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S. 2310

A BILL TO PROHIBIT ANY GUARANTY BY THE EXPORT-IMPORT
BANK OR ANY OTHER AGENCY OF THE GOVERNMENT OF

PAYMENT OF OBLIGATIONS OF COMMUNIST COUNTRIES

NOVEMBER 20, 21, AND 22, 1963

Printed for the use of the Committee on Banking and Currency

1

U.S. GOVERNMENT PRINTING OFFICE

25-611 0

WASHINGTON : 1963

COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman JOHN SPARKMAN, Alabama

WALLACE F. BENNETT, Utah PAUL H. DOUGLAS, Illinois

JOHN G. TOWER, Texas JOSEPH S. CLARK, JR., Pennsylvania JACOB K. JAVITS, New York WILLIAM PROXMIRE, Wisconsin

MILWARD L. SIMPSON, Wyoming HARRISON A. WILLIAMS, Jr., New Jersey PETER H. DOMINICK, Colorado EDMUND S. MUSKIE, Maine EDWARD V. LONG, Missouri MAURINE B. NEUBERGER, Oregon THOMAS J. MCINTYRE, New Hampshire

MATTHEW HALE, Chief of Staff

II

CONTENTS

Page

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S. 2310

Amendment to S. 2310..----

Report by Department of Agriculture...

WITNESSES

WEDNESDAY, NOVEMBER 20

Hon. Karl E. Mundt, U.S. Senator, State of South Dakota...

Dr. G. Warren Nutter, professor and chairman of economics, University of

Virginia.-----

Gerald Steibel, Research Institute of America, New York, N.Y.

Hon. Douglas Dillon, Secretary of the Treasury--

THURSDAY, NOVEMBER 21

Hon. J. W. Fulbright, U.S. Senator, State of Arkansas.---.

Hon. George W. Ball, Acting Secretary of State ---

Harold F. Linder, President and Chairman, Board of Directors, Export-

Import Bank of Washington; accompanied by Walter C. Sauer, Vice

Chairman, Board of Directors, Export-Import Bank of Washington.---

FRIDAY, NOVEMBER 22

Hon. Franklin D. Roosevelt, Jr., Acting Secretary of Commerce; accom-

panied by Ernest Rubin, Director, Sino-Soviet Division; Forrest D.

Hockersmith, Director, Office of Export Control; and Dean B. Lewis,

Assistant General Counsel, Department of Commerce-----

Samuel C. Waugh, former Chairman, Eximbank, Washington, D.C.--

Philip A. Ray, Esq., San Francisco, Calif.-----

James S. Bush, Minneapolis, Minn.------

Alfred W. Barth, executive vice president, Chase Manhattan Bank.--

August Maffry, senior vice president, International Division, Irving Trust

Co., New York, N.Y...

John L. O'Halloran, International Division, Manufacturers Hanover

Trust Co.------

Col. S. F. Clabaugh, Washington, D.C.-------

James C. Frink, vice president, Tobacco Associates, Inc...

E. Raymond Wilson, on behalf of the Friends Committee on National

Legislation.

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Page
162

232

67

Linder, Harold F., President and Chairman, Board of Directors, Export-

Import Bank of Washington; accompanied by Walter C. Sauer, Vice

Chairman, Board of Directors, Export-Import Bank of Washington.---
Maffry, August, senior vice president, International Division, Irving

Trust Co., New York, N.Y....
Mundt, Hon. Karl E., U.S. Senator, State of South Dakota ---
Nutter, Dr. G. Warren, professor and chairman of economics, University

of Virginia ----
Ray, Philip A., Esq., San Francisco, Calif.----
Roosevelt, Hon. Franklin D., Jr., Acting Secretary of Commerce; accom-

panied by Ernest Rubin, Director, Sino-Soviet Division; Forrest D.
Hockersmith, Director, Office of Export Control; and Dean B. Lewis,

assistant general counsel, Department of Commerce-----
Steibel, Gerald L., Research Institute of America, New York, N.Y.
Waugh, Samuel C., former Chairman, Eximbank, Washington, D.C.-----
Wilson, E. Raymond, on behalf of the Friends Committee on National

Legislation -

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142

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LETTERS AND OTHER MATERIAL SUBMITTED FOR THE

RECORD

Agriculture Department:

Report on S. 2310.

Comment on sale of 150 million bushels of wheat to the Communist

bloc-----

American Farm Bureau Federation, Washington, D.C.: Telegram from

Charles B. Shuman, president ---------

Attorney General's opinion concerning the application of certain Federal

statutes to sales of U.S. wheat and other agricultural products to the

Soviet Union and Eastern European bloc countries ---

I. The Johnson Act------

-----------------------------

II. Section 2(c) of the Agricultural Act of 1961.--

III. The Battle Act----

IV. The Export Control Act.---

Ball, Hon. George W., Acting Secretary of State: Memorandum entitled

"Éffect of a U.S. Wheat Sale on Soviet Resource Allocation --

Bennett, Hon. Wallace F., U.S. Senator from the State of Utah:

Articles from the Washington Evening Star of November 20, 1963:

Ban U.S. Credit in Sale of Grain, Mundt Urges ----

NATO Group Opposes Aiding Reds With Trade, by Crosby S.

