The Government's Point Four program to develop the economies of backward na tions with private capital has been a flop.
So George A. Sloan, chairman of the U.S.
Council of the International Chamber of Commerce, told San Francisco's Commonwealth Club of California last week.
The U.S. Government's grants and loans abroad have increased, said Sloan, from $40 million in 1939 to an accumulative total of $13.7 billion. But private in vestment is dwindling. In 1951's first nine months it was $583 million, little more than half of the amount in the corresponding period...