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1 Utilized credit outstanding represents credit utilized less collections on principal.
Credit utilized represents (1) reported deliveries of surplus property, except for bulk
sales where entire amount of commitment is used (Office of Foreign Liquidation Com-
missioner), (2) merchant ships delivered against executed mortgages (Maritime Com-
mission), and (3) billings for goods delivered in the case of lend-lease credits (lend-lease
fiscal operations). See explanatory note for a listing of the totals by country, represent-
ing the contracts for future delivery of surplus property.

* For Belgium, the OFLC commitment is based on estimates as to the amount of sur

plus property available for sale under the war-account settlement dated Sept. 24, 1946, and consists of a credit of $23,000,000 plus $26,000,000 representing the United States share which is half the estimated proceeds to be received by the Belgian Government from sale of United States surplus property.

3 New sales under credit suspended Sept. 13, 1946.

4 New sales under credit suspended June 3, 1947.

Source: Clearing Office for Foreign Transactions, Department of Commerce.


TABLE 14.-Advances to foreign governments and entities-by country, by agency, by status: July 1, 1940, through June 30, 1947

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TABLE 14.-Advances to foreign governments and entities—by country, by agency, by status: July 1, 1940, through June 30, 1947.-Continued

1 Includes $2,320,672 reported as written off: Bolivia, $7,023; Brazil, $9,756; Colombia, $30,745; Cuba, $40,850; Ecuador, $11,388; Guatemala, $3,736; Mexico, $182,593; Peru, $50,000; Venezuela, $27,301; Southern Rhodesia, $23,928; and Surinam. $1,933,352.

2 Includes $1,426,337 delinquent 90 days or more: Bolivia, $540,797; Brazil, $624,445; Colombia, $26,507; Costa Rica, $72,000; Cuba, $21,806; Mexico, $123,313; and Peru, $17,469. Source: Clearing Office for Foreign Transactions, Department of Commerce.


The majority of property credits were extended beginning in the latter part of 1945 under lend-lease pipe-line agreements, war-account settlements, and in connection with the sale of surplus property. The greater part of the loan activity also has occurred since July 1, 1945. In order to maintain uniformity of presentation, however, July 1, 1940, is cited as the beginning date for all cumulative tables presented.

In the case of the Export-Import Bank, data are reported on all loans made since February 12, 1934, when the bank was established. The EIB reported the following status of its loans as of June 30, 1940:

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Another agency known to have extended foreign credits in the period between World Wars I and II is the Reconstruction Finance Corporation. Although not included in the tables of this appendix, the essential facts are as follows:

U. S. S. R.-On July 18, 1933, the RFC authorized a loan to the Cotton Export Finance Corporation of New York in the amount of $1,500,000, and an additional loan of $1,300,000 1 week later. These loans were secured by notes of the Amtorg Trading Corp., which were endorsed by the State Bank of U. S. S. R. Against these amounts $2,722,902 was disbursed and subsequently repaid. other loans to Amtorg of $51,247 and $29,295 were made on July 21 and August 14, 1933, respectively, and have been repaid.


China.-The RFC authorized a loan of $50,000,000 to China on July 10, 1933. This authorization was reduced on February 16, 1934, to $20,000,000, against which $17,100,000 was disbursed. Payments by China to the RFC reduced this amount to $13,500,000, and the outstanding notes were sold on April 8, 1936, to the EIB. Only the amount of the loan purchased by the EIB is included in this report. Norway. On January 12, 1940, the RFC authorized a loan of $10,000,000 to the Kingdom of Norway. The entire amount of this authorization was subsequently canceled.

Transactions covered. The following types of United States Government transactions are included:

1. Loans. These represent cash loans to foreign governments and private entities in foreign countries which result in a debtor-credit relationship, anticipating repayment in cash of principal plus interest. Commitments reported by the EIB represent authorizations resulting from approval of loans by the Board of Directors. As of June 30, 1947, certain loans had not been formalized by credit agreements or, in the case of exporter credits, by letter agreements, in the amounts shown for the following countries:

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2. Property credits. These represent credits, other than cash loans and advances, extended to a foreign government or private entities in a foreign country in connection with the disposal of surplus property, ships, or other property, the sale or disposition of or the settlement for lend-lease articles and services, the settlement for civilian supplies and relief and rehabilitation items, or any other transactions, the result of which is to create an obligation of such foreign government or entity to the United States Government, anticipating repayment of principal and interest in accordance with the credit terms.

3. Advances.—These represent cash advances to or for the account of foreign governments or private entities in foreign countries which give rise to an obligation to repay by deliveries of material or services or by repayment in cash. Cumu

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