Toward a Consistent Foreign Loan Policy

The Securities Act of 1933 marks the inauguration for the United States of what seems to be a consistent policy toward private loans to foreign governments. In view of the continued importance of such loans in our foreign relations, it appears appropriate to consider in some detail how the new policy differs from the old, and what its implications are likely to be. It is unnecessary in this journal to discuss the individual cases of friction arising from private loans to foreign governments during the last fifty years. What concerns us, rather, is the cause of such friction

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