893.48/1102
Press Release Issued by the Export-Import Bank of Washington, June 20, 1936
Mr. Warren Lee Pierson, President of the Export-Import Bank of Washington, today made the following announcement:
The Export-Import Bank of Washington has recently taken over the credits made available by the Reconstruction Finance Corporation and The Grain Stabilization Corporation to the Chinese Government to finance the purchase of American cotton, wheat and flour. In order to simplify their handling, the two credits have now been consolidated.
Of the original sum of $17,105,385 advanced by the Reconstruction Finance Corporation, there remains a balance of $13,537,387. The Grain Stabilization Corporation credit, known as the 1931 Flood Relief Loan, was originally $9,212,826 and has been reduced to $3,070,942. Payments of instalments of principal amounting to $9,709,882 have been duly met.
The consolidated obligation is payable in quarterly instalments over a period of six years. The security for the consolidated obligation is the same as that provided by the original agreements, namely, a first charge against China’s consolidated taxes consisting of the rolled tobacco tax, the flour tax, and others, together with a first charge upon the 5% flood relief customs surtax.