ERM 103 03 r; -

19P;l"AAIOtL ,,>;y BAŽ:) FQ~ .i Y (r:p.rrein¶i ri: = vvw t

E.conomic Denartment

13TER,F.; iD; AMO1' TIZA'TNA14?; iTS

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Sunary

Introductory lote

.stimated 7ctermql Interest and Amortization Payments of !OC.'. 2o'.mtriin 'elation to Net Invisibles (Minus Debt Pa-ymene i'ayects) PlusTxport3 to Countries in the 4eatern Htlemisphere ... . . . . . . . . . . 1

France 0 .. .. . ... ..... * * e 0 a

Italy *-. .........a.. * jo.oo oo a * o * av o -o 3

UInited Ki n4om3 . . . . . . . . . 0 . . a * * * * * a 0 0 0 * *

raetherads . . . . . . . . .. . . . .* . . * . .. . . . * . . . , .

C toCHAF T 3

All ICA Countries: Relation Between Intere3t and jmrtization ?ayments Dueto, Dollar Receipts From, Western Femisphere O e. . ..... 0 . A

Selected FCA Ciountries: Interest and Amortization Payments on Debts Due toWestern Hezrisphe"e . . . . . . . . . . . . . . . . *.* a * . . . 0 a . . B

Selected ECA Countries: Interes+ and Amrtization Payments Due to, andDollar 1eceipts Fron., W'estern Femisphere *....... . *...... C

Selected ECA Countries: Relation Between Interest and AmortiWtionPayments Due to, and Dollar Receipts From, Western Hemisphere

France and Italy . . . . a . . 9 * . . . 0 0 * . . .* * . . . e D

United Kingdom and Netherlands . ........ ..... .......... * E

TABLE CFF COiTMiTzS (cont'd)

TABLES

- 2,Ole

_stimated External Interest and Aiortilization Payments of -XC6A.Countries on Debts w.ith countries in tChe 'Testern -Hemisphere .. . IEstimatecl Interest, and Amortization Payments in Relation to t'Doller2eceipts" and to Imports, from the 1.1estern Hemisphere

All 2.C.A. Countries .. . . . . . . . . . I-AFrance & ...... ..... ....... . .... .... ........ . .:-Italy . . . . . ........ . . . . . . . * . . .... .. . -CUnited Kingdom . . . . . ... . . ; II-DLTetherlands ................ II-

Estimated iTet Invisibles of X.CbA. Countries with the '?esternHemis-olere . .................................... II

Istimated Ex0orts of ",.C.A. Countries to sTestern Hemisnlhere ... . . IVE,xternal Debts of .C.-. Countries Owed to Uestern 1:emisphere ... . VList of lon7-term Obligations due to Countries of .Jestern Ei.phere (by r.C.A. Count.ries) . . .. .. . .. ..

I, In orde to a.es the bwdeu of ',ste Rum" I a do2lar debt*,, the anual

osll arnt# for 5.uwmst aMd ansrtloare eaesured " a poesisge of

(a) 4.llw Ieeipte a eOwts to the Wester Respbwe plus

ast Uinvsiblee miwAs debt peyrnetts.

(b) Import, frm te Wieste Hn ispbew.

In orde to fulfill debt obligatious, ore of the foUovIng i roquir.d4

(I) oxport ld have to be Inoased by per etq (a)

at an level

(U) Imprts ld ha" to be out pW (b) ats

wachange exort level,

(iii) see eobiutioa of the above

Ablity to fuLfil those ebliatios a" be asmed if these percentae

we not too blab. In the oaw of Wester purop (a) a 10 to 11% In the yes

1949 mg 1950t 12 to 1 In 1951 an 1952, faling t. 10% in the late 190oa..

(b) a 4 to 5% la theb Yr 199 and O to9%in1951-53,s and theweftes

about7%*

If thse. estimates atre eorreet, Western Btwop. should be able to serry its

hi dollar d*t bure sine, a out of oal 7% ot Imports Ste wostor 3.4s-pheve wuld suffee to assure the dollas esoios fer repayent. SOwsvsr

owsev the import 4etleimes, a redustios by, 7% Abould be -Pos-l itet

II. Western twope ls Mt NWe soa le M ~I t hmonwels' ?w go= soee thepretore,

might be e. d sw ini sep Iae

~/if the mwaie eluse tes wing in he two, Iritish leane opeamte, te peruessUes would be ab -out 1*5 a 1% less fr (a) ad (b) re

Unite IUinom Is posiltion looks favourable oen If no aseoutof th waiver olauwe (umdor the mlo-Anwlean Funoisi Arement a" the

Ce4ian Credit)1so tak4, wieh wavld save $90.100 million per awmu. Ther

c,rtafly should b* a po03bilIty for redueig imports by 7.5% (or 4.9% withthe weiver clause) or inereahing erpwot by 10% (or 7P with the waivor clause),or a oombinition of both, by thio Jite Kingdoms, in the late 1950's.

Three quall-fications WV required hower. First, AX.'s iapwtha,. already been rodueed far tore seve"ly them those of oth'-r Western Eur%monoomtries except the Metherlamls and Denurk. In 1947 they represent 80% ofpr*wvr while many uest.r Thwopean ouotries imported 120% of prewar. Secon,dolwr reeipto originating frm doez*dencies mouting to about 7 mllionwill be aut 4% of the total in 1948 and etll 30% in 1952; the depndeoiesorever wil requie more impo than bof£t" the war for their eowane dev lop-

sent. Third besides donar dbts, sterling debts (sterling balanes) of pobaye(al annal emout bave to be pa by additioa %reited esprts. on theother hndi,, a eheng in the tems of trade would benefit U.K. sore then eq

other 3uropoa country.

7rane ha the highest dolar debt ne of al the

Cotrie". The yews 1949-52 repoesent a debt b^e but ,e in th lt. I950twh preentae of dolla debt pm tsIs he ie tem that of, my other aewtry.

Three relatively f a quelfations ma be ailed bowover.First, the doll touist reoelpts appewr u at i timted In the renb_

sla of paymets (only $33 minion in 195 and later). * hy ar likoly tobe considerably higer Second,t France s,eet.a batter obane to preft m

3 -

Ainrioa tariff redketionv than arW other .ovutry. The stp imarea in sumports auixed in the Mrshall Plan do*e not appear lipossiblo. It mV benonetheless xecessaxy to bear In ^m tat France sbould fin a wy of earningadditioal dollars oitde the Western emispher.. Third, i4on ofcapita in the 1950 s, ow* recovwer bs been achieved,. a most Lwsprtant andprobable source of additial dollar recipts.

ital has a ver high debt bulge in the yews 1949-51.Dwihg these years debt servtee a-ounts to 45% (1949), 34 (1950), a'd 6,0(1951) of dollar reeeipAtt. TM#. l&rves past of them poyonts are delu to pW-ments on the !Epart-Import B3ank loaB sA in 1951 repayment of one-balf (meurting to S3 million) frm Argentina. The loan to Argentina may, bwver, be

oxUmnd for tve.tyfiv yews negottations which would help ovr the hurdleof 1951. In the 1950's, the Itain debt paymnts still wint, bwowve"r tol6:% of their dollar receipts and 4 to 5.8% of their volumw of Imports* Itlyis thus verse off ti theo averagp of Western Eaup.

(iv)

The ftterlands b4w a debt bulg frm 1"0-53 falig off

lightly in 1954 onwards. Debt pyeuts rep""nt 22% (1949), 31% (1950f-51)and deala to 23% In 1953 and latr yeas of the Netbhrlads6 dol2ar receipts.Debt paymets at the se tiw rems.nt betwen 6 to 9.7% o the DAh volumof import. in the Wtein BP -e* Ou th Dateh impot 3*w1 iss, lie theBritish1, xub loww tha prewar.

II. ei pesAod km we be" umeoui and pON.SWiU0 TW aeuameezta beoaus the ae basd ere at o bdln. of pqants vhok Me

40 4 .0

SC" In the natwe of g'sswwki, the sore distant the tim for which they we

mae. In our oe,t foecasr t of cxports, Imports, and rit In-isibles are

based an belam of pyvnts estiates in the Marllan Plan in the UP sootwystwli re pr bW the U.8. GrWolnJ_t to Jamuu t 1948. He deale*4 Ma-o i by QO nd WA awr likely to tbrow moe light on these estimates.

They are be ouan the as t of (a) full .mp4oyu.at ad the pr1ut teamoose leve1 in te U,.S.A,t (b) prdS obainin in eNSe of 1947, aAd (e)

rul eploymet and proressve o i o t i Westen urope.

