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meeting at 4:30 here. I don't see Senator Lager. Has anyone cortacted him?

Gentlemen, you have been very patient. I adjourn the meeting and say thank you.

INVESTMENT GUARANTEES

Mr. Wood. Mr. Chairman, I was asked a question this morning. just one fact that I would like to get into the record as to what we charge on these guaranties.

On our convertible guaranties, we charge a fee ranging from a 1/4 to 14 percent per year. The average is about a half of 1 percent per year. On expropriation we charge 1 percent per year.

The CHAIRMAN. All right. I want the record to show, Colonel Wood, that the chairman of this committee, and I am sure the committee personnel as well as the braintrusters of this committee. all appreciate your very fine and efficient work.

You have certainly put your teeth into this and hung onto it through weeks and weeks, and I am sure that no one is unappreciative of your sweat, and I almost said blood and tears, in getting the thing through.

Mr. WOOD. I am very, very grateful for that statement and for the kindness and consideration of the committee. Thank you very much.

[Whereupon, at 4:45 p.m. the committee adjourned.]

MINUTES

THURSDAY, JUNE 11, 1953

UNITED STATES SENATE,

COMMITTEE ON FOREIGN RELATIONS,

Washington, D.C. The committee met in executive session at 2:35 p.m. in the Foreign elations Committee room, U.S. Capitol, Senator Alexander Wiley residing.

Present: Senators Wiley (chairman), Langer, and George.

Also present: C. Tyler Wood, Deputy to the Director for Mutual ecurity; R. E. Lippincott, Mutual Security Agency; D. F. Margolies nd George Warren, Department of State; Dr. Wilcox of the commite staff.

The meeting was devoted to discussing with Louis Marhoefer, a rivate citizen, his proposal to promote the use of private U.S. capital o meet an acute housing shortage in West Germany.

For record of the proceedings, see official transcript.
The committee adjourned at 4:00 p.m.

(619)

UROPEAN INTEGRATION; REQUEST FOR A COMMITTEE TRANSCRIPT-Continued; MUTUAL SECURITY ACT-Continued 1

1

FRIDAY, JUNE 12, 1953

UNITED STATES SENATE,
COMMITTEE ON FOREIGN RELATIONS,

Washington, D.C.

The committee met, pursuant to call, at 10 a.m., in the Foreign Relations Committee room, U.S. Capitol, Senator Alexander Wiley chairman) presiding.

Present: Senators Wiley (chairman), Smith of New Jersey, Taft, anger, Ferguson, George, Green, Fulbright, Gillette, and Mansfield. Also present: Dr. Wilcox, Mr. Holt, Mr. Marcy, and Mr. O'Day f the committee staff.

[The committee first considered further the nomination of Amos V. Peaslee to be Ambassador to Australia. Without objection, it vas decided to report the nomination favorably to the Senate. The ommittee then took up a draft letter from the President.

A DRAFT LETTER FROM THE PRESIDENT

The CHAIRMAN. I want to read a letter that comes from the Presilent of The United States. Mr. Wilcox will explain this.

Dr. WILCOX. Mr. Chairman, this is a draft of a letter which would be sent from the President to you as chairman of the committee, provided the committee agrees that the content of the letter is lesirable, and if the committee would like to subscribe to the action that is contained in the last paragraph.

It is a draft letter. It has not been signed by the President yet, but would be signed if the committee thinks that this is a good thing.

Senator FULBRIGHT. This is consultation.

The CHAIRMAN. I will read the letter:

MY DEAR SENATOR WILEY:

While in Europe, I watched with keen interest the efforts to work out the first steps toward European federation. My experience there convinced me that the uniting of Europe is a necessity for the peace and prosperity of Europeans and of the world.

The recent visit to Washington by the members of the High Authority of the European Coal and Steel Community has given me the opportunity to review with them the work and plans of the Community. The Community

1 See notes, p. 407.

seems to me to be the most hopeful and constructive development so far toward the economic and political integration of Europe. As such, this European initiative meets the often expressed hopes of the Congress of the United States.

Mr. Monnet, president of the High Authority, has described the genera program of the Community for the development of the coal and steel re sources which will require extensive investment for increasing production and improving productivity. The new Community does not wish to obtair grants for these purposes, but requires loan capital. The proceeds from the taxes now being levied and collected by the Community would appear to provide security for substantial borrowing.

In due time the Community will probably apply to the United States Government or one of its agencies for loans for these purposes. It appears to me that such financing of the development program of the Community. out of moneys available for such purposes and under conditions insuring proper use and ultimate repayment, would foster European integration in a tangible and useful way.

On June 15th the Common Assembly of the Community will convene to receive the first annual report from the High Authority regarding the activities of the Community. Your committee might consider this an appropriate cecasion to express its approval of the progress to date and its keen interest in the success of this and future steps toward European integration.

I understand this was sent up for our approval, is that right! Dr. WILCOX. Senator, just to get an idea whether the committee believes this is a proper thing to do, and if the committee would approve the President's sending this kind of letter with respect to the meaning of the Community Assembly.

Senator TAFT. Of the Community?

Senator GREEN. Mr. Chairman, I am sorry I was late. May I read the first part?

Senator TAFT. It is the Schuman plan outfit.

The CHAIRMAN. It isn't EDC.

Senator FULBRIGHT. It is coal and steel. He was here, though you weren't. He spoke here for 2 days.

Senator TAFT. I have heard the President express the same opinion. Senator GEORGE. Is this letter to be written to the President? Senator TAFT. No, the President is to write us, and then the committee is to pass a resolution approving the idea. Is that it!

LOANS FOR THE COMMUNITY

Senator FERGUSON. Would this bind the committee in a way that we are going to make loans as indicated in this letter?

Senator GEORGE. What he says there is through some appropriate agency of Government.

Senator TAFT. There is one suggestion I have in that relation. It seems to me we ought not to throw out the International Bank. It doesn't seem to me we ought to confine this to Government. The International Bank, after all, is not a United States agency at all. Senator FULBRIGHT. Doesn't it say any appropriate agency! Senator TAFT. "Of the United States Government," I believe. It seems to me it could be a little broader. I don't mind the Government in there, but it seems to me

Senator GEORGE. They appeared here, Bob, and in their statement they said that they would need an additional loan, not a grant, an

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