Diario las Américas. [volume], July 19, 1958, Image 10

About Diario las Américas. [volume] (Miami, Fla.) 1953-current

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Inter - American News
for English •
Speaking people
6th YEAR
0. A. SAN ROMAN. C W. SMITH, 8. SMITH,
President. Vice President. Vice President.
FRANCISCO AGUIRRE. HORACIO AGUIRRE,
Vice President and Publisher Vice President Editor and Manager
Antonio Ruiz. Thomas A. Hill,
Managing Editor. Advertising Manager
Published daily except Monday Entered as second class matter at the
Post Office of Miami Springs, Fla., on February 3, 1954
EDITORIAL
THE AIMS OF SOVIET RUSSIA
The hierarchs of the Kremlin, since the end of World
War 11, have been engaged in efforts to dominate different
countries through the maneuver of establishing puppet gov
ernments in as many nations as possible.
In general terms, it can be said that there has been
an exaggerated caution and prudence on the part of the
great Western Powers, in the sense of permitting the Soviet
Imperialistic expansion, to the extreme that the present
power of Russia is due, in great part, to the quantity of
vassal states, which is what practically are all those dominat
ed by communist regimes.
In this manner, without facing the responsibilities and
serious risks of a war with the rest of the world, Russia,
taking advantage of the tolerant and peaceful attitude of
the Western Powers, in. particular the United States, has
been incorporating important countries of Europe and Asia,
with the purpose, to be sure, of giving the final blow when
political anexation of those territories permits them to do it
With the least possible danger.
At this moment, everything seems to indicate that the
United States and her allies are not willing to continue
allowing those Soviet abuses, which seriously threaten the
security of the democratic countries. Os course, if the
United States allows all the Middle East to become a group
of provinces of Moscow, the Russian advantage over the
rest of the world would be, in many aspects, exceedingly
marked and exceedingly dangerous.
On the other hand, that insolent and defiant attitude
of Russia has to be submitted to a test, so that the Western
World may know whether we already depend on the com
munist strength or not. To this moment, the men in the
Kremlin, who like easy and ignoble conquests so much,
facing the decision of the United States, which Great
Britain has joined both morally and physically and is sup
ported by all democratic countries, have been very cau
tious, not with regard to statements, but regarding the
sending of “volunteers”, or directly sending troops, as it
happened with the savage invasion of Hungary in October
•f last year. But the Soviets know very well that the
United States, although tolerant and respectful of world
peace, constitutes the strongest power on Earth.
★ ★ ★ ★ ★ ★
Latin American Finance
and Trade News Reports
However, the Selegua River
washed out a temporary bridge
and the approaches to another
bridge only a month after it was
thought the Tap6n was open.
The first flood damage is about
14 miles south of the Mexican bor
der, above the Tapon, where the
approaches to a temporary bridge
have been washed out. About 25
miles south of the border, on the
lower end of the Tapon, another
temporary bridge has been too
severely damaged by floods to per
mit using it.
It is not expected the damage
can be repaired until the end of
the rainy season this fall. Until
then, travelers must drive south to
Arriaga, Mexico, place their vehi
cles on a railroad flatcar, travel
to Tapachula and resume driving
back to the Pan American High
way below the Tapon, as in the
past.
In Ecuador, the Pan American
Highway is now open almost all
the way to the southern border.
The stretch from Quito to Latacun
ga is being paved. Over 21 miles
extending o u t of Lataeunga are
finished, as are eight miles out of
Quito. Six miles are being recon
structed.
Two southern sections also are
being worked on. About 24 miles
between Cuenca and Bilian are
undergoing paving and the section
from Loja to Macara is under
construction. Because of rough
terrain, this section probably will
not be open until at least 1961.
Another road, Loja to Macara,
is not finished yet, but is already
providing benefits to Ecuadoreans.