They we pessimisti, howeiw, becau they a"eme (a) no oowrtibilityof expet supluo In Norop vith a non-doll areao Sme bility of

exotswplusao to the 1?r last or the iddle East ise howeve likely to ob-tain aM gsradly to iwweas In the 1950's. (b) That the vhole of Lin

m 1 seswily a dola aWe parts of trad* in Latin *WeI*a a" now

already din erensis other than dollars. rpean ixports trosthe U.S.A. a" goin to be replased to "w "te" by Imports from South Aseviea.(a) Debt oblgatow s e at theiLr maxima witbout awV eoast of the

fat that sam dollar bows ae held In Westrn Eope. The debt burden ofICA loas h ben o oretitd bau a 3% rate of intest habee *Mlend instes of the eO lk*s or *%. (4) Lao but not 2eastlI Noass_mpto i de f SW reptwiaim of e a w is hil pvoable on"weeowry has taken plow awl the buul Pa a SOONd a NOMSOes

On th bowds of tbese *esits, Western Suro" shoud be both able torpy Its dolla debt ad to abe pi loa.

'4$ Aq Ow sIU.utt mnn$aon anq"qa Utowoa "qo_ nttm rowvO" t W SWIP P s Joatsn *noq olumsq wtunan. wy

pW 0$ U 4 "1m " 'Iflb" '^t tW "0WAS"4 0m -T*" gon $TA5J%O4* $F" PM Ow) aoU'VwQ *03;ninets Quu;a oIJoI*0l4f Ue m OU 0$ OTA;eEws PM uto wq $g

W W^a4 " 0$P PO$WP **.nw -$ rw v pnn w; Itfl$P" so go."o

go" *p n am j pnn.w ot ou *ao VW flea UV s"w'.s'aottlsvsos a" (0fesg %4fSTS *ostwo rtx v%wawoo 0lt;ppw *OSnza.%* 'prg on is ssauMs*buwon" UV Va*o q ttfoW nsv

o 7Ms } opq kf4 **tuswb epm;>an, p *ooo " %no pQ oIep;.oa .qOV as o;w ona;* pteftwos *sawp n w, *pn owpg

*oaq 40o Mm UOsoA qvIs tnsp. wePMM OSWturWIio qale At no £uetn *V:oa

'q q W,fl4 *us s;;; *$s;"uca *;w wm4onw p o ne otaj,yjp"p~ o uU as;sawv WV tso'v pust %4:" to 64 A o

Snzi V n" fla O aup.a N not ow a"" tw *tpus ."vn z uPw *nwa0$ p.~tq$ W.qfl~SIR$j SfPo SiU419 fl USflA;pp ;uS-OSvdD TP it aq *t A*Mts U""" Oqo qolv p% *%

s*,t pZ" sua ve oiWn ow n oq .n Ivp q &mn."*vpa ap vow"1qPO4 &WAW Oosqo VuMff" toP ootqlpul 1 Vottjtgo1 liywR; M "413

01""TIWEAS trot $0 SOM 09 MS 4Us IWO$z"do "'4$ P SvTT'o

f,ZTju sqt US V sVut*a; s"wuflWkwo; U' ow ~ £~fl tOfaoq 'wStoj qflq^ qnnt Aug 404, oat omzj

4iav o pot eqso pwq uofht WoqAV 4 *s p ott so4wo; o tpq as %oM vylwn 4n nSo odop utptfl V' "se ta;swg t w$ *tqwpwsw o oa;^I .*Wt tmv wahafpWn A mt st *ovs **Sm ntoq act n Muq s*lrqpv; u pin sPM godn Jo o o

o wn" MO eV ">dwzwtp;-V t-twtgm 1( SwtoX*vWO 00 9w4" pw AIAo* w;z*aw pm 4t& 4,j 04

't 'i P *Wm$t hostoi us 1PW *Oq; $03fl& W4t*zo JO So pUT AOt uwip oa s;a44 tawnt u.;,;s0ou " O vm $Pntj4; o1sm =rvsI $ sops.ot$0 4014$opaj flOTOjte Jo onpO ssOWniAA, %O$oa WtAO)04"# to #OR'O @5 n14&*ue.W o Of0O t00flfl (tW*OS sOl-

Ta . 04w-4C zaM id ns..A a9 vent La tastet e a t cfI utW fSNj- -bmmo **vm%- so V*4 AsW --- sO

ow tuu matsatekhs ben auk bwurtIwAs wettot 40 iflhto* 4*1w q'mn.ottaW - Min ma w ESlit.

in* $w

"t*0e aetcnAi As £1tint Vs thessesnt Msaw**f4~

zU_d " $bat idi gi, 0 X

tC buS taut S b lae

- one_mm - tdw at

-1

s~~~~~~~~~M so _ m a A* .c.eby~Q~ Xa bl _aisi ts. _t Z Lab (U Dt se~

M pr £ *l S.c^. tzbut p C $S~~~19 L(;.

v~N~a WJrd. XoWt Ao*e La Wt~ es

Oft.r " ift i W-08_ )

-). tt" a" s I t i l to tim LC.A* omatwlmuby the 1baer~a Um4a n (am. table Z) awAk to 31.8 iiosi la 1949, rim tai

< "3x 1 *4t%.t ats

ly to a _ $70 utUAos in 19%, tim bgis gvMAal3Ly to $%52 5illon by 1*60Ab*AL 8% p.er sit afti. %h"" In tisV pek y.ar is naoowtad for by, tri m ait.4

?rw*la id tbo OwWw ,*

ha the oh at tim ied - I' a p t Xmiion aino*t_ Pot e p si t the t SoaL CAJ$atLui In thpe Ywswof )$m.Oftettlatd Lg pymtsaprI.mteI4 $20 ot Int.0ew GMi be 1g m u" tin.w t*itod State. and dm4a(OMnrm.t loams iuufr c*rWan cotianon.(e ahat 8 Tabl )

hA tim came of Italy *or* peak interest an mrtWto psyamits ca'll forabouit W33 mIionm LA ii9%3 this high leoL" is ma4ly #ooato for by we Argmtlamloan of $83 SdMiiOU, whc a. ebAaed to pyma In %bet p"ear This loAn MaYpior to Ut _s dat, be ow Inseadof tim itmlagap rt perio5dy.

T). hbt Ornie. for tVW Majormwa sdased*w bi3Weago o perc. f towa Mt l_be (8o tortwestern ig.re, z at awatwl hih lews in VA,29, =au VA*. the peak mi 16 otlow#yar Umited KAaagism dsb% isPYie avw 1 n peits (Prew oin gtiwla Offwst to imaim) withyhinSm e at, t~ 2) paw osabkand U"l 26 Per east. Trnis san hy kw In awl a wof #Ato tiwi mutt~s tm stn4e et at bt jmlwm% thwy he boom iSo se In taIl below*

2_

sm lMev. agM mmstdLeatisa8map" (am ?b. I & CtmA 2) as tbe atmml dubS rse ttu_ qpuaate)~ aLl3Aaa in w to a Pek Of P1,W 3 N 1 MU 053 dwASUAUIg to amwt si1Ur by X%O. CC thef tOWs timSU*" -- A illk~ rim AbO4 ak of $a14si12loaf la X,%6 aid vim.ms a1* ot3av tat u"aat. tbvotu go* 3,60 Tmajorp'l'S of taw-Psrustloi to the gaud Stat" r_ut* to

~~ lebak U41

Ckd aong thme Sning hrt r-twrnmsi lans in the *sor ian w t. tlWE aaa auvwb &Ad pniaa On toeLner SAternst and seotisatimo pqs.MVW fw % oXlo a ,X) to'.122 mdlllft An VW The.Xs Zot )AM ata Am to #0 mIllio La 3$M2 Its Zor Is fia3 rsea by* ei o t iliiI -PI mato D1,at a towtat of$5 millonan to be InaL Smt1~st $D omillion Is IMW md US milIon in l90*A seyu la= calling tw a Ppoat of $3 i3llon In VO to nwuy aco tamtim Is 3dzag Stwmz.t ftbt mstwvi to tim bo aton Imaple Finalmew_d a" fra tbim 3 an$

It hw be os d by the Uitted Stas othat nt omdIl rios tfrm a ad=m $177 1ion 1a to a $165 llUon by V52 andp2 as exp.wt id IL" m mfrm $296 millin In 3$.S to $I03 aiLUion byr 192.t iIs mostId that thoy dIll rise f wa $I million to $M mhI1im

IIw to tem perookd. -i" a ao oshlyII 4P

douelm ins the aeono nuo~ *ubIl bised m faiw3r gI pi1t. st4ate Ithe case of tmdmbf* servise items rswlt m aaia3 fw" the Ikiag ia AneLapeMt" eopoata, *dAk apear Mivs3r ptlmIso NWl tiwa me b" frto* an ob.

