TABLE 46.-Postwar foreign loans by Latin-American countries—Continued BRAZIL Continued Borrowing country United Kingdom... Belgium... Czechoslovakia.... France. Italy.. Ecuador...: Country Austria.. Czechoslovakia. France... United Kingdom... Open end.. Amount Dollar equivalent in Mil.ofdol. June 20, 1940, and Date Date URUGUAY Jan. 2, 1947. 1 (United States dol- June 6, 1946. Sept. 17, 1946. Signed Feb. 26, 1947, Unknown.. Sept. 16, 1940 (July VENEZUELA TABLE 47.-Postwar foreign credits by private British lenders 4 March 1946... 50 January 1947. 4 Late in 1946. 2 1947. 40 Remarks Cover all trade and payments; balances also used for debt repatriation. Brazil's blocked sterling rose from about $181,000,000 in August 1945 to roughly $200,000,000 at the end of 1946, an increase of about $20,000,000. The partial agreement effective June 2, 1947, provided convertibility for current sterling. Brazilian blocked sterling on Apr. 1, 1947, was $245,000,000. Effective on ratification. Finance current payments. Interest, none mentioned. Repayment within 3 years after expiration of agreement. Agreement duration 1 year and thereafter until terminated on 3 months' notice. Not effective until ratified. Finance current payments. Interest and repayment terms not known. Finance purchases of Uruguayan products. Terms not available. Finance purchases of wool. Terms not available. Covers all trade and payments. Uruguay's blocked sterling rose from 52.4 million dollars in August 1945 to 68.7 million dollars on Dec. 31, 1946, an increase of 16.3 million dollars. As of June 30, 1947, this balance was 69 million dollars. Finance Ecuador's investment in shipping concern. Utilized Dec. 31, 1946, 0.2 million dollars. Repayment in 18 annual payments ending 1966. 6 November 1946. To finance Austrian purchase of wool from Australia or United Kingdom, processed wool to be delivered by Austrian factories to United Kingdom interests for sale. Description of credit For raw material imports; arranged by principal For French woolen industry; revolving credit with all For raw material imports. Exchange risks guaranteed For purchase of certain raw materials of sterling.area origin. Cidino construction firm received amount for construction of hydroelectric plant near Costa. TABLE 48.-Swedish contributions to the reconstruction of other countries 1. Gift contributions: [Million kronor] (a) Government appropriations for- 165 132 contributions according to the Washington Agreement of 1946 (not yet disbursed).. 125 (b) Private contributions: Financial aid to relief work abroad (about)....... Total (about). 2. Credits granted before or in close connection with the cessation of hostilities. (a) Credits to Finland during the war.. (b) Credits for noncommercial purposes (consumption expenses in Sweden): 422 500 922 Denmark: 1 Credits extended against receipts of sterling, tied up for a period to be settled at a later date. The amounts are quoted on the basis of the exchange rates prevailing in 1945. TABLE 48.-Swedish contributions to the reconstruction of other countries—Con. 3. Credits granted during the postwar period: Denmark (purchases of wooden barracks). Yugoslavia (current payments). Poland: Current payments.. Financing specified Swedish exports to Poland.. Great Britain (see under 2 (c) above). U. S. S. R. (financing specified Swedish exports to U. S. S. R.). Total Belgium France.. Netherlands. Norway.. Hungary. Commercial credits by Government of Switzerland:1 Belgium-Luxemburg Amounts 4. Reciprocal overdraft facilities within the framework of general payments agreements: France United Kingdom.. Total_ Private loans: 10 30 5 100 2 Original credit of 50,000,000 reduced. 3 Original credit of 250,000,000 and raised August 1946. 21.6 1,000 1, 190. 6 Credit expressed as 15,000,000 pounds sterling. $85 percent guaranteed by the Swiss Confederation, duration 5 years. TABLE 49.-Postwar foreign loans and advances by Switzerland [Amounts authorized in millions of Swiss francs] Total overdraft facilities. 256. 6 Source: Memorandum on The Long-Run Economic Outlook from the Board of Directors of Sveriges Riksbank to the King-In-Council, dated Oct. 17, 1947, pp. 14 to 16, inclusive, Stockholm, 1947. 49 12 180 19 4 47 49 2 121 Mutual overdraft 100 2 41. 0 3- 300. 0 4 260. 0 26. 0 Belgium telegraph and telephone service. 50. 0 30. 0 Denmark... Netherlands 5. 50. 0 Total___ 130. 0 Total, all types.-- 772. 0 1 Mostly credits under payments agreements, to be utilized within from 1 to 5 years; repayment terms have in general been left for later negotiation. 5. 0 10. 0 642. 