THE PHILIPPINES: Bristling Bankrupt

Although the U.S. has poured some $2 billion into the Philippines since 1945, the new republic is on the verge of bankruptcy. In Washington last February, the Philippines' President Elpidio Quirino had talked over his troubles with President Truman, asked for a U.S. Economic Mission. Truman sent to Manila able Daniel W. Bell, former Under Secretary of the U.S. Treasury and now president of the American Security & Trust Co.

Sweeping Charges. A month ago Bell made his report to the President. Rumors that it contained sweeping charges of corruption and mismanagement...

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