^%~~~~~. " ^P T b"3

vorbU p o 7t 1 2p n 7 to at fawX Mst I dsbi.psetimi b of 6 i77 (3ea fT II f Ce C)

T~m utwt ad iwiania pssto (as. Table I and CbMr 81)on tbo la[m s"d frs w hta4 1. adlImn I SII to A- of P33 dilio by 195,4 dsgs s ? dII= in 1952a& ges dom o bt $33 4U0 i 0 1960. Of to sth _or psaU (mXpt tsr 35)1L .so td ew fby tkwpat bl to the IMited Statee Gmntra dcb ri* tw r h p froesta3" $3$ u111in Ia 3$1.k to $.0 all in V51 ho11nin4 tinzsaftw tog~~~~~V ra p-t of4 )s 6Ot I an Cm Nosport-I wowt S ak 3a.r b

Tb. ml1y otbs2r latex%.0?rnmast loGan± tin bi Wntern laiqars1tMt f Ar4ent.m Xatnt =A t3a amAt an t&t_ laant to AC" b 7 ? 1d.IAa oh gur =pt s 1A absa )ln bal of tab 1ea(amwatlg Xto $83 ailU ) mtua ws (by i t aw Utor b etrAsd for 25 y)a I) nto""and, am te Ply, iid dalla debt lror*tme t m about In 191, to Ab $95*5a±1±oaa by 3952 a remain arowid tint Imiel t960

it ben es ad by tla United SWt III t titinviabfles will rUs from a smis $72 tlom iA 21) o* to us se3dllio by X92 ad tiVa i W fz P23 a13.Ua VIS to $2 1dillion by, 92 amd tinr tes e ste aM i to SXp $51milionto $28 millin mor tin s awr13

,a* dbt rwia e i a a a psumsst of rot awab3sexporw to tbe Western m It _am t to 15 pr ost in V49i 3per oust in 33.% 60 por out In 9 a then shapy dso2lie to 16 peroont la 1952. (fSs Tabl U and Cht c)*

fl n1tiefat wi tstodp~mt (se Tbl I amm (2mrt u) an then ex.ternal debt rim frs .dmt& 8 MM-li n I49 tos a4gb at #2 m imin 1952,V dolir to m lon In %3 rise *edu to arad #212 mion in160 As la *tIr oa$* 13w mafor atmtd .omur1.sat±io ant d to 2;i;asado by Urn gae Blats O imwt. raozing a nrus peaks, wtabo ad imt.rt ca $t 3,7 i. a gurui VA$ Par-mon deca &ain with trn retireme_o ate M bcoeet aotio rn. Corpoizonloan whict bM bow me during tnB warw, ad tbm ia l ebli-Ft4mw "wa 5.OIIA. *"&dte mu~ao hb~tti of Itwee s 4teIU W&iartim tl AMgle.Awisia FluaMa fl oh 41 for brto t an morti-saU.o pnyaanto startia in WI5 of #119 aulltm a year nd ootmiinaar at thatMt for tIm ut 50 yeas.

no otkrr ilate4 *w-r=&mt 1 8,W $4232 311100s Uud ian czv"tmm4the Utstom )tWsptw* calls for Lnt ret ^A IsAt1MOpiNyst of $23 1mto $2$ mdillon from 3$4.9 through VA*1 JMeasa3 to $6! inUO In9A anddecline. p1sbl3y tlamafter to $56 MUlM by 32M* In both of tse jajoroan. there ao -dosrtain prowision Whic pmit the maiyr of interest (mm footnot8 - Table 1). *Tk maimA2A xedlu -toUl iotIett and t by abo Ut d $ Iceion La 9$1 With tIem Edua*t&o p'"adul3 de1it to aoa 8dIln by 1960.

It. has be=a eLstated by trn *Aited State. iwwinml MaRt net anii~ewid l rise from a lwee21 of $67 ad uflicIan in 3$Z1 to #207 milI1im by 1952 and grossaXPert from $3,628 mdilion in 39349 to $2 291 &Ullon by 1952. 1'aether theseItem wmold waaqs fro 1,695 million to WW lli0over the ama POViod.The deb feinsM spseeda a peroet of not iniilepus exptor to Vhe10trn Misiphlmr Is eseted to amount to I. per cent In19a9 3$iO ria to abut,10 per cet In U5 d 11 per cet by IM2 Qivis%g weight to Wo maim prom.iAidos In the to major las to 1km WesWr smisplrn te debt servic rtiavotA s t to 3 pe ce" Il )$49 I iu i.t 5.4 pew cet In 195 aMd to7 per cent by I$%t. (an tab; II a" Chu$ (),

?be ino"r$% and It (A.I TalT I chart B) oh Uml 4obt rise tfrm -IU In 2$ to V9 mlIon in 3$52adecl, to #1elm A an Uy4 below tMt. lewl thugh VW,be major port4o of them dmbt cbwga am omd to the W ted Stat.s QOwm&.nt. Thes* p.ayonts to tha Wated States iwi frm a mate $13 ai13on 49 to ^ pak of $52 mlIIJan 119)Q ad 3$52p drp 5 arp.wV to 625iU n IAt a -, unAhsM, k" r tir .ad,riaiuzp Iara1 to araMd $P i3Uolin b~3G.!m jor porU4a of the.. psyiet4 10Ieeeouut.dfor by the lae mad by the Zxpowt..maport^ Bankof the Jsdzg IntSrQvermIt payute to the bute it.sdiphS*"inutrest and umaw4satio lit a the Candian oAn run about t7.5 Wi1±onper year, X9IP1966 0 Ad servics an the AetIe oamn la0V mpa'±toly $5 m±liaafrom I91f 4 through I$.% The * S14 debt d" vio RpZ t8 1sthawse tae n the 231 laws wbi.h Ur ST= fo an i-notalluent of $8 al.on Sn1910 to $24 million i 1aV960 an4 thi prLvatelyQeld dollAr bonds, paywnts Xwhich awrag abot 2 mwa 2-9m.1957

It baaem e_imated by trn United States Gothat ,nt t invisibleswUMriasfrn&-mIUmWStof3 UL1onS n 91m9to a p1ueofp2mmon2ic JAMsrA xpufta id"' ipoo. 1f61 milIton IA U9 to J23 4LU.i in, 19A5T.upvthe the.. tu~ Itaw wine fzt0$2148 Million to $36 mll w pricd. kp"saae4 aaa e-A q'mt At mat invi.blea pla "Per" to tiw REta=Bemtphes, _ p~t~ w f1 22 p mt 1 to 2 94ew9int in deolma to 23 p4 I (.T U CbA D).,

ALL ECA COUNTRIES: RELATION BETWEEN INTEREST AND AMORTIZATIONPAYMENTS DUE TO, AND DOLLAR RECEIPTS* FROM, WESTERN HEMISPHERE

6BILLIONS OF U.S. DOLLARS

DOLLAR _ RECEIPTS*.

800 Z

/~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~o EXPORTIOSPYMNT

00MILLIONS OF U.S. DOLLARS - 10-.00 00

600~~~~~~~~~~~~~~~~~~~~~~~~~~0

2INTEREST AND

AMORTIZATION PAYMENTS

INTEREST AND400 ~~~~~~~~~~~~~~~~~~~~~~~~~~AMORTIZATION PAYMENTS

4000

I 1~~01949 1950 1951 1952

200 30PERCENT NOTE: After 1952 bosed on dollar receipts

and imports at 1952 level

0a z o - ch V o D O I a INTEREST AND AMORTIZATION PAYMENTS: 20d If) LO if) IO) 1f) if) It) if) IL) 1f) (D AS PERCENT OF DOLLAR RECEIPTS*an a, a a a' an an an T an a n PERCENT OF IMPORTS

10

OI I-) IO 1f) I t I f) If) IL) Io It) (Da) O 0) a) 0) 0s a) ow 0 0) _) c)

* Exports plus net invisibles (excluding interest and amortization poyments)

NOTE: Including dependencies

SOURCES: U.S. Government agencies and I.B.R.D I B R.D. - Economic Dept

SELECTED ECA COUNTRIES: INTEREST AND AMORTIZATION PAYMENTSON DEBTS DUE TO WESTERN HEMISPHERE

(IN MILLIONS OF U.S. DOLLARS)300 300

FRANCEt ITALY

200 2-00

100 100

0~~~~~~~~~~~~~~~~~~~~~~~~~~~0C 0 of) 4 I 0 * CD 0 0 0 0 - N

0 0 0 0 0 0 0 0 0 0 0

300 300UNITED KINGDOMt NETHERLANDSt

TOTAL

200 200

I ~~~~~ASSUMING WAIVERS *

100 1/..100

100

hy~~~~~~~~~~~~~~~~~~~~~~~~~ I I

-0 0 On -i 40 C 0 0 0 0 - N V 4 t0 C 0 00

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

*For details see Table I, Footnote 8 t lncluding dependencies I

SOURCE lB R. D I. B. R. D - Economic Dept.

