spend, Canada must struggle along with makeshift measures, notably import and foreign exchange restrictions. Last week, another makeshift was adopted. Prime Minister Mackenzie King told Parliament that a 91-day agreement had been reached with Britain on food contracts (TIME, Dec. 15). The stopgap deal wall expire on March 31-the day before ERP is expected to go into effect...