Noyes------

---------------------------------------------

Legislative history of the Export-Import Bank of Washington ----

Commerce Department, 64th quarterly report, 2d quarter 1963, entitled

“Export Control,” excerpts from------------

Table 1. Dollar value, export licenses processed and issued and exports

to U.S.S.R. and Eastern Europe, 1954-63..

---

Table 2. Commodities licensed for Eastern Europe, second quarter,

1963..

Table 3. U.S. trade with Eastern Europe, 1961-62 and January-

March 1963.

Table A. U.S. exports and imports by areas, 1956-62 and January-

March 1963-------

Table B. U.S. exports and imports, Eastern Europe and Soviet bloc

in Asia, 1956-62 and January-March 1963..

Table C. U.S. exports to Eastern Europe by commodities, 1960, 1961,

and 1962...

Table D. U.S. imports from Eastern Europe by commodities, 1960,

1961, and 1962.--

Chart, U.S. trade with Eastern Europe, 1957–63.-
Continental Illinois National Bank & Trust Co. of Chicago, Chicago, Ill.:

Telegram from Donald M. Graham, vice chairman of the board of

directors.----------------------------------------------------
Dillon, Hon. Douglas, Secretary of the Treasury: Agriculture Department

comment on sale of 150 million bushels of wheat to the Communist bloc.-

Dominick, Hon. Peter H., U.S. Senator from the State of Colorado: Memo-

randum to Senator Mundt from the Library of Congress on Soviet pro-

duction and official holdings of gold.------

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CONTENTS

V

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Export-Import Bank of Washington:

Credits authorized, $10 million and over, for fiscal year 1964 (through

Page

October 31, 1963).

186

Legislative history-

64, 126

List of members of the Board.

98

Memorandums for the Senators attending conference on Export-

Import Bank guarantee of grain sales to the Soviet bloc:

November 15, 1963...

32, 115

November 16, 1963.---

33

First National Bank of Chicago, Chicago, Ill.: Telegram from Herbert V.

Prochnow, president--

237

Fulbright, Hon. J. W., U.S. Senator from the State of Arkansas: The

Export-Import Bank and the sale of wheat to the Soviet Union.

115

House Banking and Currency Committee, Subcommittee No. 3: Hearings

on amendment to Export-Import Bank Act of 1945, August 30, 1961.- 46, 106
Javits, Hon. Jacob K., U.S. Senator from the State of New York: List of 18
countries having governmental guarantees of export credits.

92
Kennedy, John F., President of the United States:

Letter to the President of the Senate and the Speaker of the House

of Representatives on sales of agricultural commodities to the
Soviet Union and other Soviet bloc countries, dated October 10,
1963, enclosing an opinion of the Attorney General. -

25
Remarks at press conference, October 10, 1963.

99
Kintner, Dr. William R., deputy director, Foreign Policy Research Insti-

tute, University of Pennsylvania.

209

Leaf Tobacco Exporters Association, Richmond, Va.: Telegram from

Stuart Carr, president.---

247
Morse, Hon. Wayne, U.S. Senator from the State of Oregon, statement

entitled, “American Taypayers Should Not Subsidizè Sale of Wheat to

Russia'

199

Mundt, Hon. Karl E., U.S. Senator from the State of South Dakota:

Excerpt from Ambassador George Kennan's “Russia and the West” 39
Memorandum from the Library of Congress on Soviet production
and official holdings of gold..

222
“Wheat Sales To Aid Balance of Payments”: Article by Sylvia
Porter, November 14, 1963.--

43
Foreign Assistance Act of 1961, section 620(f)--

58
National Association of Wheat Growers, Washington, D.C.: Telegram
from Glen L. Bayne, president..

246
Ray, Philip A., Esq., San Francisco, Calif.: Article entitled, “U.S. Wheat

for Russia on Credit-Plan To Guarantee Dealers Against Loss Viewed

as New Soviet United States Trade Policy,” by David Lawrence

221

Robertson, Hon. A. Willis, U.S. Senator from the State of Virginia :

Statement by Dr. William R. Kintner, deputy director, Foreign
Policy Research Institute, University of Pennsylvania..

209
Press release on sale of wheat to Soviet Union, October 6, 1963.-- 117
Sparkman, John, U.S. Senator from the State of Alabama: List of members
of the advisory committee to the Export-Import Bank

98

Wells Fargo Bank, San Francisco, Calif.: Telegram from W. J. Gilstrap,

vice president and manager, international division.

236

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