LOANS FROM UNITED STATES.

Taranaki Daily News, 25 May 1921, Page 5

LOANS FROM UNITED STATES.

EMPLOYMENT OF THE PROCEEDS. TO STIMULATE EXPORT INDUSTRY. By Telegraph.—Press Assn.—Copyright. Received May 24, 8.35 p.m. Washington, May 21 (delayed). Cabinet reached an important decision to-day on the foreign loan situation. In an endeavor to improve American industry, moral influence will be brought to bear on banking interests for the proceeds of foreign loans to be employed to stimulate the United States’ export industry, but the loans made during the war will not be affected. Cabinet has issued a statement that it is hoped by the Administration that the interests which float foreign loans, such as the French loan of a hundred million dollars, which, it is reported, will be offered to investors early next week, will see that as much of this money as possible is retained in the United States, either for the purchases of American commodities for export, or for the redemption of loans maturing at early dates. The Administration is anxious that the money should not be exported to develop foreign industries at the expense of the United States. There are five hundred million dollars outstanding, and foreigners are seeking the flotation of many more millions. It is hinted the Government would exert pressure if a German bond sale is attempted, but it is understood bankers are willing to co-operate. —Aus.-N.Z. Cable Assn.