Along the 20 miles of the highway
that are open, 180 families have
taken up residence. The road will
be finished as far as Zamora. 38
miles, by the end of 1959. This
road leads into rich agricultural
country where coffee plants ma
ture in three to five years, while
the maturing process takes five to
seven years in the rest of Ecuador.
SIGUE , ...
U.S. CAPITAL GOODS
SLATED FOR CHILE
WASHINGTON An agree
ment providing for a $l5 million
loan to assist Chile in financing
imports of capital equipment from
the United States has been author
ized by the Export-Import Bank
ot Washington.
This loan, in favor of the Cen
tral Bank of Otoile, is the firts step
in implementing $25 million in
U.S. Government loans to Chile,
the Bank announced. The remain
ing $lO million portion of the
overall $25 million credit- to Chile
i* being implemented by the Inter
national Coooaration Administra
5 Cents—Outside Metropolitan area, 10 cents.
tion with funds from the Mutual
Security Program.
The Government of Chile has
been engaged in a comprehensive
program to check inflationary
pressures and to stabilize the eco
nomy of the country. Import from
the United States of essential
goods is an important part of the
Chilean program. The Export-Im
port Bank loan will assist in such
important development projects
as the expansion program of Com
pahia de Acero del Pacifico, S.A.,
Chile’s integrated steel mill at
Huachipato.
Over the years, the Export-Im
port Bank has authorized over
$2OO million in loans to Chile
for the development of the steel
mill which has been a notably suc
cessful operation, railway equip
ment, construction equipment for
the development and expansion of
Chile’s important nitrate industry
and other industrial projects. Os
this amount, over $l7O million have
actually been disbursed to date,
and over $9O million have been re
paid on principal.
ARGENTINA TO DEVELOP
COAL RESOURCES
WASHINGTON —The Rio Tur
bio coal mines in Southern Ar
gentina will be developed under a
$3O million credit to be granted
by the French firm Comptoir In
dustrie! et Agricole de Ventes a
l’Etranger (CIAVE) to the Argen
tine Government.
Provisions for the credit were
drawn up in a memorandum sign
ed by the Argentine Government
and CIAEV on June 13. The me
morandum will serve as a basis for
later negotiations.
Development plans envisage in
creasing coal production to 1.2
million tons by 1960 or 1961. Ar
gentine coal production most
ly, but not wholly, from the Rio
Turbio mines was approximate
ly 196.000 tons in 1957; imports of
coal in 1957 amounted to 1,221,
600 tons. Ultimately it is planned
to increase production to 2 million
tons annually.
Under the memorandum, C.I.A.
V.E. would supply technical assis
tance, and all legal matters arising
in connection with the loan wolild
be settled, in the Argentine courts.
Terms of the memorandum call
for repayment of the credit in 8
years, with annual payments of 5
per cent of the total in the first
2 years, 10 per cent in third year,
and 16 per cent in . the fourth
through 8 years. Interest' rate
would be 7 and one half per cent
until the materials contracted for
are delivered; subsequently the
interest rate would be reduced to
5 per cent.
The Amerlab Daily
Washington Denies Any Part in
Negotiations Between U. S. Oil
Firms And Argentine Government
WASHINGTON— (UPI). — The
United States Government has
in no way participated in negotia
tions between private Unted .Sta
tes oil companies and the Argen
tine Government, according to
high U. S. officials.
The U.S. officials, who are in
close touch with Latin American
developments, dismissed. Argenti
ne press reports that an oil agree
ment between the two govern
ments was imminent as “inaccur
ate and misleading”.
Instead, they said, it is public
knowledge that several private
U. S. companies are dickering to
participate in Argentina’s petro
leum development. To date the
Argentine oil industry has been
entirely in Government hands but
the regime of President Arturo
Know thy
Neighbor
By ANTONIO RUIZ
COSTA RICA Ever since the
early colonial times, literary
schools and currents which flour
ished in other parts of the world
have had their exponents in Cos
ta Rica. An extremely peaceful
and -democratic people, the spirit
of life of Costa Ricans is exempli
fied in their literature.
