MARSHALL AID DOLLAR LOAN PAID TO BRITAIN

Grey River Argus, 28 October 1948, Page 7

MARSHALL AID DOLLAR LOAN PAID TO BRITAIN

WASHINGTON, Oct 26. , Britain to-day received her 510,000 000-dollar Marshall Plan loan from the United States. The Man carries a 25 per cent, interest rate, paid half-yearly from December 1952 The principal repayments will begin in 1956, and the final instalment will be paid back by 1953 The Economic Co-operation Administration said: “The United Kingdom will use the loan primarily to finance the purchase, of industrial machinery and industrial war maEls. The sum of 310,000,000 dollars represents the amount of e.c.a. loan which is to be made available to Britain in the first nine months of the programme. The agreement contains an escape clause permitting the possibte postponement of either principal or interest payments, “if the parties thereto determine that it would be in the common interest because of adverse economic conditions or for any other reason.”