TABLE 42.-United States imports* by commodity groups and countries-1914, 1932, 1939, and 1946-Continued [Value in thousands of dollars] Africa TABLE 42.—United States imports* by commodity groups and countries—1914, 1932, 1939, and 1946—Continued Country British West Africa. x Less than $500. *General imports, 1914, 1932, and 1946; imports for consumption, 1939. 1 Includes trade with the Virgin Islands, which is excluded in 1939 and 1946. 7 Austria-Hungary. 8 Included with Germany. 9 Serbia, Montenegro, and Albania. 10 Includes Asia Minor, Armenia, Kurdistan, Mesopotamia, Syria, and Arabia. 11 Included with Turkey. 12 Included with Turkey. Source: Special Programs Division, Areas Branch Office of International Trade, Department of Commerce. B. AMERICAN LOANS AND GRANTS TO FOREIGN COUNTRIES IN THE INTERNATIONAL TRANSACTIONS OF THE UNITED STATES It can be assumed, in response to item 15, that all aid whether in the form of loans or grants-made available to foreign countries since the end of World War II has been spent on American goods and services, whether directly by the receiving country or by other countries to which the funds were transferred. The amounts involved are approximately 15.6 billion dollars for the period covered-July 1, 1945, to June 30, 1947. Of this total, loans and credits accounted for about 7.9 billion dollars and gifts and grantsin-aid for about 7.7 billion dollars. Government loans and credits included as major items, lend-lease credits, surplus property credits, disbursements by the Export-Import Bank, dollar disbursements by the World Bank and Fund, and advances under the British loan are included under this heading. Capital outflow on private account consists mainly in the repurchase, redemption, or amortization of United States obligations to foreigners. A list of new loans by private persons in the United States to foreigners since June 30, 1945, is given in table 44. Gifts and grants-in-aid, or unilateral transfers as they are called in technical terminology, included straight lend-lease, contributions to UNRRA, and other transfers by the Government, and gifts in cash and in kind by private individuals and organizations in this country. With two significant exceptions, all loans and grants made by the United States Government have been "tied" to the export of American goods and services. The first of these exceptions was the 10-percent "free fund" contribution to UNRRA, amounting to about $270,000,000, which that organization was free to spend where it wished. Actually, the money was spent mostly in Canada and Latin-American countries, which, since they were importing more from us than we were from them, must be considered to have respent the money in the United States. The second major exception was the British loan, which in effect became part of the general dollar resources of the United Kingdom. As of August 20, 1947, the British had drawn $3,350,000,000 on the loan, of which $3,115,000,000 had been spent. During the same period, according to public statements by the Chancellor of the Exchequer, the British spent $1,800,000,000 on United States goods and services for their own use and for shipment to Germany. Against this they had sales to us of $450,000,000, leaving a net of $1,350,000,000. Of the remaining $1,765,000,000 (i. e., $3,115,000,000 minus $1,450,000,000), $960,000,000 was used to make purchases in Canada and Latin America, $150,000,000 for dollar purchases elsewhere; mainly in Europe. An additional $620,000,000 (net) was made available to other sterling area countries for expenditures in the United States and foreign countries. The remaining $35,000,000 is accounted for by the subscription to the International Bank. Between August 20 and December 1, 1947, the United Kingdom drew upon its gold reserves by $412,000,000 and purchased $240,000,000 of dollars from the International Monetary Fund. Canada and the sterling area countries had also used part of their reserves to pay for excess imports from this country. |