Roberto Brenes Mesen, in his
work “En el Silencio” (In the Si
lence), which appeared in 1907,
follows the modernist school of
“art for art’s sake”. One of Costa
Rica’s most versatile writers, he
found time during his active pub
lic career as an educator to pub
lish some excellent translations,
with Maeterlink’s "The Blue Bird”
and Kahili Gibran’s “The Prophet”
among the most outstanding. Bre
nes Mesen’s essays and reviews,
his languages treatises and text
books, all verify his genius.
There has been one gender in
which Costa Rican letters have
been preeminent. A realistic form
of expression called “costumbris
mo”, a school which focuses upon
every day life of the peasantry,
describing their modes of life and
dress, often using vernacular lan
guage. It has been said of this li
terature that “one volume gives a
better picture of Costa Rican life
than twenty volumes of statistics”.
Two men may be cited as pio
neers of this realistic movement,
the priest Juan Garita, a poet
whose verses are filled with subtle
irony, and Manuel Arguello Mora,
author of many novels and short
stories on customs, both of whom
were the real innovators of the
Costa Rican folkorist movement.
The title of National Poet of
Costa Rica has been bestowed up
on Aquileo Echeverria (1866-1909).
; His brilliant folkoric sketches of
the people in all thqir daily prac
tices have contributed a perman
ent legacy to the world. Echeve
rria possessed a profound observa
tion sense, as well as an expert
ability to reproduce the same in
words he earefully molded into
rhythmic verses. His life was one
of constant service to his country,
first as a journalist and later in
the diplomatic service. Among the
best of his poetry can be found
in a volume, “Concherias” (Shells)
published first in 1905. The finest
edition of this work was publish
ed in 1948 by the Guatemalan
Government, as part of their col
lection “Los Clhsicos del Istmo”
(The Classics of the Isthmus).
The novel “La Propia” by Ma
nuel Gonzalez Zeledon, more com
monly known by his pseudonym
“Magon”, confirms his right to be
named the best “costumbrista” in
prose writing. His works are fhll
of vivacity, wit, irony and grace.
An educator, businessman, and di
plomat, he spent around thirty
years outside .Costa Rica holding
in the United States various con
sular offices.
Joaquin Garcia Monge is also a
novelist who distinguished hinV
self in this type of literature. His
youthful novels “Abnegation” (Ab
negation) and “Hijas del Campo”
(Daughters of the Country), creat
ed a sensation when published
around 1900, and paved the way
for other authors to write realis
tically on local themes. As found
er and publisher of the outstand
ing literary review “Repertorio
Americano” (American Reperto
ry), which is famous for its repro
ductions of New World art, he has
achieved considerable internation
al prominence.
/While Ricardo Fernkndez Guar
dia isiprimarily renowned for his
treatises on Costa Rican history,
his collection of “Cuentos Ricos”
(Costa Rican Short Stories) publish
ed in 1901, shows the best devel
opment of the •“Costumbrista”
movement in the short story.
Spanish Vanias Paae X
For a better understanding between the Americas
MIAMI SPRINGS, FLA., SATURDAY, JULY 19, 1958
I Frondizi is known to be willing to
open the way to private capital.
According to the latest informa
tion here the Argentine Govern
ment and several private oil com
panies were close to agreement on
a formula whereby the companies
would sell their services to the
Argentine oil monopoly, YPF.
There are also reports that some
European firms were planning to
sell petroleum to Argentina to be
repaid in kind on a longterm basis
with Argentine petroleum develo
ped by the European companies.
But the State Department or
other United States agencies never
intervened in these negotiations,
the officials said.
Confused reports may have rea
ched Buenos Aires about consulta
tions the Argentine Ambassador
to the United States, Dr. Cesar
Barros Hurtado, held with U.S.
firms in order to obtain United
States oil drilling equipment for
YPF.
A YPF expert, Carlos Reichman.
is here to advise the envoy on
technical details regarding the
purchase of equipment.
