National Affairs: A Loan at Last

By prevailing diplomatic manners, Franco's Spain was still not considered nice enough to sit down to dinner with the neighbors. But there seemed to be nothing against giving her enough money to enjoy a meal in her own dining hall. Last week, Manhattan's Chase National Bank, without objection from the U.S. State Department, gave Spain its first hearty handout from the U.S. since war's end: a $25 million short-term loan, for the purchase of fertilizers and electrical equipment. The loan was a gilt-edged risk, backed by Spanish gold reserves deposited in London, which made Chase happy. Spain was happy just to...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!