INTERSTATE AND FOREIGN COMMERCE EIGHTY-SIXTH CONGRESS SECOND SESSION ON MEASURES TO EXPAND U.S. EXPORTS-PRESENT EXPORT NEW MECHANISMS 56472 APRIL 28 AND 29, 1960 Printed for the use of the Committee on Interstate and Foreign Commerce UNITED STATES WASHINGTON: 1960 CONTENTS Bechhofer, Jerry G., Secretary-treasurer, Bechhofer Bros., Inc., New Constable, Lloyd M., assistant treasurer, Lockheed Aircraft Corp., Fain, Irving Jay, director, Apex Tire & Rubber Corp., Pawtucket, R.I. Gilbert, Andrew, treasurer, Irrigation Development Corp., New Kearns, Henry, former Assistant Secretary of Commerce. Landegger, Carl C., vice president, Black-Clawson Co., New York, Lurie, Richard G., editor, American Exporter Publications, New Scafuro, Francis X., chairman pro tempore, National Coordinating Committee for Export-Credit Guarantees, New York Board of Trade, Inc. (accompanied by Mr. Stanley E. Hollis, consultant). Stallworth, S. P., executive vice president, James D. O'Connell & Co., Stewart, Charles W., president, Machinery & Allied Products Insti- Von Klemperer, Alfred H., Assistant to the Secretary, U.S. Treasury Waugh, Hon. Samuel C., President and Chairman, Export-Import Bank of Washington (accompanied by Mr. Hawthorne Arey, mem- ber of the board of directors, and Mr. R. Henry Rowntree, chief of McLaughlin, G. S., general credit manager, Harbison-Walker Refrac- 237 Mellinger, M. F., export manager, Commercial Aircraft Division, 236 American Exporter Publications, responses to survey on credit facil- 126 Bolivia, International Cooperation Administration guarantees with 11 Number of requests and number of authorizations, 1957-59- I.C.A. Contracts 831/832 (Oil Drilling Equipment). Machinery & Allied Products Institute, survey of members concerning MacNabb, Richard R., article, "Major Problems and Opportunities in Capital Goods Marketing During the Decade of the Sixties". National Coordinating Committee for Export Credit Guarantees (see also American Export Credit Guarantee Corp. and Export Credit Philippines, textile credits to, letter of Hon. Samuel C. Waugh to Hon. Senate Interstate and Foreign Commerce Committee, foreign com- merce study staff views on export credit together with comments 18 FOREIGN COMMERCE STUDY (Export Credit Guarantees) THURSDAY, APRIL 28, 1960 U.S. SENATE, COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE, Washington, D.C. The committee met, pursuant to adjournment, at 10 a.m., in room 5110, New Senate Office Building, Hon. John O. Pastore presiding. Present: Senators Pastore, Monroney, Engle, Hartke, Schoeppel, and Scott. Senator PASTORE. It is now 5 minutes past 10. The committee is ready, if the witnesses are. We expect to have other members of the committee drop in from time to time. The session started this morning at 10 o'clock, and that accounts for the absence of any further members of the committee. This is the third in the series of hearings held by the committee in connection with the survey of U.S. foreign commerce. One of the problems which appears to be of serious concern to our exporters is the problem of credit. It is the kind of terms it can extend to the purchasers of our commodities overseas. This is a competitive matter, since exporters in other countries have various kinds of government credit assistance and can frequently offer better terms than our producers. The hearing today is directed primarily to this question of export credit and the possible ways in which the position of our exporters might be strengthened. Our first witness is Mr. Samuel Waugh, President of the ExportImport Bank. In inviting him to the table, I wish to extend to him on behalf of the committee our felicitations on the occasion of his 70th birthday. Mr. Waugh. Mr. WAUGH. Thank you, sir. Senator PASTORE. You are the youngest 70-year-old man I have ever seen in my life. Mr. WAUGH. Thank you doubly, sir. Senator PASTORE. All right, Mr. Waugh, you may proceed as you like. (NOTE. Staff members assigned to this hearing, George A. Barnes and John R. Wagley.) 1 |