CD

SELECTED ECA COUNTRIES: INTEREST AND AMORTIZATION PAYMENTSDUE TO, AND DOLLAR RECEIPTS* FROM, WESTERN HEMISPHERE

(IN MILLIONS OF U.S. DOLLARS)1000 FA C tI LY300

800 RECEIPTS *DOLLAR T - *. EXPORTS

6 0 0 _ _ _ _ _ - t - OL AR2 0RECEIPTS* 0 0_ _ _ _ _ _ _ _

200- I AMORTIZATION PAYMENTS

, I INTEREST ANDDAMORTIZATION PAYMENTS

0 _ _ _ _ _ _ _ __ __ 01949 1950 1951 1952 1949 1950 1951 1952

3000 UNITED KINGDOMT NETHERLANDSt 400

EXPORTS **0*0-0000000 _______________ ~~~~~~EXPORTS.0 "

2 0 500.000 0 0 -0.- 30020*0 _'DOLLAR *. - DOLLAR

RECEIPTS* 0 RECEITS DASSUMING I~~*1IS~ ~~3j9:::!!!!!•~0 000 200

1000

INTEREST AND AMORTIZATION PAYMENTS 100TOTAL ASSUMING WAIVERS INTEREST ANDI

AMORTIZATION PAYMENTS

1949 1950 1951 1952 1949 1950 1951 1952

*Exports plus net invisibles (excluding interest and amortization payments) t Including dependencies

SOURCES: U S. Government agencies and l. B.R D. I.8 .R.D. - Economic Dept.

SELECTED ECA COUNTRIES: RELATION BETWEEN INTEREST AND AMORTIZATIONPAYMENTS DUE TO, AND DOLLAR RECEIPTS* FROM, WESTERN HEMISPHERE

94 ((PERCENT)60 t - -1 ~~~~~~~~~~~~~~~~~~~~~~60

60FRANCEt --- 1 | ITALY

50 50

40 4

30 30INTEREST AND AMORTIZATION PAYMENTS;

\ AS PERCENT OF DOLLAR RECEIPTS*

AS T P O I OF IMPORTS

20 -~20

10 P./ / \\ Q 10 1

01~ ~ ~ ~ ~ ~ ~ ~~, '- ------ --

On 0 - l t~) -T ito SD r- S a) 0 oCi 0 - (D~ i s co Q) Qt u-) ut) LO) in ) to t) it) i) af ) CD ' IT t LO) I) uf) ILO IL IL) ILO I) to Sa~~~~~~~~~' o a) C\J 0) (n ur ( ) a oO o - cl n ¢ D F O

a} a" a 0) 0') 0') a') 0') L) 0) 0 0' 0) 0) 0) 0) CD) a) a) a) 0) 0) 0

*Exports plus net invisibles (excluding interest and amortization payments) t Including dependencies

NOTE After 1952 based on dollar receipts and imports at 1952 level D

SOURCES. U.S. Government agencies and I B R. D I B. R. - Economic Dept

SELECTED ECA COUNTRIES: RELATION BETWEEN INTEREST AND AMORTIZATIONPAYMENTS DUE TO, AND DOLLAR RECEIPTS* FROM, WESTERN HEMISPHERE

(PERCENT)

40 40UNITED KINGDOMt NETHERLANDSt

30 30

INTEREST AND AMORTIZATION PAYMENTS:AS PERCENT OF DOLLAR RECEIPTS*AS PERCENT OF IMPORTS

2 0 20

(TOTAL)INTEREST AND AMORTIZATION PAYMENTS:

AS PERCENT OF DOLLAR RECEIPTS*/AS PERCENT OF IMPORTS/

I 0 1 0

ff / t ~~~~~ASSUM ING WAIVERS **) INTEREST AND AMORTIZATION PAYMENTS:

_ __ \ AS PERCENT OF DOLLAR RECEIPTS*AS PERCENT OF IMPORTS I I I I 0

o,, 0 - CNJ r) It ,, CD f- ( o i 0 O ) 0 - 'I ,C x (D c ao 0) 0It 11 tA i) , i) it) 10 if) i,) i i) (0 U i) if) if) i) i) LO) LO) i i) LO) (D0) 0) a 3) 0) a 3 0) 0) a) 0) 0) 0 0) 0) 0) 0 0) 0) 0) a ) 0) 0) 0)

*Exports plus net invisibles (excluding interest and amortization payments) **For details see Table I Footnote 8 tIncluding dependencies

NOTE:After 1952 based on dollar receipts and imports at 1952 level I

SOURCES: U S Government ogencies and 1. R. D . B. R.D. - Economic Dept.

-I

NOTES

irements run as follows: Austria - from $6,067,000 in 1948 to $2,159,000 in 1957;Greece - from $4,827,000 in 1948 to $3,121,000 in 1960;Italy - from $455,000 in 1948 to $46,000 in 1956.

La the first half of 1948.

3t half of 1948.

a from Argentina in the amount of 110,000,000 pesos ($32,738,095). The requirements

rance, Netherlands, Norway, Denmark and Italy.

,963 plus interest may be paid in Belgian Francs.

)37,872 plus interest may be repaid in Belgian Francs and $3,955,788 plus interest

Government of the United Kingdom requests the Government of the United States toant of that year, the Government of the United States will grant the waiver if:

nds that a waiver is necessary in view of the present and prospectived the level of its gold and foreign exchange reserves and

es that the income of the United Kingdom from home-produced exports plusransactions in its balance of payments was on the average over the fiveaverage annual amount of United Kingdom imports during 1936-8, fixed atusted for changes in the price level of these imnorts. Any amount in excessyear on account of sterling balances accumulated to the credit of overseasanks before the effective date of this Agreement shall be regarded as anot be included in the above calculation of the net income from invisiblewaiver is requested for an interest payment prior to that due in 1955, thee calendar years from 1950 through the year preceding that in which the requestanadian Government loan to United Kingdom.

ble, it was assumed that bonds would be retired in equal annual installmentsault it was assumed that the amount outstanding as of 12/31/47 would be re-, if the maturity is in the future or where specific amortization terms werer not covered by sinking fund was assumed to be paid off in the final maturity

to 1948, it was assumed that they would be retired on equal annual installments

assumed that these would be completely disbursed by the expiration date of the

umed that 1/12 of' the non-utilized credit would be drawn downm in 1948 and the

umed that 1/2 of the non-utilized credit would be drawn down in 1948 and the

loaned.

(Million dollars)

of Total after 1948 1949 1950 l.95l40C% 240 200 16020 o 120 100 8015% 90 75 604% 24 20 164/% 24 20 1659° 30 25 20

12, 72 60 48100% 600 500 400

TABLF II-A

Estimated Interest and Amortization Dayments in RelationD ~~ ~ ~~ ~ ~~ ~~~ ~~~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~'to "Dollar- Receipts" and to Tm orts, from the 1Testern 1Hemnis here

All E.C.A. Countries(millions of U.S. $'s)

Interest &Net Dollar 2 Amortization Interest 3: Amortl7at`r.Year Invisiblaesyme ortg Pa nts Pa yents as; ) erLnt of

DollarPeceit~s mInnorts

1949 169 3125 3294 8619 405 12.3 4.71950 382 3830 4212 8546 427 10.1 5.0

1951 650 4354 5004 8343 736 14.7 8.8

1952 778 4826 5604 8083 722 12.9 8.9

1953 778 4826 5604 8083 654 11.7 8.1

1954 778 4826 56C4 8083 604 10.8 7.5

1955 778 4826 5604 8083 580 10.3 7.2

1956 778 4826 5604 8083 572 10.2 7.1

1957 778 4826 5604 8083 582 10,3 7.2

1958 778 4826 5604 8083 569 10.1 7.0

1959 778 4826 5604 8083 561 10.0 6.9

1960 778 4826 5604 8083 554 6.8

/ Excluding debt service payments to Western Hemisphere

/ Net invisibles plus exports

Note: After 1952, dollar receipts and imports assumed at 1952 levels.

_TABLE II-B

Estimated Interest and Amortization Payments in Relation to"lDollar Recei->'l r-d to :Cmports freomr the Western Hemis-ohere

France

(Millions of U.S. $ts)Interest & Interest &

Net Dollar Amortization A.mortiza ton fn',.y-.

Year InvisibleeJL/ Exports Receipts / Imports Parments- mcn s as

Re;eiuts Ln,orts

1949 - 177 296 119 1245 113 95.0 9.1

1950 - 44 466 422 1210 132 31.3 10.9

1951 81 583 664 113t) 171 25.8 15.1

1952 165 703 868 1030 224 25.8 21.7

1953 165 703 868 1030 225 25.9 21.8

1954 165 703 868 1030 195 22.5 18.9

1955 165 703 868 1030 166 19.1 16.1

1956 165 703 868 1030 167 19.2 16.2

1957 165 703 868 1030 165 19.0 16.0

1958 165 703 868 1030 165 18.8 15.8

1959 165 703 868 1030 162 18.7 15.7

1960 165 703 868 1030 162 18.7 15.7

F/ Excluding debt service payments to Western Hemisphere.

'i Net invisibles plus exports.

Note: After 1952,. dollar receipts and imports assumed at 1952 level.

