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their power to carry out its recommendations. Much has already been done in this respect, and more is in prospect. For example, the Commission on Foreign Economic Policy-the Randall Commission-has made specific recommendations which would give effect to that part of the report which stressed the importance of stabilizing the rules of international trade.1

Also, funds for technical assistance and cultural cooperation are being increased. The latter is particularly significant in view of Dr. Eisenhower's recommendation for "strengthening efforts to increase inter-cultural understanding as the foundation of mutually advantageous cooperation in all relevant areas."

There are five specific matters which I might mention at this time. 1. First, let me speak about coffee. I know that it is not the desire of the coffee-producing countries of the Western Hemisphere that prices should be so high as to discourage consumption and build up habits of drinking other beverages. Present prices are, I believe, primarily due to natural causes beyond human control. Possibly, to some extent, natural conditions are aggravated by artificial trading on United States commodity exchanges, but that is not a responsibility of the producers. We are looking into that phase of the problem, and I am sure that all will welcome any relief that can be found in that quarter.

The consumers of the United States do not like it when prices go up, just as you do not like it when prices of your exported commodities go down. We accept it that, in a free system, there are bound to be Aluctuations in both directions, and I can assure you that there is no plan afoot to attempt to deal arbitrarily with the problem of prices by imposing some artificial price ceiling.

2. Another matter which I know concerns you is that of wool. The United States Tariff Commission has recommended to the President an increase in the tariff on wool. The President, however, has another plan which he has submitted to Congress which will, it is hoped, adequately support the wool industry of the United States without imposing increased duties on imported wool. The President told me last week that he had no intention of acting favorably on the Tariff Commission's recommendation pending congressional consideration of his own proposal.

3. There has been some speculation with reference to the future of some of our governmental policies, principally with respect to the technical cooperation program and the activity of the Export-Import Bank.

We in the United States consider that the technical cooperation program is an important way of bettering conditions of living else

1 See Report to the President and the Congress by the Commission on Foreign Economic Policy, January 23, 1954; infra, pp. 2898-2930.

2 See statement by the President, Mar. 4, 1954; Department of State Bulletin, Mar. 15, 1954, pp. 393-394.

where. It spreads knowledge, and knowledge is the great liberator. The technical cooperation program operates on a modest basis with more dependence on quality than quantity. The quality of its work has, I believe, improved with experience. In Latin America the evidence is that this fact is accepted by the governments concerned, which have multiplied their own financial support of this program and taken over projects for further independent development.

In such fields as public health and agriculture, we can all feel a real satisfaction in the knowledge that these cooperative efforts have assisted in broadening and strengthening the basis for economic development by providing more and better food for a more healthy population.

The Government of the United States firmly supports the continuance of our bilateral technical assistance programs as well as the programs carried on by the Organization of American States.1

Much important work in the field of public health and agriculture is done by private organizations, as, for example, the Rockefeller Foundation. It has made an immense contribution of technical knowledge which has assisted Latin American governments in stamping out many forms of disease. It is assisting in promoting agricultural knowledge. The United States Government encourages these private efforts. But also, it intends, at a governmental level, to supplement them.

4. The United States was developed with the help of private foreign capital, and it would like to see its own capital now help to develop the great resources of other countries of this hemisphere. There exists in the United States ample capital which is ready, willing, and able to perform its development function not only at home but also abroad. The spectacular development of Canada during this century has been primarily due to cooperation between the private investors of the United States and those in Canada. Approximately $5 billion of private United States capital have been invested in Canada, and have made a significant contribution to producing for Canada one of the highest standards of living in the world.

We can see here in our host country the results of international cooperation. No one who has spent even a few days in this great and growing city can fail to be impressed by the atmosphere of creative vitality. I am told that nearly $2 billion of private foreign capital have come to Venezuela on a mutually advantageous basis. The results are open for anyone to see.

There are other countries into which substantial United States capital has also flowed. The total of United States private direct investments in Latin America amounts, I believe, to about $6 billion. This is a large figure, particularly when it is borne in mind that domestic capital always provides the greater part of any country's financing. Indeed, I understand that over 90 percent of the total

1 See supra, doc. 20.

investment undertaken in Latin America is now derived from domestic sources, a happy augury of the growing strength of this great area.

Some countries have seen fit to put artificial obstacles in the way of what would be the normal and natural flow of capital between highly developed and less developed countries. That is of course their privilege. In these matters every nation is sovereign. The United States Government has not the slightest desire or intention to extort for its people opportunities which are not freely accorded.

We would, however, like to see the economies of our American friends and neighbors more vigorous than in some cases they are. We would like to see living standards raised, employment increased, and wages such as to provide the workers with greater rewards. For these reasons we hope that no country will impose restrictions which unnecessarily inhibit cooperation for development.

In the United States, private capital and free enterprise constitute the great source of our own economic well-being. That is a source which we do not try to keep at home. It is free to go abroad and we welcome its international activities. Indeed, President Eisenhower, in his recent budget message to the Congress,' recommended certain modifications in our tax laws which will encourage our capital and business people to work abroad. However, private capital cannot be driven. It has to be attracted. Therefore, the decision rests with you.