0 CHAPTER VI. PROBLEM OF SERVICING THE DEBT This chapter is limited to a discussion of the problem raised by item 17 of the proposed Senate Resolution 103-the problem of servicing the debt. Item 17. What changes are necessary in this country's import tariffs to make possible the repayment of the loans and investments already made and contemplated by the United States and by private interests? It is impossible to state in precise quantitative terms the effect of tariff changes on the flow of imports. Tariff reductions, by augmenting the outflow of dollars, increase the ability of foreign countries to meet interest and amortization payments on external obligations. However, the problem of servicing such obligations is not one of tariffs alone, nor should the effects of tariff changes be considered in isolation from other factors bearing on the international transactions of the United States. The most favorable conditions for debt service include not only the reduction of tariffs but related objectives of United States economic policy, notably: 1. The continuance of conditions of high employment in the United States and of normal long-term growth of the economy. 2. The recovery and expansion of European production and foreign trade. 3. The recovery of devastated areas elsewhere in the world and the development of relatively unindustrialized areas. 4. A reduction in the obstacles to the freer flow of goods and capital across national boundaries. 5. The continuing investment abroad of a small percentage of United States net savings. There are two possible means by which foreign countries can service their debts to the United States: First, by utilizing their existing gold and dollar assets; and, second, by acquiring additional foreign exchange. The acquisition of additional dollars by the outside world depends on the ability of foreign countries to market goods and services in this country and to attract United States capital. Individual countries can undertake measures to increase their foreign exchange earnings by stimulating exports and decreasing imports, but it is only by an over-all increase in dollar disbursements by the United States that foreign countries as a whole can increase their dollar receipts and service their external debts without sacrificing imports of goods and services from this country. Consideration should be given, among other factors, to prospective population growth, which will add to the need for expansion of production and foreign trade in many countries and will, where excessive, hamper their efforts to achieve the necessary balance in their international payments. 176 . PROBABLE VOLUME OF DEBT SERVICE 1 As of the end of 1946 American private investments in and obligations due from foreign countries, plus those due to this Government other than World War I debts, amounted to $21,260,000,000. At that time commitments had been made which when utilized will add $5,100,000,000 to that figure. During 1946 the investment income received in the United States from foreign countries amounted to $611,000,000; preliminary estimates indicate that the 1947 total was about $200,000,000 higher. Of the 1946 receipts about $21,000,000 was interest from obligations due to the Government. Receipts from the latter will increase on the basis of present commitments to a peak of about $200,000,000 in 1951-52. Receipts on private investments are particularly difficult to forecast. However, it is estimated that total investment income received in 1952 will probably be between $800,000,000 and $1,000,000,000-excluding income on any loans not yet committed as of December 1, 1947. Existing contracts require annual repayments (amounting in 1952 to $250,000,000) of principal on the debt due this Government. To this must be added about $160,000,000 of repayments of private portfolio investments. In 1952, therefore, foreign countries should be paying to the United States as service (interest and amortization) on loans and investments about $1,200,000,000 to $1,400,000,000. Additional loans in connection with the European recovery program Iwill add to these amounts. CONCLUSION If the conditions stated above as the objectives of United States economic policy are realized, it is reasonable to expect that the magnitude of our imports, tourist expenditures, and capital exports will be such as to provide enough dollars to enable the world to pay for a high level of dollar imports and to service existing and contemplated foreign investment. Under these conditions, any adjustments which foreign countries as a whole might be required to make to insure payment of interest and amortization would entail little sacrifice. However, failure to realize any of the foregoing objectives would make such expectations less reasonable. 1 Department of Commerce, Survey of Current Business, March 1947, International Transactions of the United States in 1946. о |
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