TABLEI I-C

Estimated Interest and Amortization Payments in Relationto "Dollar Receipts" and to Import fome eesternHemipere

Italy

(Millions of U.S. V's)

Interest &Dollar Amortization Interest & Amort: ZZm4 or

Year Invisiblesi/ Exports ReImports _Paments payments as Percnllt c'fDollar

Receipts Imports

1949 - 72 123 51 818 25 49.0 3.1

1950 - 26 160 134 864 48 35.8 5.6

1951 15 206 221 810 156 70.6 19.3

1952 8 271 279 815 _ 17.2 5.9

1953 8 271 279 815 47 16.8 5.8

1954 8 271 279 815 45 16.1 5,5

1955 8 271 279 815 41 14.7 5.0

1956 8 271 279 815 37 13.3 4.5

1957 8 271 279 815 39 14.0 4.8

1958 8 271 279 815 38 13.6 4.7

1959 8 271 279 815 36 12.9 4.4

1960 8 271 279 815 34 12.2 4.1

~/ Excluding debt service payments to Western Hemisphere

i,/ Net invisibles plus exports

Note: After 1952, dollar receipts and imports assumed at 1952 level.

TABLE II-D

Estimated Interest and Amortization Payments in Relation to"Dollar Receipts" and to Imaorts, from the WJestern Hemismhere

United Kingdom(millions of U. S. $'s)

Interest & Interest and Amortization Pa7mentsAmortization (Total) Less waived.

I -Payments ___ -as percent of-I Net Dollar Tess Dollar Dollar!Year Invisibles-V Exxorts Rece tsJ i _morts Total Waivedg1 Receipts Imports Receipts Imports

11949 67 1628 1695 3301 68 46 4.0 2.1 2.7 1.4

:1950 129 1944 2073 3315 78 -53 3.8 2.4 2.6 1.6

'195 1 171 2137 2308 3307 224 124 9.7 6.8 5.4 3.7

i1952 207 2291 2498 3236 268 169 10.7 8.3 6.8 5.2

01953 207 2291 2498 3236 238 1142 9.5 7.4 5.7 4.4

11954 207 2291 2498 3236 235 141 9.4 7.3 5.6 4.4

.1955 207 2291 2498 3236 2 39 147 9.6 7.4 5.9 4.5

1956 207 2291 2498 3236 242 152 9.7 7.5 6.1 4.7

1957 207 2291 2498 3236 245 156 9.8 7.6 6.2 4.8

1958 207 2291 2498 3236 244 157 9.8 7.5 6.3 4.9

1959 207 2291 2498 3236 243 158 9.7 7.5 6.3 4.9

1960 207 2291 2498 3236 242 159 9.7 7.5 6.4 4.9

l/ Excluding debt service payments to Western Hemisphere.2/ Net invisibles plus exports.

3/ For details see Table I, Footnote 8

Note: After 1952, dollar receipts and imports assumed at 1952 level.

TABLE II-E

Estimated Interest and Amortization Payments in Relation to"Dollar Receis' and to TI.ports, f he Testern HeTqjnhere

Netherlands(millions of U.S. $Is)

In'-,erest & amorti-:-t,',t'i pav',Tments a.)S

Tinterest & _ -ent ofNet Dollar Amcortization ar

Year Invisibles l/ Exports Receipts2/ Imports Ruc^-"Dts Ipmiorts

1949 - 13 161 148 838 74 50,0 w.

1950 16 209 225 !s38 76 33.8 9.1

1951 23 253 276 838 83 30,1 9.9

1952 22 323 34 5 2_n- -

1953 22 323 345 815 53 15.4 6.5

1954 22 323 345 815 48 13.9 5.9

1955 22 323 345 815 49 14.2 6.0

1956 22 323 345 815 49 14.2 6.0

1957 22 323 345 815 53 15.4 6.5

1958 22 323 345 815 50 14.,5 6.1

1959 22 323 345 815 49 14.2 6.0

1960 22 323 345 1r5 49 14,2 6.0

j/ Excluding debt service payments to Western liemisphere.

3/ Net invisibles plus exports.

Note: After 1952, dollar receipts and imports assumed at 1952 level,

mountries with the Western Hemirnhere

.lars at 7-/1/47 Prices)

1949-1950 - 1950-1951 1 951-1952

.o tal U1. S_- 0.WO.H. Total U. S. 0.W.H- Total U.S., 0.W.Ei

99 105 6 132 127 5 151 146 5-. : .. 76 57 19 76 57 19 71 52 19

146 52 94 148 55 93 139 54 85

321 214 107 356 239 117 361 252 109

-26 -48 22 15 -35 50 8 _;40 48

-7> * - 7 11 4 10 5 5 21 - 17

6 -~6 -6 -6-6 6

: 36 28 8- 43 40 3 42 39 3

~-:20 80 - 100 -20 80 -100 080 _100,

'..-. 44 -28 -16 81 90 - 9 165 164 1

-:- 34 _--21 -13 91 97 _ 6 175 171 4-10 -7 -3 -10 - -1 7 -3

-- .29 15 14 71 42 29 107 57 50

~ -100 100 _ 100 100 _ 100 100 _

383 344 39 650 555 95 778 650 128

I dependencies, Tarkey.

TAbLE I

ESTIMATED EXTLANJL INT-REST A,D iiMORTIZATION PAYI'2ITS OF E.C.A. COUiNTRIES ON DEBTS !.YITHCOUNTRIES IN THE IWESTRlS MiEISPIfliE

(Thousands of U.S. dollars)

Debtor E.C.A. Country 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Austria / i 411 2,799 4,321 4,826 5,116 3,081 3,002 2,539 1,578 1,547 1,515 1,483 1,451Belgium t// _2/ 22,249 73,574 33,751 35,380 27,017 21,047 15,286 14,971 14,696 14,381 14,068 13,190 12,885Denmark 2/ 11,498 13,332 14,123 15,099 17,927 19,136 15,481 23,020 13,852 13,939 14,029 13,773 13,519France 31 / 88,894 113,029 132,389 171,273 223,533 225,300 195,037 165,667 167,083 164,745 163,402 162,165 161,852Greece 1/ i 8,560 3,109 6,042 6,207 9,564 9,388 9,212 9,037 8,861 8,685 8,510 8,334 8,158Ireland 75 73 71 69 66 64 62 59 57 55 53 50 48Italy j ] 21,684 25,334 47,927 155,861 48,424 46,516 45,039 40,966 37,310 38,631 37,811 36,273 33,949Luxembourg 1 / 3 192 520 607 603 893 889 885 880 876 872 866 862 857Netherlands Z/ 3. ] 64,891 74,385 75,536 83,161 82,741 53,438 47,063 48,412 49,488 54,387 51,103 49,419 48,957Niorway / 12,548 17,409 18,332 22,521 22,343 22,001 25,241 22,167 21,239 26,312 19,144 18,832 15,809Sweden 307 600 581 562 274Turkey j/ 2,538 7,844 9,452 8,868 8,055 7,356 4,036 2,764 2,115 892 869 649 434United Kingdom - Total 57,185 68,485 77,985 223,956 268,285 237,894 234,514 238,763 242,171 244,739 243,943 243,148 242,352Excluding interest pay-ments which may bewaived / 36,885 45,835 52,985 123,956 169,172 142,481 140,819 146,805 151,968 156,311 157,308 158,328 159,367All others / - 4,560 6,360 7,800 7,800 7,800 9,482 10,995 12,256 13,265 13,265 13,265 13,265

GRAMD TOTAL 290,725 404,760 427,496 736,205 722,326 654,184 604,340 580,240 571,582 582,450 568,578 561,443 553,536GRAND TOTAL excludingU.K. interest pay-ments which may bewaived 270,425 382,110 402,496 636,205 623,213 558,771 510,645 488,282 481,379 494,022 481,943 476,623 470,551

NO1TES

j Exclusive of Dollapr Bonds in default on which the requirements run as follows: Austria - from $6,067,000 in 1948 to $2,159,000 in 195?;Greece - from $4,827,000 in 1948 to $3,121,000 in 1960;Italy - from $455,000 in 1948 to $46,000 in 1956.

J Does not include payments on Export-Import Bank loans in the first half of 1948.

SI Does not include payments on I.B.R.D. loans in the first half of 1948.

Be Belgium and Luxembourg are cbligated together on a loan from Argentina in the amount of 110,000,000 pesos ($32,738,095). The requirements

on this loan are shown under Belgium.

5j E.C.A. loans of co-ntries other than United Kingdom, France, Netherlands, Norway, Denmark and Italy.

.J On I.B.R.D. loan of $12,000,000 principal amount, $996,963 plus interest may be paid in Belgian Francs.

2X On I.B.R.D. loan of $195,000,000 principal amount, $1,037,872 plus interest may be repaid in Belgian Francs and $3,955,788 plus interest

in Swiss Francs.

/ Waiver of interest payments. In any year in which tlhe Government of the United Kingdom requests the Government of the United States to

waive the amount of the interest due in the installment of that year, the Government of the United States will grant the waiver if:

(a) the Government of the United Kingdom finds that a waiver is necessary in view of the present and prospective

conditions of international exchange and the level of its gold and foreign exchange reserves and

(b) the International Monetary Fund certifies that the income of the United Kingdom from home-produced exports plus

its net income from invisible current transactions in its balance of payments was on the average over the five

preceding calendar years less than the average annual amount of United Kingdom imports during 1936-8, fixed at

B866 million, as such figuare may be adjusted for changes in the price level of these imports. Any amount in excess

of P43,750,000 released or Daid in any year on account of sterling balances accumulated to the credit of overseas

governments, monetary authorities and banks before the effective date of this Agreement shall be regarded as a

capital transaction and therefore shall not be included in the above calculation of the net income from invisible

current transactions for that year. If waiver is requested for an interest payment prior to that due in 1955, the

average income shall be computed for the calendar years from 1950 through the year preceding that in which the request

is made. Similar provisions apply on Canadian Government loan to United Kingdom.

