May Convert Surplus Funds To Scholarships

Northern Advocate, 21 December 1945, Page 5

May Convert Surplus Funds To Scholarships

WASHINGTON, Dec. 20.

New Zealand may take part in an American scheme of self-perpetuat-ing scholarships which will bring foreign students to the United States and finance the studies of Americans abroad. The United States plans to convert part of its remaining stocks and property in Australia, England, France, Italy and China into a self-perpetu-ating fund for this purpose.

The sponsors of the scheme hope ways will be found to extend the programme to New Zealand, India, Norway and Russia. Senator J. W. Fulbright (Arkansas), a former Rhodes Scholar, has introduced a Bill which would transfer from the surplus property administrator to the State Department, control over the disposition of all surplus property outside the United States and island possessions.

Australia, Italy, France, China and, possibly, India, are expected each to produce credits of well over 20,000,000 dollars. In any case, any country owing the United States money would, it is believed, prefer to discharge its. indebtedness in its own currency to using its dollar exchange.