L. Speeches by John J. McCloy (1947-49)

9 items available

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http://hdl.handle.net/10986/31684

John J. McCloy served as the second President of the World Bank from 1947 to 1949.

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Address before the Foreign Policy Association, Minneapolis, January 19, 1949

(World Bank, Washington, DC, 1949-01-19) McCloy, John J.

John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the elusive matter of international economic recovery. He reviewed the policy environment for the European Recovery Program (Marshall Plan), economic integration, and international trade imbalances. Europe’s dollar problem is America’s dollar problem.
The International Bank and World Trade

(World Bank, Washington, DC, 1948-11-08) McCloy, John J.

John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the loans granted by the Bank for European reconstruction and trade promotion. The Bank is currently in discussions about development projects for more than 20 member countries. He noted the shortage of technical experts in under-developed countries. Financial stability is necessary for trade growth. He concluded by saying that a prosperous world would be possible only if there was a good volume of international trade.
Address Presenting the Third Annual Report

(World Bank, Washington, DC, 1948-09-28) McCloy, John J.

John J. McCloy, President of the International Bank for Reconstruction and Development, discussed the European Recovery Program and the role of Bank in it. He reported on provisions for using loan proceeds. He was proud of a guarantee operation to sell the notes of Dutch shipping companies to U.S. banks. He spoke about how the Bank sold to the Bank for International Settlements an issue of Swiss Franc bonds, and the proceeds were used in the loan to The Netherlands. He concluded by talking about variety of the projects presented to the Bank from all over the world and how this would keep the Bank busy.
Address before the Foreign Policy Association, Cincinnati, Ohio, June 1, 1948

(World Bank, Washington, DC, 1948-06-01) McCloy, John J.

John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the prospects for success by the European Recovery Program and the role of Bank in it. He commented on the world leadership role of the United States. He reviewed the five loans the Bank has made to date. He concluded by discussing South America countries and their needs for technical assistance and advice in connection with their development.
Address before the Overseas Press Club of America, New York City, March 16, 1948

(World Bank, Washington, DC, 1948-03-16) McCloy, John, J.

John J. McCloy, President of the International Bank for Reconstruction and Development, discussed the appropriate function of the Bank. It cannot be the overall financer of global balance of payment deficits. It can finance economically strategic and productive projects. It can be the bridge between government and private financing, and thereby complement the Marshall Plan. He discussed administration of the Marshall Plan and national self-interest. The opportunity afforded by recovery of Europe and its closer integration remains the first and most promising objective to achieve.
Address Broadcast over Station CFCF, Montreal, February 18, 1948

(World Bank, Washington, DC, 1948-02-18) McCloy, John J.

John J. McCloy, President of the International Bank for Reconstruction and Development, commented on the interdependence of Canada with the world economy. He discussed the sources of capital the Bank draws upon for lending and guarantees. He noted that the European Recovery Program (Marshall Plan) does not conflict with role of the International Bank. He discussed the economic situation of Latin America and its relation to Europe. He warned that the European Recovery Program has limitations.
Europe's Hope for Recovery

(World Bank, Washington, DC, 1948-01-15) McCloy, John J.

John. J. McCloy, President of the International Bank for Reconstruction and Development, discussed the U.S. announcement of the European Recovery Program (Marshall Plan). This ambitious plan must be economically successful. The inherent strengths of Europe give reasonable assurance of the success of the Marshall Plan reorganization that is proposed. The problems of the continent do not appear insoluble. Human and materials assets, a sensible plan, good management, and sufficient new money are each elements that are fundamental to ensure success. External assistance should be conditioned upon economic reforms. Trade with Eastern Europe should be encouraged. Financing on this scale should be afforded primarily as grants rather than loans.
Address Presenting the Second Annual Report of the International Bank

(Washington, DC: World Bank, 1947-09-12) McCloy, John J.

John. J. McCloy, President of the International Bank for Reconstruction and Development, discussed staff recruitment and the development of Bank policies. Loan requirements emphasize productive projects of reconstruction and development. Supervision ensures the funds are not diverted. He spoke of the need for balanced budgets, sound tax systems, and monetary stability. The Bank is in a position to help facilitate financial reforms. McCloy has been in close contact with the American investment community as the Bank floated its first bond issue. He highlighted the need to gain access to currencies of other member countries. He noted the relationship of Marshall Plan aid to Bank activities. Despite the discouraging economic situation, he believes the Bank has made real progress in repairing the damage from the war. The best hope for the future lies in the magnitude of development potential of the Bank’s members.
International Investment of Capital

(World Bank, Washington, DC, 1947-04-18) McCloy, John. J.

John. J. McCloy, President of the International Bank for Reconstruction and Development, spoke about directing international investment of capital toward productive purposes. He spoke on the role of the Bank as one of the principal international financing agencies in the world. The Bank serves as a channel of private investment funds at reasonable cost for the restoration and development of capital-importing countries. The Bank forms a safe bridge for the movement of capital. The Bank must sell securities in the private market, primarily in the United States, to raise much of the money it lends. The Bank is also in a position to supervise the spending of the loan proceeds to prevent excess borrowing. He concluded by saying that Bank can't and won't grant loans in order to accomplish political objectives or where political uncertainties make lending unsound.