Basic Assumptions

Privately held dollar bonds.Where no amortization terms are readily available, it was assumed that bonds would be retired in equal annual installments

to maturity date. In the case of bonds in default it was assumed that the amount outstanding as of 12/31/47 would be re-

tired in equal an.nual installments to maturity, if the maturity is in the future or where specific amortization terms were

available these were followed and any remainder not covered by sinking fund was assumed to be paid off in the final maturity

Notes (Cont'd.)

year. On Defaulted Bonds with maturities prior to 1948, it was assumed that they would be retired on equal annusal installments

from 1948 through 1960.

Export-Import Bank loans.On amounts authorized but not disbursed, it was assumed that these would be completely disbursed by the expiration date of the

credit.

O.F.L.C.On amounts committed but not utilized it was astumed that 112 of' the non-utilized credit would be drawn donM in 1948 and the

other half in 1949.

Ifar Assets.On amounts committed but not utilized it was assumed that 1/2 of the non-utilized credit would be drawn down in 1948 and the

other half in 1949.

Z.C.A.It is assumed that the following amounts will be loaned.

(Million dollars)

1948 Percentage Rf Total after 1948 1949 1950

United Kingdom 300 40%6 240 200 160

France 170 20% 120 100 80

Netherlands 80 15% 90 75 60

Norway 30 4% 24 20 16

Denmark 25 4% 24 20 16Italy 15 5% 30 25 20

All Others 80- 12% 72 60 48

Total 700 100% 600 500 400

Estimated Net Invisibles of E. C. A. Countries with the w.estern Hemisphere

(millions of U. S. Dollars at 7/1/47 Prices)

1948-1949 1949-1950 1950-1951 1951-1952Countries . .__

__________________________ Total U. S. O.;.H. -Total U. S. O.W.H. Total U. S. O.W.H. Total U. S. O.W..

MiMnor Countries a/ 113 127 14 99 105 6 132 127 5 151 146 - 5'Sweden 112 93 19 76 57 19 76 57 19 71 52 19iSwitzerland 156 61 95 146 52 94 148 55 93 139 54 85

Sub Total 381 281 100 321 214 107 356 239 117 361 252 109

tItaly - 72 - 72 - 26 - 48 22 15 -35 50 8 40 48

'Belgium-Luxembourg -11 - 11 0 - 7 - 11 4 10 5 -5 21 4 17,.Belgian Dependencies _ 6 - 6 - - 6 - 6 - - 6 _ 6 - _ 6 - 6.Netherlands 7 2 5 36 28 8 43 40 3 42 39 3Netherlands Dependencies - 20 80 - 100 - 20 80 - 100 - 20 80 - 100 _ 20 80 - 100

French Union -177 161 -16 - 44 - 28 16 81 90 - 9 165 164 1

France -167 - 154 - 13 - 34 -21 -13 91 97 - 6 175 171 4French Overseas Terr. -10 - 7 - 3 - 10 7 3 -10 7 - 3 _10 - 7 3

United Kingdom - 33 - 16 - 17 29 15 14 71 42 29 107 57 50U.K. Dependencies 100 100 - 100 100 - 100 100 - 100 100

I ~GRAND T CTAL 169 197 - 28 383 344 39 650 555 95 778 650 128

aJ Austria, Denmark, Greece, Iceland, Norway, Portugal and dependencies, Turkey.

O.WI.H. - Other Western Hemisphere

Table IV

ESTIMATED EX9O2RTS OF E.C.A. C0UjiT.-.I.,S TO W4ESTERN F- H`IS!E3-Z;

(Miillions of U.S. dollars at 7/1/47 prices)

1948 - 1949 1949 - 1950 1950 - 1951 1951 - 1952

Total U.S. O. WH. Total U.S. 0. "I".i. Total U.S. O.W.H. Total U.S. O. V.H.

Minor countries a/ 212 16o 52 246 181 66 270 196 74 299 218 80Sweden 227 144 83 282 182 100 316 204 112 326 204 123Switzerland 211 140 71 226 133 83 214 129 85 211 123 88

Sub-total 650 444 206 744 496 248 800 529 271 836 545 291

Italy 123 30 93 160 36 124 206 47 160 271 60 211

Belgium - Luxembourg 206 75 131 246 90 156 315 110 205 341 126 215Belgium Dependencies 61 54 7 61 54 7 61 54 7 61 54 7Netherlands 54 35 19 102 52 50 133 59 74 193 83 110Netherlands Dependencies 107 107 - 10? 107 - 120 120 - 130 130 -

French Union 296 176 120 466 232 234 583 266 317 703 307 395France 211 102 110 357 135 222 458 156 302 553 172 380French Overseas Terr. 85 75 10 109 97 12 125 110 15 150 135 15

United Kingdom 1,058 331 728 1,374 431 943 1,542 508 1,034 1,671 593 1,079United Kingdom Depend. 570 500 70 570 500 70 595 525 70 620 550 70

Grand Total 3,125 1,752 1,374 3,830 1,998 1,833 4,355 2,218 2,138 4,826 2,448 2,378

a/ Austria, Denmark, Greece, Iceland, Ireland, Norway, Portugal and dependencies, Turkey.

O.W.H. - Other Western Hemisphere.

Table V

External Debts of E.C.A. CountriesOwed to Western Hemisphere

(Par Value - Thousands of U.S. Dollars)

AustriaU.S. Inter-Govt. 36,755Other Inter-Govt.Private 33,743

Total Austria 70,498

BelgiumU.S. Inter-Govt. 198, 800Other Inter-Govt. 120,367Private 23,025

Total Belgium 342,192

DenmarkU.S. Inter-Govt. 115,000Other Inter-Govt. _Private 105,925I.B.R.D. 40,000

Total Denmnark 260,925

FranceU.S. Inter-Govt. 1,073,637Other Inter-Govt. 4.49,229Private 7,461I.B.R.D. 250,000

Total France 1,780,327

GreeceU.S. Inter-Govt, 146, 298Private 43,651

Total Greece 189,949

IrelandPrivate 595

LtalZU.S. Inter-Govt. 472,582Other Inter-Govt. 186,910Private 13 707

Total Italy 793,199

LuxembourgI.B.R.D. 12,000

Continued -

TABLE V (Cont.)

External Debts of F.C.A. CousntriesOwed tW estern HemisRhe

(Par Value - Thousands of U.S. Dollars )

NetherlandsU.S. Inter-Govt. 710,806Other Inter-Govt. 152,656Private 19,250I.B.R.D. 195.000

Total Netherlands 1,077,712

NorwalU.S. Inter-Govt. 183,213Other Inter-Govt. 25,000Private 833146

Total Norway 291,359

SwedenU.S. Inter-Govt. 2,155

TurkeyU.S. Inter-Govt. 52, 148

United KingdomU.S. Inter-Govt. 5,494,482Other Inter-Govt. 1,015,000

Total United Kingdom 6 482

OthersU.S. Inter-Govt. 260,000

Grand Total 11,642,541.

Table VI

List of Long-Term Obligations Due to Countries of Western Hemisphere

AUSTRIA

(In thousands of U.S. Dollars)-

Interest Date of

Creditor Country and Obligation (per cent Date last Scheduled Total Amount toper anlnum) Authorized Payment be Amortized

U7ITED STATESPrivately held dollar bonds

Republic of Austria, Ext. Sinking Fund Gold Bonds 7 7/ 1/30 1957 20,180

Lower Austria, Ext. Secured Sinking. Fund 7-1/2 12/ 1/25 1950 1,292

City of Graz, Ext. S-eured Sinking Fund 8 11/ 1/24 1954 1,912

City of Vienna, Ext. Sinking Fund 6 ll/ 1/27 1952 1,3312/ Lower Austrian Eydro-Electric Pw. Company 6-1/2 8/ 1/24 1944 981

2/ Tyrol Eydro-Electric Pw. Co., Pirst SinkingFund Gold 7 5/ 1/25 1955 2,310

2/ Tyrol Hydro-Electric Pw. Co., Guar. Sec.Sinking Fund Gold 7 2/ 1/27 1952 1,964

g/ Alpine Montan Steel Corp., First ClosedSinking Fund 7 3/ 1/25 1955 3,775

Intergovernmental LoansExport-Import Bank

Hypotheken-und Credit-Institut, Credit Fo. 422 4 2/19/47 1949 750

Austrian Govt.t (Capital Goods) Credit No. 430 3-1/2 7/31/47 1955 4'805Austrian Govt., (Raw Materials) Credit No. 43O 3 7/31/47 1952 8,200

Republic of Austria,Credit No. 434 31 11/19/47 1955 500

O.F.L.C. 2-3/8 5/ 2/46 1976 12,126

War Assets 3 5/ 5/48 1963 10,000

Amount outstanding 12/31/47 (Export-Import Bank 6/30/48) plus amounts estimated to be drawm down in future.

