Sada, Camilo G., general manager, Hojalata y Lamina, S. A., Monter- 324 Siemon, William J., New York, N. Y. Smith, Russell G., executive vice president, Bank of America, San Stambaugh, Lynn U., deputy director, Export-Import Bank....... Starr, H. Danforth, vice president, Cerro de Pasco Corp., New Strelow, William R., vice president, Guaranty Trust Co., New York, Vergara, Roberto, Compania de Acero del Pacifico S. A., Santiago, Vihma, Elja, Finnish-American Trading Corp., New York, N. Y.. Watson, Gordon, general counsel, Steep Rock Iron Mines Ltd., Steep Rock Lake, Ontario, Canada......... Statements, letters, memorandums, etc., submitted for the record by- History of operations and policies of Export-Import Bank.. Bank of America, National Trust and Savings Association, San Francisco, Calif., Russell G. Smith, executive vice president: Bank of the Manhattan Co., New York, N. Y., Curtiss C. Grove, vice 220 Cerro de Pasco Corp., New York, N. Y., H. Danforth Starr, vice presi- 290 Compania Anonima la Electricidad de Carocas, Oscar A. Machado, 297 Empresa Siderurgica Nacional de Paz de Rio, S. A., Bogota, Colom- Statements, letters, memorandums, etc.-Continued Finnish-American Trading Corp., New York, N. Y., Elja Vihma, Page 345 Fundidora de Fierro y Acero de Monterrey, S. A., New York, N. Y.: Statement on the development of international trade with the Grace National Bank, New York, N. Y., Chester R. Dewey, presi- 255 Hanover Bank of New York, N. Y., Basil Hwoschinsky, senior vice Guaranty Trust Co., New York, N. Y., William R. Strelow, vice 209 Reply to questionnaire. 215 Hojalata y Lamina, S. A., Monterrey, Mexico, Camilo G. Sada, gen- United States and its foreign-trade position.... Foreign trade position of the United States and the electrical United States electrical manufacturing industry and its relation to the security, health, safety, and welfare of the country--- Analysis of legislation, treaties, and regulations affecting the The foreign trade position of the United States and the elec- Irving Trust Co., New York, N. Y., Hiram A. Mathews: Reply to 174 Executive Order 6581, authorizing the formation of a banking Liberia Mining Co., Ltd., Monrovia, Liberia, New York, N. Y., 303 386 Manufacturers Trust Co., New York, N. Y., Andrew L. Gomory, vice 168 Merchants National Bank, Mobile, Ala., E. W. Faulk, senior vice 191 Republic National Bank, Dallas, Tex., Albert L. Long, vice president: Philadelphia (Pa.), National Bank, H. A. Frey, Jr., assistant vice president: Reply to questionnaire... 264 Schroder, J. Henry, Banking Corp., New York, N. Y., Ernest H. Riggs National Bank, Washington, D. C., Robert V. Fleming, presi- 272 280 Statements, letters, memorandums, etc.-Continued Second National Bank, Houston, Tex., M. R. Crockard, assistant vice Siemon, William J., New York, N. Y.: Reply to questionnaire. Legislative history of the Export-Import Bank of Washington-- Certain legal aspects of Reorganization Plan No. 5 of 1953- Page 189 Union Bank of Commerce, Cleveland, Ohio, Heinz Schneider, vice 270 STUDY OF EXPORT-IMPORT BANK AND WORLD BANK MONDAY, JANUARY 25, 1954 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The committee met, pursuant to call, at 10:12 a. m., in room 301, Senate Office Building, Senator Homer E. Capehart, chairman, presiding. Present: Senators Capehart, Bennett, Bush, Beall, Payne, Maybank, Robertson, Sparkman, and Frear. Also present: Henry F. Holthusen, general counsel; H. K. Cuthbertson, Jr., Raymonde Alexis Clarke, and Donald L. Rogers, assistant counsel. The CHAIRMAN. We will come to order. Maybe we have all the Senators we are going to have for a short time. The first thing I want to say is that before each Senator is an envelope containing the information that I am going to list here. Under the heading "Staff Materials" there is Senate Resolution 25, and Senate Reports 208 and 310. There is a copy of the proceedings of a a meeting of Citizens Advisory Committee on September 15, 1953, and a list of members of the Citizens Advisory Committee. There is a legislative history of the Export-Import Bank of Washington and a survey of congressional hearings concerning the Export-Import Bank of Washington. There is an organizational survey of the International Bank for Reconstruction and Development. There is also an analysis of Reorganization Plan No. 5. There