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Thus it is fair to say that as of December 1, substantially all of the postwar loans and grants by the United States Government have been used, directly or indirectly, to purchase American goods and services. The amounts of such loans and aid by quarters from July 1, 1945, to June 30, 1947, are shown in table 43.
TABLE 43.-Outflow of United States long-term capital and unilateral transfers, July 1, 1945 to June 30, 1947
[In millions of dollars]
Source: International Economics Division, Office of Business Economics, Department of Commerce.
POSTWAR FOREIGN LENDING BY PRIVATE UNITED STATES SOURCES
A list of foreign loans by private lenders in the United States is attached as table 44. It is believed to be relatively complete. Except for the stock issues and a few short-term loans, the issues were predominantly for refunding purposes and did not supply foreign countries new capital. The figures for each issue represent the principal amount of bond and debentures and the amount at offering price for stock issues. Approximately 85 percent of these amounts were subscribed in the United States. The other 15 percent were subscribed abroad and do not represent foreign lending by this country.
TABLE 44.-Foreign credits by private United States lenders from June 30, 1945, to
July 1, 1947
Description of credit
Swift International Co., Ltd., certificates for capital shares.
December 1946.. Commonwealth of Australia bonds, 31⁄2 percent-20 years
January 1947... Sydney County Council, N. S. W., external sinking fund,
Based on gold collateral..
Province of Alberta serial bond, 234-34 percent, maturing
September 1945. New Brunswick debentures, 24 percent, due 1961, to re
deem 4 percent debentures due 1947.
Cardiff Fluorite Mines, Ltd., common stock P. V. $1
November 1946. Northwestern Utilities, Ltd., 25-year 321⁄2 percent bonds.
Giant Yellowknife Gold Mines, Ltd., common shares
December 1946. Housing Enterprises of Canada, Ltd., 22 percent fixed
TABLE 44.-Foreign credits1 by private United States lenders from June 30, 1945, tơ July 1, 1947-Continued
Description of credit
The City of Montreal refunding debentures Oct. 15, 1967..
Donnacona Paper Co., Ltd., 15-year 31⁄2 percent bonds
Advances for taxes on copper as follows: Mar. 21, 1947-
Taxes on copper sales for 1946 totaled $13,300,000 thereby
To finance shipments of raw cotton..
Expreso Aereo Inter-Americano S. A., 4 percent con-
10-year informal agreement between KLM Airlines,
3-year revolving credit, 2 percent for 2 years and 21⁄2
Kingdom of Norway External 10-year, 312 percent due
TACA Airways, S. A. 4 percent convertible notes July 15,
4 years at 21 percent over current American discount rates;
To Spanish Exchange Institute to finance cotton purchases
American-Anglo Transvaal Investment Corp., Ltd.,
6.8 2. 1
1Excludes the $250,000,000 International Bank debentures sold to the American public in July, 1947.
C. POSTWAR FOREIGN LENDING BY FOREIGN COUNTRIES
Several countries have made foreign loans since VJ-day and have made advances to other countries connected with the financing of current trade balances. Principal among these lending countries is Canada as a result of loans to eight countries amounting to $594,000,000 plus the $1,250,000,000 credit to the United Kingdom. The total amount advanced by Canada under these loans was, as of June 18, 1947, $1,059,000,000 (see table 45). Sweden also has made financial aid available to foreign countries in substantial amount. The largest credits were to the U. S. S. R., Norway and the United Kingdom. Total utilization of all Swedish loans as of December 31, 1946, amounted to $204,000,000. The amounts authorized totaled $765,000,000. Loans by the Argentine Government (as listed in table 46) totaled about $970,000,000 but no data are available relative to the amount utilized.
Many of these credits have been the result of payments agreements which provide for the accumulation of balances by either country depending on the relative volume of imports and exports. In most
cases a maximum amount to be accumulated was specified, any excess to be paid in gold or some transferable currency. The usual period is 1 year with the possibility of renegotiation after that time.
Others among the listed loans are still in the course of negotiation, or have not been ratified by one or by either of the countries involved. This is particularly true of the Argentine loans. Even among the loans or credits that have been made effective there is a scarcity of current data regarding the extent of utilization.
Lists of the available data regarding foreign loans made by countries other than the United States are given in tables 46 to 49. They are not complete but are given primarily for purposes of illustration.
TABLE 45.-Postwar Canadian loans and advances to foreign governments
[In millions of Canadian dollars]
TABLE 46.-Postwar foreign loans by Latin-American countries
May 14, 1946..
1 The terms of the export credits were 214 to 3 percent interest, 54 years maturity, and payments of principal beginning 1 to 6 years from date of loan. The loan to Britain bears 2 percent interest, and is repayable in 50 annual installments beginning in December 1951.
2 Excluding the wheat loan to U. S. S. R. of $10,000,000 which was granted in 1943 and 1944 and thus was not a postwar loan.
Signed Mar. 26, 1947,
Negotiated Dec. 13,
1, 059. 4
Encumbered as of June 18,
Maximum accumulation of balances, no interest. Repayment in goods within 3 years.
Finance balance of trade. Interest, 3.5 percent. Repayment in 10 semiannual installments.
Finance development corporation.
TABLE 46.-Postwar foreign loans by Latin-American countries-Continued
Mar. 8, 1946..
Finance exchange of goods. Interest, 3 percent. Repayment, end of each year.
Finance purchase of Argentine prod
June 14, 1940 and Sept. Cover all trade and payments; bal17, 1946.
ances also used for debt repatriation. Argentina's blocked sterling rose from equivalent of 1.4 billion pesos in August 1945 to 1.75 billion at the end of 1946, representing a credit extension of 350 million pesos or about 100 million dollars.
The Sept. 17, 1946, agreement provided convertibility of current sterling and some blocked sterling; the blocked balance in August or September 1947 was reported as 1.58 billion pesos-a decline of about 50 million dollars since Dec. 31, 1946. The balance now blocked, plus about 180 million dollars more, is to be used for purchase of Britishowned utilities under present plans.
Finance current payments. Repay-
A confidential agreement apparently provides either that the credit may reach 1,000,000,000 Belgian francs or perhaps that the equivalent of 500,000,000 cruzeiros shall be the maximum.