2/ Government guaranteed. ..

Table VI

List of Long-Term Obligations Due to Countries of Western Hemisphere

BELGIl1k & LUXEDIOURG

(In thousaands of U.S. Dollars)

Interest Date Date of TotalCreditor Country aind Obligation (per cent Authorized Last Scheduled Amount to

per annum) Payment be Amortized j

UNITED STATES BELGIUIMPrivately held dollar bonds

Kingdom of Belgium, Ext. Sinking Fund 6-1/2 9/ 1/24 1941 6,331Kingdom of Belgium, Ext. Sinking Fund 6 1/ 1/2.5 1955 4,o63Kingdom of Belgium, Ext. Sinking Fund 7 1/ 1/25 1955 5,728City of Antwerp, Ext. Sinking Furd 5 12/ 1/28 1958 6,903

- Intergovernental LoansExport-Import Bank

Kingdom of .belgium, Credit No. 383 2-3/8 9/11/45 1975 51,333Kingdom of Belgium, Credit Nio. 384 3 9/11/45 1966 45,000Kingdom of Belgium, Credit No. 436 3-1/2 11/26/47 1953 32,000Kingdom of Belgium, Credit No. 436Advances by participating banks 3-1/2 11/26/47 1953 18,000 I I

O.F.L.C. 2-3/8 9/24/46 1976 48,632

OTHER COUNTRIES (Intergovernmental loans)Canada 3 1945 1976 64,767Argentina None May, 1946 1949 32,738Brazil None May, 1946 1951 22,748Uruguay None June, 1946 1950 114

LUXEMBOURGI.B.R.D, (Grand Duchy of Luxembeurg) 3-1/4 10/24/47 1972 12,000

j Amount outstanding 12/31/47 (Export-Import bank and I.B.R.D. 6/30/48) plus amounts estimated to bedrawn down in future.

Table VI

List of Long-Term Obligations Dute to Countries of Western Remisphere

DRIN111ARK

(In thousands of U.S. Zollars)

Interest Date of

Creditor Country and Obligation (per cent Date Last Scheduled Total Amount to

-per annum) Authorized Payment be Amortized 1/

UINTITED STATES

Privately held dollar bondsKingdom of Denmark, External 6 1/ 2t22 1942 16,000

Kingdom of Denmark, External 5-1/2 8/ 1/25 1955 16,800

Kingdom of Denmark, External Gold 4-1/2 4/15/28 1962 38,200

City of Copenhagen, External 5 6/ 1/27 1952 15,000

City of Copenhagen, External 4-1/2 5/ 1/28 1953 12,000

2/Mortgage Bank of the Kingdom of Denmark 5 12/ 1/27 1972 3,505

Danish Consolidated Municipal Loan (Non-guaranteed) 5-l/2 11/ 1/25 1955 2,420

Danish Consolidated Municipal Loan (Nion-guaranteed) 5 2/ 1/28 1953 2'040

Intergovernmental LoansE.CGA. 3 1948 1983 85,000

Export-Import Bank, Credit No. 370 3 7/13/45 1966 20,000

O.F.L.C. 2-3/8 2/ 1/47 1976 10,000

I .B.R.D. 3-1/4 10/17/47 1972 40o,oo

1/ Amount outstanding 12/31/47 (Export-Imtcort Bank and I.B.R.D. 6/30/48) plus amounts to be

drawn down in future.

2/ Government-guaranteed.

Tabvle VI

L.' J Tcn.e-Te.-m Obli;;atio-ns TMue to Coutries cf W^stern .- emisohereF}EE,NCE

(In thousands of U.S. Dollars)Iinterest Date Date o f Tc ;al

Creditor Co-antry and Obligation (Percent Autlorized Last Scheduled Amoeunt toPer A-.rum) P ymert b,-i ro"tizecd 1/

UNITFD STATYTSPrivately held dollar bonds

Republic of F'rance, External Sinking Fund 7 12/ 1/24 1949 7,461Intergovernmental loans

E.C.A. 3 1948 1983 470,000Export-Import Bank

iRepublic of Firance, Credit No. 382 2-3/8 9/11/45 1963 517,736Republic of France, Credit No. 404 3 6/19/46 1972 650,000

Lend-Lease 2 5/28/46 1981 3855000Maritime Commission 3-1/2 t/ 3i 52 967O.F.L.C. 2 4/ 1981 350,000War Assets 3 5/ 5/48 1963 50,000

OTHER COUNTRIESCanada 3 1945 1978 242,500Argentina 2.75 to 1/1/50; July, 1947 1954 178,571 $ '

3 thereafterBrazil None Mar., 1946 1950 25,000Uruguay Nione Sept., 1946 1950 3,158

I.B.R.D.Credit liational (France) 3-1/4 6/ 9/47 1977 250,000

/ Amount outstanding 12/31/47 (Ex.-Im. Bank & I.B.R.D. 6/30/48) plus amounts estimated to be drawn down in future.U Credit is extended on the basis of an executed mortgage for each ship delivered, in lieu of any over-all credit

agreement.3/ In general, interest is payable every 6 months, whereas principal is payable annually, with the final payment

due in not to exceed 20 years./ May 28, 1946 and December 6, 1947.

j/ In October 1945 an agreement was made providing a loan of 150 million pesos at 2-1/2% interest, due in 3 years.This credit was later incorporated in the 600 million pesos ($141,843,972) agreement of July, 1947.

Table VI

List of long-Term Obligations Due to Countries of WesternHems here

GR=EGE & tR= AND(In thousands of U*St Dollars)

Interest rate ofCreditor Country and Obligation (Percent Date Last Scheduled Total Amount to

Per Annum) Authorized Payment be Amortized -UIITED STATES

Privately held dollar bondsGreek Government, Forty-yr. (Refugee) Sec. S.F. 7 11/ 1/24 1964 10,361Greek Govt.,.Sec. S.F. Stabilization & Refugee 6 2/ 1/28 1968 16,582Greek Govt..,(Water Works Loan) Ext. Sec. S.F. 8(NowLI4) 1925 1952-84 9,576Greek-Govt., Treas. Notes 3 1935 1936 4,815Greek Govt., Treas. NTotes 3 1934 1935 467Greek Govt., Treas. Notes 3 1933 1934 1,850

Intergovernmental loansExport-Import Bank, Credit No. 390 3 1/ 9/46 1976 .14,687Maritime Commission 3-1/2 2/ 3/ 36,768OJI.,*C& -A 2-3/8 5/16/46 1976 10,000

-B 2-3/8 9/25/46 1976 10,000-C 2-3/8 10/ 4/46 1976 25,000

0 D 2-3/8 5/15/47 1976 10,0002-3/8 1/ 6/48 1976 25,000

IRELANDUNITED STATES

Privately held dollar bondsIreland, External Sinking Fund Gold 5 11/ 1/27 1960 595

1/ Amount outstanding 12/31/47 (Export-Import Bank 6/30/48) plus amounts estimated to be drawm down in future.2 Credits extended on the basis of an executed mortgage for each ship delivered, in lieu of any over-all creditagreement.

2/ In general, interest is payable every 6 months, whereas principal is payable annually, with the final payment Cdue in not to exceed 20 years. w

Table VI

List of T . -Term Obligat`ons Due to Countries of Western Hemisphere

ITALY(In thousands of U,.S. Dollars)

Interest Date Date of TotalCreditor Country and Obligation (Percent Autlhorized Last Scheduled Amount toPer Annum) Pavment ___be fiortized 1/

UNITED STATISPrivately held dollar bonds

Republic of Italy 1 to 3 1/ 1/47 1977 39,652Italian Credit Consortium for Public Works 2/ 1 to 3 1/ 1/47 1977 37,243Italian Public Utilities Credit Institute j 1 to 3 1/ 1/47 1977 55,077Ernesto Breda Co., Fixst Sinking Fund Gold 7 2/ 1/29 1954 1,029Isotta Fraschini Auto. Fact., First Sink. Fund Gold 7 2/ 1/27 1942 317Stablimenti Tossili 7 1926 1956 389Intergoverrmental loans

E.C.A. 3 1948 1983 95,000Ex-port-Import -BankItalian Banks (Gcvt. of Italy) Credit No. 387 2-1/2 1/21/46 1949 87Italian Banks (Govt. of Italy) Credit Iuo. 387 2-1/2 1/21/46 1949 2,353Italian Credit Institution (Govt. of Italy)

Credit No. 417 3-1/2 7/31/47 1960 23,000Italian Credit institution (Govt. of Italy)Credit No. 417 3-1/2 10/ 1/47 1960 5,800Italian Credit Institution (Govt. of Italy)Credit No. 417 3-1/2 10/15/47 1960 32,000Italian Credit Institution (Govt. of Italy)Credit No. 417 3-1/2 10/23/47 1960 36,500Italian State Monopoly (Govt. of Italy)Credit No. 420 2-1/2 2/19/47 1950 4,899Istituto Mobiliare Italiano (Govt. of Italy)Credit No. 437 3-1/2 12/ 3/47 1954 4,625Maritime Commission 3-1/2 3] 9/ 64,274O.F.L.C. - A 2-3/8 9/ 9/46 1975 160,OOO-B 2-3/8 7/21/47 1976 18,000

OTHER COUNTRIESArgentina - A 2.75 Oct. 1947 1951 104,167- B 3.75 Nov. 1947 1972 104,167

(Footnotes on following page)

Table VI

ITALY

ITALY (Footnotes)

lJ Amount outstanding 12/31/47 (Export-Import Bank 6/30/48) plus amounts estimated to be draeMdown in future.

