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Treasury Has Not Been Notified of Proposal for U.S. to Lend $250,000,000 to Arabs

Secretary of the Treasury John Snyder said today that the reported $250,000,000 Arab loan has not reached the Treasury for consideration. Asked about the loan at his press conference, the Secretary declared that his information was limited to these facts: I. That it was under discussion in London. 2. That is proposed establishment of a Jordan Valley Authority to develop irrigation, and other projects for Palestine and Transjordan, and, 3. That $50,000,000 of the total sum was to be used for the assembly and transportation of Jews to Palestine.

Asked whether it would be a joint Anglo-American loan, the Secretary replied that he had no idea, reiterating that it has not been under discussion at the Treasury. “If it ever came to the point,” Mr. Snyder said in response to a question, “Congress would have to pass upon the loan.”