Argentine officials are known to
be optimistic that several impor
tant United States companies will
sooh agree to work for the state
corporation. They emphasized that
the new government has made far
reaching plans to transform the
clumsy and archaic structure of
YPF into a modern corporation
modeled along the lines of a free
enterprise business but still
controlled by a government board.
Mexico Opens a
New Low Income
Housing Project
MEXICO CITY (UPI) - A
new housing development consist
ing of 624 apartments for low-in
come families was inaugurated by
the Mexican Social Security Insti
tute.
Antonio Ortiz Mena, Director of
the Social Security Institute, said
this is the first of six similar low
rent projects to be built during
the year, to alleviate the critical
housing shortage here.
The apartments, distributed in
a total of 39 buildings, will rent
for 50 pesos (four dollars) a month
and will be given exclusively to
working families.
Each appartment has two bed
rooms, kitchen, dining-living room
and bath. The project also con
tains one building for small shops
and services and plenty of space
for gardens and recreational facil
ities for the children.
LARRAZABAL INVITED
TO VISIT THE U. S.
CARACAS Venezuela —(UPI)
Wolfgang Larrazabal, acting
president of Venezuela, told the
newspaper El Mundo Wednesday
that he has received a formal in
vitation from the U.S. Vice Presi
dent Richard M. Nixon to visit the
United States. He told the news
paper he has accepted the invita
tion but has set no definite date
for a visit.
HEMISPHERIC EVENTS
\ \ •. ' '
Latin American News in Brief
NIXON GETS LETTER
URGING U. S. HELP
FOR LATIN AMERICA
WASHINGTON —(UPI)— Vice
President Richard M. Nixon re
ceived a letter from Argentine
Foreign Minister Carlos A. Florist
urging that all steps be adopted
to help speed Latin America’s eco
nomic growth.
The letter was delivered by Ar
gentine Ambassador C4sar Barros
Hurtado, who conferred with the
Vice President at his office at the
Capitol for a hall hour.
The envoy declined to discuss
the contents of the letter but
other sources disclosed it dealt
with Latin America’s’economic dif
ficulties and proposed new steps
to meet them.
Barros said that Nixon had
warm praise for the interest dis
played by Puerto Richn Governor
Luis Munoz Marin in helping to
improve hemisphere relations.
ARGENTINE SOCIALISTS'
IN SERIOUS DIVISION
BUENOS AIRES. (UPI). The
headquarters of the Argentine So
cialist Party, known as the Peo
nls’s Hnm« (Cass dal Puehlo)
COLOMBIA DAY-ID!
BY THE MAYOR OF THE CITY OF MIAMI, FLORIDA
A PROCLAMATION
WHEREAS the Republic of Colombia is one of Miami’s otesest
South American neighbors geographically, and
WHEREAS the Colombian colony of Miami bow ranks third
among the peoples of other nations in Miami and is contributing
substantially to the culture and economic growth and progress et
the Greater Miami area,- and
WHEREAS the Colombian colony es Miami will observe the
148th anniversary of the independence of Colombia on July 20,
1958, and
WHEREAS it is fitting that the City et Miami take note of this
important occasion of our neighboring republic and of a substantial
portion of our residents,
NOW THEREFORE, I, Robert King High, Mayor of the City of
Miami, Florida, do hereby proclaim the day of July 20, 1958, as
COLOMBIA DAY IN MIAMI
IN OBSERVANCE THEREOF I urge the citizens of Miami and
our visitors to join wholeheartedly in this special occasion by par
ticipating in all events held in observance of Colombia Day and of
the 148th anniversary of the independence of Colombia, to consider
earnestly the importance of this occasion and the importance of the
relations of our nation and the Republic of Colombia.
IN WITNESS WHEREOF I hereunto set my hand and cause the
seal of the City of Miami to be affixed.
DONE in the office of the Mayor of the City of Miami, Florida,
this the 18th day of July in the year of Our Lord, Nineteen Hundred
and Fifty-Eight.
