The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-02-19
'45O MILLIONS
ENTENG[AND.
France and Italy Were Chief
Borrowers, But Britain Got
Vast Share.
BY w. H. ATKINS.
International News service.)

international News Servtce.D
Treasury loans to European gov
ernments, under new credits estab-
lished since the close of the war,
have aggregated $4,000. 900 900.
This after-the-war phase in the
Governments program of financing
Europe was revealed today in figures
to be laid before the Senate Judiciary
Committee.
France and Italy were the chief
borrowers after the armistice, al
though England and other bene-
ficiaries of loans continued after the
war to receive heavy cash advances,
made possible by credits previously
established.
LOAN FIGUREs READY.
Data yheying bnvsj the $40 900 .ooa.-
900 loAHedst the Esropean govern
r,ents was expended over the entire
, period aftar Americas entry into the
war was ready to be presented by
Secretary Of the Treasury Houston
upon his appearance Monday before
the Senate Judiciary Committee.
Bales of statistics and letters bear
ing upon the Commit .nents" which
Senatorial inquisitors ara anxious to
probe, were prepared for submission
and examination.
The facts disclosed by the newly
assembled reports apparently indicate
that most Of the money loaned to
European governments was spent In
the United States for American COM
modities.
Apparently heavy loans made after
the fighting in Europe ceased brought
buying in America to unprecedented
totals. and furnished a vital connoc-
tion with the wave of profiteering
which swept the country most Of last
year.
advanced after the war ended was
In fact. 1T appears that the cash
spent with certain groups Of indus
tries which have been singled out in
the public mind as being the chief
offenders in speculation.
Although primarily II Is not the
purpose of the Senate committee to
dwell upon commodity prices at any
length, 1t appeared today that this
phase of the matter would not be
passed over when the -commit-
ments" made by foreign nations.
principally with American firms, are
| analysed and their legal character ex-
| amined.
There was some question whether
| or not Secretary Houston will be
prepared with documents to establish
to the committees satisfaction the
necessity under which after-the-
war Ioans were made, especially as
1t appears that European borrowers
had far from exhausted enormous
credits set up in their favor earlier
in the war.
The actual cash advances made By
this Government after the armistics
Appropriated $4,000. .oOo. 900.
HOW MONEY WAS SPENT.
How the 10000, 900 900 war loan
| was spent by the allies is shown by
| some of the larger totals prepared by
Secretary Houston, including the fol-
lowing:
Munitions, including remounts, 81
! 493. 1000, 900.
Munitions for other Governments.
| $205, 900, 900.
Cotton purchases. s2.e44, ,ooo. 900.
| Cereals, S1,422, ,000, 900.
other foods. 81, ,629, ,O00, 600
Reimbursements, N,S72. 600. 900.
"other supplies" s613,OO0.ooo.
| Tobacco, S145, 200, 900.
other sums. in varying amounts. for
| relief, interest, and maturities, are
listed.
Two items which stand out in the
table are food for Northern Russia
s7,o2so 900, and purchases from neut-
rails, SIS, 1000.
| After the end OF tho war Treasury
cash given Europe was spent little
less freely than in the earlier months.
Cotton purchases and exchange"
amounted to approximately $780,
100000. Munitions were listed for e1-
penditures OF about 1925, 0o0. 900.
Cereals and. other foods bought with
| Government credits amounted to near
ly 100000, 900. What Is listed as
"other supplies caused expenditures
of about s275.00O, 900.
Great Britain's efter-war borrow
ing under new credits from the United
States amounted to about st5o. 900. =
600. Actual cash advanced to Great
Britain, however. aggregated greatly
in excess OF that figure, because of
earlier credits.
Both France and Italy began their
heaviest borrowing In tho after-wsr
period. New credits To France totail-
ed $3.50 100000 while rtaiy's nee
or6liis amounted to st5aoo0. .oooI