ducers of South America and North America alike" (AP, Aug. 6). The appropriation was finally made. The Inter-American Bank, which grew out of Welles' post-Panama Economic Advisory Committee, "was to be capitalized at $100 million and cooperatively owned, but the republics have been chary about putting up capital. So the Inter- American Bank, for the present, is dormant, and the Export-Import Bank remains the only institution geared to fill the gap. Altogether the Export-Import Bank has advanced about $207 million in Latin America. For Brazil the bank advanced $2,275,000 for purchase of Moore-McCormack ships" (doubtless at a good profit to the transferring company). The Export-Import Bank lent Chile $12 million for hydro-electric plants. (The General Electric lobby should have been helpful in this). "Perhaps the most tantalizing single commercial possibility in Latin America is the famous iron-ore deposits of Brazil, ranked qualitatively and quantitavely with the best in the world. Jesse Jones of the RFC has let it be known that he is 'ready to go into this thing fifty-fifty with any experienced U. S. steel company'." (Fortune, September 1940, pp 152, 154)

HULL'S HAVANA 'TRIUMPH'

The 'Triumph' of the Hull(1) Havana Program filled Americans with pride that we were saving our "good neighbors"(2) from Nazi machinations. It was a "marked success" in "the moral if not material" sense. (AP, July 28)(3)(4)

"At Havana these last few days orators have extolled the democratic way of life and the liberty-loving peoples of the Western Hemisphere. Dictator Vargas of Brazil, and President Baldomir of Uruguay, to mention only two American heads friendly to Herr Hitler and Signor Mussolini, must have laughed up their sleeves."(5) (PM, July 26)

The 'unanimity' announced was in the headlines. The Boston Herald, July 29, explained "Two of the four points agreed on at Havana are important only as declarations of opinion. The other two points . . . will obviously require considerably more study and collaboration by the interested states." And the Boston Transcript, July 29, apologized, "The Act of Havana was so phrased" as to give "Argentina a means of appearing to support American unity while reserving the privilege of doing nothing at all".(6)

Of Argentina's reiterated demand for the Falklands,--of Guatemala's claims to British Honduras, both seized by the British since Monroe's time,--of the recent seizure by the French and British of the Dutch possessions, Aruba and Curacao,--on these the cables were silent.

-411-

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