ROBERT KING HIGH
MAYOR
Magdalena River Valley Railroad
Brings New Wealth to Colombians
BOGOTA (SICO) The works |
of the Magdalena Railroad, joining
Bogota with the Atlantic through
the valley of this great river, and
the road Bogota-Medellin which
enables communication between
these two cities in 8 hours, opens
to agriculture fertile soil, Rear Ad
miral Ruben Piedrahita Arango,
member of the Military Junta, ex
plained to a group of reporters
in that place.
People who traveled through the
path to be followed by the rail
road from the port of La Dorada
to the ports of Barranquilla and
Santa Marta, say the dense forest
is changing to cultivated lands in
great extensions, totally devoted
No U. S. Protest
Planned on Mob
Attack at B. A.
WASHINGTON, July 17 (UPI)
The State Department was stud
ying reports today of a mob at
tack last night against the United
States Embassy in Buenos Aires.
Officials said that two large win
dows were smashed but that no
United States personnel was injur
ed.
It appeared unlikely that the U.
S. Government would protest last
night's riot, mainly because of the
quick and decisive action by the
Argentine police in dispersing a
mob estimated at about 300 per-,
sons which had gathered in front
of the Embassy.
The Department was notified of
the attack in a cable from the U. j
S. Ambassador from Argentina, |
Williard Beaulac. The reasons for
the demonstrations was not im- j
mediately known but officials spe-1
culated that it may have been in j
opposition to the United States in- ;
tervention in Lebanon.
the party’s regional headquarters
on Sarandi Street were occupied
forcibly by groups of socialist
youths.
They announced that no mem
bers of the Party’s Executive Com
mittee would be allowed to enter
the premises. They said the step
was taken in order to “protect”
the party’s assets in view of the
chaotic state of affairs prevailing
after the uproarious party conven
tion held in Rosario last week.
The stormy convention was
marked by frequent fistfights on
the floor and was finally dissolved
before it had accomplished any
thing.
Despite party leaders’ statements
to the contrary, it appeared that
the organization was about to be
split between the older elements
headed by 78-year-old patriarch
Dr. Alfredo L. Palacios and the
younger groups.
Panam6 Canal Bridge
to Boost Economy of
Republic of Panamd
WASHINGTON (UPI) A
U.S. Embassy report from Panamt
said tnat construction of the $2O,
000,000 high-level bridge across
tha Panama Caul at Balboa will
to cattle raising or agriculture.
The valley of the Magdalena riv
er has in a great extension a veg
etable -top soil of about 4 meters
deep, The big farmers mainly de
dicated to rice and cotton pro
duction say the new soil give a
production of 40 per cent more
than any other soils in the coun
try considered ss extremely fer
tile. Cotton is produced in a bush
strong enough to stand hurricanes;
the two yearly rice crops are mak
ing fortunes in a relative short
time.
Cattle, of Santa Gertruidis breed
and other crossed breeds, is be
ing raised in great extensions
which previously they were deep
forests In the ports new indus
tries are being raised for the peo
ple.
Rear Admiral Piedrahita has sug
gested that the new lands be dis
tributed among the former guer
rillas combatting in those regions.
Seeking jobs for these former
guerrillas, he considers a great so
cial problem will be solved at the
same time that settlement of a
wonderful land is changed into an
other valley of the Cauca.
SCIENTIST KILLED IN
ACCIDENT IN PERU
LIMA, Peru. (UPI). Dr. An
gel Indacochea, 43, Secretary of
the Peruvian Committee to the In
ternational Geophysical year
(IGY), was killed with his wife,
two children and a servant when
the jeep he was driving fell into
a 1,500-foot precipice.
Indacochea, prominente physical
scientist and geological engineer,
was on his way to the Chosica Geo
physical Observatory, some 25 mi
les east of Lima, when the acci
dent happened.
bring “a tremendous boost to Pa
nama’s economy”, besides other
long-range benefits.