5. There are some development projects which may not be suitable for, or attractive to, private capital-domestic or foreign. The International Bank for Reconstruction and Development, which most of us here participated in establishing and to which the United States has made important capital contributions, is the primary instrument through which the free world can cooperate in the public financing of economic development.

We have also in the United States, in the public financing field, the Export-Import Bank, a national institution of my own government. One important function of this institution will continue to be that of affording export credits either through direct loans or guarantees.

There has been speculation as to whether this bank has withdrawn from the field of economic development. I am glad to be able to clarify this matter.

The Export-Import Bank will consider on their merits applications for the financing of development projects which are not being made by the International Bank and which, in our common interest, are economically sound, are within the capacity of the prospective borrower to repay, and within the prudent loaning capacity of the

bank.

1 H. Doc. 264, 83d Cong., 2d sess., Jan. 21, 1954.

23. INTER-AMERICAN ECONOMIC COOPERATION: Final Declaration of the Meeting of Ministers of Finance or Economy of the American Republics, December 2, 1954 1

1

We leave this Conference with the satisfaction of having proved that the American nations here represented are in complete agreement as regards their great objectives in the economic field. These may be summarized as a determination to speed up the progress of each and every one of them within the framework of freedom and justice, through substantial intensification of our inter-American economic, financial and technical cooperation.

Naturally, in analyzing the means for obtaining the goal which we are unanimously seeking there were differing points of view as to the most adequate measures for reaching the common objective. We were glad to see the energy and frankness which characterized the discussions. Not one delegation failed to present carefully thought out projects. The energy with which the representatives of the several Governments upheld their respective points of view demonstrated the absolute independence of thought prevailing in this hemisphere, and the interest felt by the Governments in promoting the welfare of their peoples.

The discussions showed also that all the American nations are resolved to grapple with economic problems with the same fervor and resolution with which on different occasions they have attacked common political problems. Further, the American family of nations demonstrated a clear realization of the imperative necessity that the principle of economic cooperation set forth in Article 26 of the Charter of the Organization of American States become a more palpable reality, in order that by close fraternal cooperation, always with scrupulous respect for institutional differences, each can insure that the common effort to conquer the want now afflicting great masses of people in this hemisphere may produce maximum results.

We are convinced that the results of this economic Conference justify holding others of the same kind, and furthermore that the progress which we have here jointly achieved augurs that this meeting will be the first of a series in which at regular intervals the American Republics meet together to weigh the progress which they have achieved separately and collectively in strengthening that great agricultural, industrial, and financial structure which we are raising in the hemisphere and under whose protection we shall progress toward that life to which our natural and human resources give us the right to aspire.

We wish to express our gratitude for the technical cooperation given us during the meeting by the Technical Secretary of the InterAmerican Economic and Social Council, the Economic Commission

1 Report of the United States Delegation to the Meeting of Ministers of Finance or Economy of the American Republics as the Fourth Extraordinary Meeting of the Inter-American Economic and Social Council, November 22 to December 2, 1954, Quitandinha, Brazil (unnumbered Department of State publication; 1954), appendix 16.

for Latin America, the International Bank for Reconstruction and Development, and the International Monetary Fund.

We take pleasure in announcing that we have agreed to recommend to our Governments that the next meeting of Ministers of Finance or Economy be held in Buenos Aires in 1956.

24. UNITED STATES ECONOMIC RELATIONS WITH THE OTHER AMERICAN REPUBLICS: Summary and Appraisal by the United States Delegation to the Meeting of Ministers of Finance or Economy of the American Republics, Quitandinha, Brazil, December 1954 1

The position which the United States Delegation took to the Meeting was designed to help strengthen United States economic relations with the other American republics and to do so in ways that could be supported by this Government, on a continuing basis, and thus be durable and dependable. The Delegation found itself confronted with a number of requests from representatives of the Latin American countries that were regarded as impracticable. For example, the United States was asked to assume increased responsibility for maintaining the stability of the prices of Latin American raw materials. It was suggested by some delegations that the United States consult, in advance, in connection with all actions by this Government in the economic field that might adversely affect the interest of the Latin American countries. Some delegations desired that the United States agree not to increase its tariffs or other trade restrictions against their exports but permit them to increase their tariffs in order to facilitate their industrialization. Some sought support for preferential Latin American or inter-American trade arrangements. Some asked assurances of greatly increased aid in financing their economic development programs, pointing out, as has been customary in the past, that the amount of our grant aid to Latin America is not commensurate with that available to other areas.

The United States Delegation expressed the view that in general it is not practicable to attempt to stabilize the prices of international trade commodities by governmental action, but that this Government's determination to maintain a healthy economy should help stabilize the demand for and prices of Latin American exports, since the United States takes approximately half of all Latin American commodities which are sold in international trade. It was also pointed out by the Delegation that United States efforts through technical cooperation and economic development loans to help the Latin American countries diversify their economies should eventually help to lessen their dependence on a few commodities.

With respect to consultation, the Delegation indicated the desire of the United States to discuss with the Latin American countries, where

1 Report of the United States Delegation to the Meeting of Ministers of Finance or Economy, etc., , pp. 16-18.

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