FOREIGN TRADE: Spending for Lending

As president of the International Bank for Reconstruction and Development, Eugene Black has lent $874,187,000 abroad. But the more he lent the more he became convinced that the free world needs U.S. lending less than U.S. spending. Last week, speaking to the Economic Club of New York, Black called for "a fundamental and lasting change" in U.S. tariff policy. Said he: "Clearly . . . the U.S. should open her markets to the free world . . . It is my belief that no other single factor could do as much in the long run to strengthen the world economy...

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