The report, published in the
Foreing Commerce Weekly today,
said that fina, designs and speci
fications for the bridge are now in
preparation. Peak employment is
expected to commence in about 18
months and continue for 2 years.
The economic stimulus to Pana
ma is expected to result from em
ployment of construction workers,
purchase of vast amount of mate
rials ana development of new
skills among participants in the
bridge construction.
OIL CONCESSION *
TO U. S. FIRM
BUENOS AIRES. (UPI). It
was reported in official circles
that the President of the Repub
lic, Dr. Arturo Frondizi, will an
nounce soon signature of a con
tract between Pure Oil Company
and the Government of the Repub
lic. It is believed that the docu
ment is signed already.
The negotiations have been held
in the most strict secret, but it is
said the contract will involve geo
physical studies, drilling of wells
and extraction of oil for the Gov
ernment
Kubitschek Wins Wide Support
For Policy Aimed at Greater
Latin Role in World Affairs
RIO DE JANEIRO (UPI)
President Juscelino Kubitschek
seems to have obtained complete
support from the military and the
opposition parties for his cam
paign aimed at achieving greater
recognition for the voice of Latin
America in world affairs.
Kubitschek sketched bis new
“Operation Pan American” before
400 high ranking officers in a
meeting at the Itamaraty Palace.
Previously, there had been a meet
ing with the leaders of all politi
cal parties at the presidential res
idence of Laranjaeiras.
The President said to the mili
tary that Brazil will insist on a
“complete revision of Pan Ameri
can policies, which is the only way
for Latin America to advance from
the pos j tion of companion to that
Paraguay Government
Receiving 150,000
Japanese Immigrants
TOKYO - (UPI) Reliable
sources said preliminary negotia
tions of the program by which Pa
raguay will admit 150,000 Japan
ese inmigrants in a 30 year peri
have been closed.
Japan, on the other hand, will
build three ships and five river
boats for Paraguay, to be used in
the transportation of farm pro
ducts through the Parana River
and to European markets.
Japanese officials have refused
to make any comment on this mat
ter, bu treports say that a region
in the Brazil-Paraguay border,
near Stroesner city, has been pro
visionally selected to be develop
ed by the Japanese.
According to the contract the
Japanese inmigrants will receive
120,000 hectares of a fertile forest
region on either side of the Pan
American Highway now in con
struction.
It was said that the Japanese
government will build houses,
roads, schools, hospitals, agricul
ture research centers warehouses,
saw mills and other, installations
during the next six years.
The ships built in Japan will be
financed by the Japan Export-Im
port Bank as a credit in yens to
Paraguay, Up to this writing no
thing is known whether the terms
of the agreement have been closed
or not.
Panama Offering $26,000,000 in
Public Bonds to U, S. A. Bankers
NEW YORK, July 18.—(UPI)—
Panamas Finance Minister, Fer
nando Eleta, with approval of
President Ernesto de la Guardia
and the cabinet, has appointed
j Lehman Brothers to form and head
an underwriting group for a pub
lic offering of approximately $25,
000,000 Republic of Panama exter
nal bonds.
Security for the bond issue will
be based on the Treaty of 1903
between the United States of
America and Panama for the con
struction of the Panama Canal.
I Under the Treaty, as amended,
j l he United States agrees to pay
I Panama in perpetuity $1,930,000
The announcement will be is
sued to the press later this week.
MONETARY FUND
HELPS HAITI
WASHINGTON. —(UPI).— The
International Monetary Fund an
nounced that it has agreed to a
stand-by arrangement under which
the Haitian Government may pur
chase up to $5,000 000 in curren
cies held by the Fund in the next
12 months.
Officials said this arrangement
is intended to provide Haiti with
a second line of reserves in sup
port of a stabilization program
based upon strict fiscal and credit
policies.
“The fund expects to remain in
close contact with the Haitian au
thorities” the announcement said.
MEXICAN POWER CO.