2/ Government-guaranteed.

g Credit is extended on the basis of an executed mortgage for each ship delivered, in lieu ofany over-all credit agreement.

4/ In general, interest is payable every 6 months, whereas principal is payable annually, withthe final payment due in not to exceed 20 years.

Table VI

Lifst_ of Lcn•,-Term Oblig:rtions Due to Cou.tries of Western HemisphpereNET1{-ERLANDS

(In thousands of U.S. dollars)

Interest Date Date of TotalCreditor Courtr- ardd Obligation (Percent Authorized Last Scheduled Amount toPer Annum) Payment be kn,aortized 1/UNITIED STATES

Privately held dollar bondsKingdom of the Netherlands, Ext. Sinking Fund 3-3/4 51 1/47 1957 19,250

Intergovernmental loansE.C.A.

3 1948 1983 305,000Export-Import 33ankKingdom of the Netherlands, Credit No. 380 2-3/8 9/11/45 1977 46,933Kingdom of the Netherlands, Credit No. 381 3 9/11/45 1966 50,000Kingdom of the Netherlands, Credit No. 400 3 3/20/46 1953 92,106Kingdom of the Netherlands, Credit No. 400Advances by participatting bans 2-1/4 3/20/46 1948-9 86,113Royal Dutch Airline (Kingd. of N.) Credit No. 428 3 5/28/47 1952 2,563Lend-Lease

2 5/28/47 1980 48,000Maritime Commission 3-1/2 Y - 8,913O.F.L.C. 2 5/28/47 1980 30,000War Assets 3 10/ 1/47 1963 25,000

OTHER COUNTRIES (Intergovernmental loans)Canada

2-3/4, 1945 1976 119,0003, 3-1/4

tArgentina 2-3/4 Mar., 1948 1953 37,202

I.BiR.D.Kingdom of the Netherlands 3-1/4 9/11/4? 1972 195,000

j Amount outstanding 12/31/47 (Ex.-Im. Bank & IBRD 6/30/48) plus amounts estimated to be drawn down in future../ Credits extended on the basis of an executed mortgage for each ship delivered, in lieu of any over-all creditagreement.2/ In general, interest is payable every 6 moniths, wlhereas principal is payable annually, with the final paymentdue in not to exceed 20 years.

Table VI

list of Long-Term Obligations Due to Comitries of W,;stern 'Hemis-phere

NCRWAY

(In thousands of U.S. Dhllars)

ThInerqb Date ofCreditor Country and Obligation (?eceit Date Last Scheduled Total Amount to

Per Annlun) Authorized Payment be Airort&zed 1/UNITED STATES

Privately held dollar bondsKingdom of Norway, External Sinking Fund 4-1/2 31 1/36 1956 10,994Kingdom of Norway, External Sinking Fund 4-1/4 4/ 1/36 1965 27,979Kingdom of Norway, External Sinking Fund 4 2/ 1/37 1963 21,168Kingdom of Norway, External Sinking Fund 3-1/2 4/ 1/47 1957 9,925Department of Akershus Ext. Sinking Fund 4 3/ 1/38 1968 5,8662/Kingdom of Norway Municipalities Bank 5 6/ 1/30 1970 4,343City of Oslo, External Sinking Fund 4-1/2 4/ 1/36 1955 2,871

Intergovernmental loansE.C.A. 3 1948 1983 90,000Export-Import Bank

Kingdom of Norway, Credit No 369 3-1/2 7/13/45 1967 50,000Christiana Bank of Kreditkasse, Credit No.440 3-112 4/ 2/48 1951 250Maritime Commission 3-1/2 4/ 1 18,070O.F.L.C. 2-3/8 7/29/46 1976 o10000War Assets Administration 3 5/ 5/48 1963 12,000

OTHER COUNTRIES

Canada 2-3/4 1945 1959 25,000

1/ Amount outstanding 12/31/47 (Ex.-Im. Bank 6/30/48) plus amounts estimatad to be drawn down in future.2/ Government-guaranteed.3/ Credit is extended on the basis of an executed mortgage for each ship delivered, in lieu of an over-all creditagreement.4| In general, interest is payable every 6 months, whereas principal is payble annually, with the final paymentdue in not to exceed 20 years.

Table VI

List of Long-Term Obligations Dfue to Countries of Western Hemisphere

SWEDEN

(In thousands of U.S. Dollars)

Interest Date of

Creditor Country and Obligation (per cent Date Last Scheduled Total Amount toS

per annum) Authorized Payment be Amortized

UNIT-hID STATES

Intergovernmental LoansExport-Import Bank

Swedish Airways, Credit No. 446 3-12 6/ 9/48 1953 2,155

/ Amount outstanding 12/31/47 (Export-Import Bank 6/30/48) plus amount estimated

to be drawn down in future. cu

Table VI

List of Ioong-Term Obligations Due to Countries of Western Hemisphere

(In thousands of U.S. dollars)

Interest Date of

Creditor Country and Obligation (per cent Date Last Scheduled Total Amount to

iper annum) Authorized Payment be Amortized

UNITED STATESIntergovernmental Loans

Export-Import BankTurkish State Airways (Republic of Turkey)

Credit lo0. 378 4 9/11/45 1951 ,6o01

Republic of Turkey (Unallotted) Credit No. 407 3-1/2 7/ 3/46 1951 11,057

Republic of Turkey, Credit No. 407 3-1/2 9 17/47 1956 3,000

Republic of Turkey, Credit No. 407 3-1/2 4/16/47 1952 31

Republic of Turkey (Sumer Bank) Credit No. 407 3-1/2 4/ 9/47 1953 738

Republic of Turkey (Sumer Bank) Credit No. 407 3-1/2 8/13/47 1953 117

Repuablic of Turkey, Credit No. 407 3-1/2 6/30/46 1952 1,131

Republic of Turkey, Credit No. 407 3-1/2 12/18/46 1951 4,458

Republic of Turkey, Credit No. 407 3-1/2 4/16/4? 19 2,426

Republic of Turkey (Eti Bank) Credit No. 407 3-1/2 4/30/47 1952 864

Republic of Turkey (Eti Bank) Credit No. 407 3-1/2 4/ 2/47 19$52 354

Republic of Turkey (Eti Bank) Credit No. 407 3-1/2 5/21/47 1952 210

Rtepublic of Turkey, Credit Nv. 435 3-1/2 11/26/47 1954 8)000

Maritime Commission 3-1/2I 4 JJ 6,035

OF'.L.0. 2-3/8 2/27/46 1/1/56 8,843,

I/ Amount outstanding 12/31/47 (Export-Import Bank 6/30/48) plus amount estimated to be drawn down in future.,

g/ Credit is extended on the basis of an executed mortgage for each ship delivered, ii lieu of any over-all

credit agreement.3/ In general, interest is payable every 6 months, whereas principal is payable annually, with the final

payment due in not to exceed 20 years.

Table VI

List of Long-Term Obligations Due to Couitries of Western Hemisphere

UNITED KINGDOM Ai'ID OTHER COUNTRIES

(In thousands of U.S. dollars)

Interest Date ofCreditor Country (per cent Date Last Scheduled Total Amount to

and Obligation per annum) Authorized Payment be Amortized

UN4ITED KINGDOM

UNITED SThTESIntergovernmental ILoansE.C.A. 3 1948 1983 900,000Government Loan 2 1946 2000 3,750,000Lend Lease 2 1946 2000 587,286O.F.L.C. 2 1946 2001 53,985R.F.C. 3 1942 1953 194,483

OTHER COUNTIESIntergovernme tal LoansCanada 2 1946 1998 1,250,000

OTHER COUN4TRIES 1

UNITED STATESIntergovernmental LoansE.C.A. 3 1948 1983 260,ooo 4/

/ Amount outstanding 12/31/47 plus amount estimated to be drawn down in future.t/ The United Kingdom is also obligated to pay Canada $331,500,000, the balance due March 31, 1948 o m

on the interest-free loan of $700,000,000 made in 1942. Repayment to date has been from the C proceeds of the sale of Canadian securities held in the U.K.

0] E.C.A. loans estimated by individual countries only for Denmark, France, Italy, Netherlands, Norway w x

and the United Kingdom. CD

j/ Estimate of amounts utilized by June 1952.