are copies of questionnaires sent out by the committee. Under the title of "Export-Import Bank Materials" there is: Latest semiannual report; list of net credits, President's message, and Reorganization Plan No. 5. Under "International Bank for Reconstruction and Development Materials" there is: Eighth annual report, progress report; articles of agreement; bylaws; list of net credits. Senator ROBERTSON. I am going to read the report of the Advisory Committee. Did that committee make any recommendations about tariffs?, The CHAIRMAN. That committee has not made any recommendations at all yet because they have not finished their study. Whether or not they will make any recommendations about tariffs I cannot answer. There is also enclosed under "National Advisory Council" the following: third special report and the latest semiannual report. On Wednesday morning, January 27, at 10:30, as part of this committee's hearings, there will be the showing of a motion-picture film, with a descriptive sound track, of projects financed by the Export 1 Import Bank in various countries of the world. The press is invited to view this film. A similar invitation will be extended to all the Members of the Senate and their executive assistants. I have just been informed of a change. We will change that showing of the picture from 10:30 in the morning to 2:30 in the afternoon. It will be an hour and one-half picture, will it not? It will show some 10 projects. It is both sound and picture. I would like to make a statement at this point and then place into the record certain documents. We are meeting here to conduct hearings on the Export-Import Bank under Senate Resolution 25, which directs the Committee on Banking and Currency to make "a thorough study of the operations of the Export-Import Bank and the International Bank for Reconstruction and Development and their relationship to expansion of international trade." I submit Senate Resolution 25 for the record, if there is no objection. I would like unanimous consent at this point to place in the record all of these items I will mention in this statement. Is there objection? I will name them as we go along. If there is objection, so state; otherwise, silence will be taken as unanimous approval to place them in the record. I would like at this time to also have entered in the record Executive Order No. 6581, which created the Export-Import Bank of Washington in 1934. I place into the record Public Law 173, 79th Congress, which established the Export-Import Bank of Washington as an independent agency of the United States and provided in part that neither the bank nor any of its functions, powers, or duties should be transferred to or consolidated with any other department, agency, or corporation of the Government unless the Congress shall otherwise by law provide. In 1951 the lending authority of the Export-Import Bank of Washington was increased to $4.5 billion by Public Law 158, 82d Congress, and I put into the record a copy of this law. I place in the record section 4 of the Bretton Woods Agreements Act enacted by the Congress in 1945, which provides, among other things, for the establishment of a National Advisory Council on International Monetary and Financial Problems with the responsibility of coordinating the policies and operations of the representatives of the United States on the fund and International Bank for Reconstruction and Development, the Export-Import Bank of Washington and all other agencies of the Government to the extent that they make or participate in the making of foreign loans or engage in foreign financial, exchange, or monetary transactions. I place into the record Reorganization Plan No. 5 of 1953, submitted by the President of the United States and now law, which abolished the five-member Board of Directors of the Export-Import Bank, transferred certain functions to a newly created single managing director and which added language which might be interpreted to increase the powers of the National Advisory Council on International Monetary and Financial Problems over the general lending policies and direction of the bank. The reorganization plan also removed the statutory representation of the Export-Import Bank on the National Advisory Council. I place into the record section 111 of title I of the Foreign Assistance Act of 1948. |