TRADING WITH AMERICAS

Press, Volume LXXVI, Issue 23080, 24 July 1940, Page 9

TRADING WITH AMERICAS

ROOSEVELT’S PLAN TO BUY SURPLUSES (Received July 23, 7 p.m.) WASHINGTON, July 22. In a message coinciding with Mr Cordell Hull’s speech at the PanAmerican Conference, Mr Roosevelt asked Congress to authorise the Export and Import Bank to lend 500.000. dollars for the purchase of Latin American surpluses as the first step in the economic offensive against totalitarian penetration. The President asked for the lifting of restrictions on the nature'of loans, which at present can be made only to facilitate foreign governments’ purchases of United States goods. The increased authorisation will give a capitalisation loan authority of 700.000. dollars. Mr Roosevelt made no recommendations, but pointed out that legislation was necessary to avert the necessity of the Latin Americas bargaining, “as best they can,” presumably with Italy, Germany, and Japan. He emphasised that he does not intend to discourage the exchange of commodities between the Americas and other countries, but to prevent excessive fluctuations resulting from the temporary interruption of the flow of trade or from failure to re-establish a free exchange system.

A.\ ARGENTINE COMMENT

(Received July 23, 10.30 pun.)

HAVANA. July 22.

The Pan-American Conference during a two-hours’ session heard speeches from the heads of the United States, Argentine, Mexican, Ecuadorian, Cuban,- and Peruvian delegations. Senor Leopoldo Melo (Argentina) pledged- his country’s solidarity and spiritual unity with the other American Republics to safeguard their liberty and sovereignty. But hejissued a warning against precipitate measures to meet situations which might not occur. He emphasised that the post-war situation in Europe could at present only be conjectured, and for that reason the Americas should occupy themselves with their immediate affairs.