Credits & Debits

Like canny traders trying to decide how much to invest in a likely stock, experts from the Department of State and the Export-Import Bank wrangled over a proposed Argentine loan last week. State recommended a credit of $125 million, so that Argentina could fund her commercial debts and begin buying badly needed U.S. farm machinery. The Ex-Im negotiators, not entirely convinced that Argentina could handle and pay back a loan of that size, argued that $65 million would be enough to restore Argentine credit. For the moment no decision was reached; the dickering continued. But it was a good bet that before Argentine Treasury Minister Ramon Cereijo left for Buenos Aires this week, Argentina would be down on Ex-Im's books for a sizable U.S. credit.

In Washington, meanwhile, the International Bank for Reconstruction and Development granted a $26 million loan to the Mexican Light & Power Co., Ltd., to help finance the company's expansion program through 1952. The bank noted that Mexico's growing population has made extra electrical power for industrialization a matter of top priority; Mexlight generates about 45% of Mexico's power.

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