Exit Shrugging

"The U.S. gave us too few 'yesses' but their 'noes' were said with grace," remarked a Latin American delegate to the inter-American economic conference at Rio. To the end last week, the U.S. delegation stuck amicably but steadfastly to the main line laid down at the beginning by Secretary of the Treasury George Humphrey: a promise of "expanded" loans from the Export-Import Bank and the World Bank, together with an urgent recommendation that the Latin nations try to attract more private U.S. capital.

The firmest U.S. no went to the idea the Latinos cherished most: an interAmerican bank, with capital supplied by all 21 governments, for massive development loans. When the U.S. refused, arguing that present lending outlets were sufficient, the Latin Americans discussed going ahead alone--only to find that three important countries (prosperous Venezuela, Cuba and Colombia) were unwilling to commit their own reserves to such a bank. In the end the delegates agreed on "further study."

By the time workmen began to cart away the green baize-covered tables at the meeting's end, the U.S. had also said no to 20 lesser Latin American requests. But it said yes to 1) a task force to study ways to stabilize the price of coffee, 2) another economic conference to meet in Buenos Aires in 1956, and 3) taking steps toward lessening the impact of double taxation so that U.S. capital will be encouraged to move southward.

The Latin American delegates, for the most part, shruggingly settled for what they had gained in the way of hopes that the U.S. Government will give more abundant help. They also treasured signs that the conference has strengthened Latin American unity in dealings with the U.S.

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