ASKED TO EXPLAIN
MEXICO CITY (UPI) The
Economy Ministry has given the
Mexican Light and Power Compa
ny five days to explain why its
services are so deficient.
Last week, Federal District Gov
ernor Ernesto P. Uruchurtu order
ed suspension of payment for elec
tric services because of continuous
hlsfhsuti and ether ieresulexMee.
Member Inter American
Press Association
•
For Liberty, Culture and
Hemispheric Solidarity
HUMBER 18
ot participant m international
life”.
He also said that the foundation
of relations between Brazil and
the United States is “interdepen
dence. not subordination”.
He reiterated that Brazil does
not wish to establish itself a* head
nation -»f the continent.
He pointed e events in
the Near East .irate that it
is necessary «o .r.sform Latin
America into an elective aiy that
can be mobilized for the defense
of democracy
He added that Brazil is not ask
ing for any special favors from
the United States, but that she
desires to strengthen Latin Amer
ican participation In international
affairs.
J‘lf our support is valuable, our
opinion in world politics must be
valuable also”, he affirmed.
The officers applauded Kubits
ohek with enthusiasm.
After the meeting of political
leaders the President of the De
mocratic Union, opposition party,
Juracy Magalhaes, said that Bra
zil is in a position to give an ex
ample of international coopera
tion to the othei American coun
tries, in particular in the field of
technica' assistance. Magalhaes ad
ded that he wouid give the Minis
try of Foreign Relations his pep
sonal viewpoint on how “Oper*
tion Pan American” can be achiev
ed.
Vice President Joao Goulart, of
the “Trabalhista” party, and Pli
nio Salgado, leader of the Popular
Representation party, formerly a
fascist group, declared that Kubit
schek could count on their com
plete support.
Also present at the meeting at
Laranjeiras were Ernani do Ama
ral Peixoto, Ambassador in Wash
ington and President of the Social
Democratic Party, to which Kubit
schek belongs, and the Minister at
Foreign Relations, Francisco No
grao de Lima.
The latter said that “Operation
Pan American” constitutes “a po
litical and economic determi
nation”. He added that from thd
political viewpoint it conceives a
more, active participation of Latin
America in Inter American affairs
From the economic viewpoint it
offers suggestions to speed up La
tin American development, with
the aim that this continent
achieves greater influence in
world affairs.
annually as compensation for the
rights granted to the United States
in the Canal Zone. $1,500,000 of
the annual treaty payment / is to
be irrevocably assigned for thirty
years to the First National City
Bank of New York, fiscal agent
for the bond issue, so that the
bank will receive the annual pay
ment directly from the United
States Treasury and apply it to
the full payment of principal and
interest when due.
Proceeds of the bonds are to be
applied, partly, to the redemption
of certain outstanding debt of the
Republic and, partly, to the costs
of Panama’s feeder road program.
The Inter-American highway
from the Panama-Costa Rica bor
der to Panama City and Colon has
been previously financed and a
large part of it has been construe* ,
ted. The feeder roads to be con
structed will afford access to the
highway from many areas of the
nation, thereby greatly improving
the economy of the country.
Spokesman at Lehman Brothera
said that the offering date and
terms of the bonds can not be de
termined until a Securities and
Exchange Commission registra
tion statement has been filed and
has become effective and that
every effort is being made to file
the statement at an early date.
Panama in 1950, through Leh
man Brothers, placed privately
$10,500 000 similar bonds in the
United States at a 3 per cent In
terest rate and with the security
of $430 000 of the annual Treaty
payment
Venezuela to Get
U. S. Bank Loan
CARACAS, Venezuela. (UPI).
Finance Minister Jos£ Antonio Ma
yobre said that the documents for
malizing a $250 million American
bank loan to Venezuela will be
signed before the end of the
month.
Progress ot the loan negotiations
was confirmed recently in New
York banking circles. The loan
is intended to fund the public Mat
left by the dictatorship ot Marsos
P6rez Juntnee, who was ovsrth- v
row* hr a seewiwttoa aasff Mb
yaw.