MARSHALL AID
TOTAL SLASHED PLAN TO SPEED EUROPE’S RECOVERY (N.Z.P. A.—Copyright) WASHINGTON, Feb. 21. The United States Government to-night slashed its new Marshall aid request by 150,000,000 dollars. The Economic Cd-operation Administration said that it would ask Congress to-morrow for 2,950,000,000 dollars to cover the year beginning July 1. Mr Tru- . man’s Budget allowed 3,100,000,000 dollars. The present year’s allowance stands at 3,778,000,000 dollars.
The administration said that it would also seek approval of a plan to speed up Europe’s recovery. Sources close to the head of the administration (Mr Paul Hoffman) said that he would ask for 600,000,000 dollars to establish a clearing house for converting currencies. Mr Hoffman proposed to penalise nations which failed to co-eperate in breaking down existing trade barriers. For example, should Britain refuse to participate Mr Hoffman would have authority to make a charge against her normal share of recovery funds. If Mr Hoffman asked for 600,000,000 dollars for the currency plan, the (charge against Britain would be about. 20 per cent, of her share of Marshall aid.
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Ashburton Guardian, Volume 70, Issue 110, 22 February 1950, Page 5
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174MARSHALL AID Ashburton Guardian, Volume 70, Issue 110, 22 February 1950, Page 5
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