Mr, Jones said that China would need five or six years to repay last year's loan. If the new Export Import Bank loan is repaid slowly, he said, the bank may be required' to ask Congress for a new capital increase. However, he declared. 8 8100 000000 will be sufficient for this year.
Immediately after Mr. Jones' testi-many, it, was revealed the Committee adopted an amendment suggested by its chairman, Senator Key Pittman, establishing a $20,000,000 limitation on loans to any one country "hereafter," In other words, new loans, regardless of past loans, will be limited to $20,000,000 for' the time being.
Mr. Jones also disclosed to the Committee that in addition to the $25,000,000 loan of 1938 to the Universal Trading Corporation, which is acting in behalf of the Chinese Government, the Export Import Bank sise took lover an additional Chinese loan balance of U.S.$16,000,000, of which $6,000,000 already has been repaid, The R.F.C. chairman said this loan originally totalled $26,000,000 composed of two parts; firstly, a $17,000,000 loan made by the R.F.C. in 1033 directly to the Chinese Government for cotton and wheat purchases, and secondly, a $9,000,000 loan by the Grain Stabilization Corporation in 1931.following the China flood disaster, heal
Text read from the printed page and cleaned; old type leaves the occasional error.