U.S. AS LENDER

Poverty Bay Herald, Volume LIII, Issue 16389, 11 July 1927, Page 2

U.S. AS LENDER

ENORMOUS FOREIGN HOLDING NEW YORK, May 4. America continues to lend money to the world at a record pace, and the latest compilations disclose thaat the total of American holdings of foreign securities now exceeds £2,400,000,000. Of this amount. Europe borrowed about £660,000,000, and Canada slightly less. The loan-) made in April amounted to nearly £42.(XX),000 a new record for any month. Speaking before the third Pan-Ameri-can Commercial Conference in Washington yesterday, Mi 1 . Hoover, the Secretary of Commerce, declared that it was fortunate fur the developemcnt of Latin America that Hie United Slater, had been able to meet the world's'demand for money since the war. In the past eight years, he said, the South American Republics had been able to borrow only £42,000,000 from Europe, but had secured more than £240,000,000 from the United States. He urged that all foreign loans should be confined to those based upon productive enterprise, and declared that an embargo on all loans for balancing budgets or for the upkeep of military establishments would go a long way to prevent- \var,s. Addressing the .same conference, Mr. Kellogg, tho Secretary of State, vigorously denied the charge that, in lending tremendous sums to South America, Ihe United States was really entering upon a policy of economic imperialism. The United Slates, he insisted, was seeking no special privileges and desired nothing that it was not Milling to grant reciprocally to its sister Republics.