Sterling Area and the British Loan

Archive Report

British Loan and Freedom for World Trade

Purpose of the Proposed Loan to Great Britain

THE Senate Committee on Banking and Currency, which concluded two weeks of hearings on the British loan agreement March 20, is expected momentarily to report out the joint resolution authorizing the proposed $3,750,000,000 line of credit. While only three witnesses appeared before the committee to oppose the loan, informal polls of the Senate indicate that members are closely divided on the issue. Lively debate is likely to precede final action by Congress.

Provision for the loan to Britain is part of a joint financial and commercial program worked out by representatives of the American and British governments at conferences in Washington last autumn. On Dec. 6, 1945, President Truman and Prime Minister ...

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