Show WEST TO SET GET J BENEFIT FROM t MINING LOANS i VC i f fR R F C to Advance to Fund to tb j i TI Industry Says Chief 4 r Examiner 1 Ts V Western mining interests hitherto tto almost forgotten in the federal governments government's gov H recovery drive are likely to benefit benefit- mat materially from R F Fe C direct direel di di- dj- dj reel loans to industry John K K M McKee McKee Mc- Mc 1 Kee of Washington ton D. D C. C chief of the R F C examining division said aid Monday during a visit here to industry setup Is being completed and experts are are studying lon long hours to ascertain ta n how ho far we wo can go o in pumping new blood into industries with d depleted working capital Mr l McKee saidI said I I anticipate that numerous applications applications lor for loans will be received tram from western mine operators hard hit by continued low prices for lead and copper i.- i. To Increase Capital I Mr McKee explained th that t such loans loans' as will be made to mine operators oper opere are arc to be used to enlarge a shrinking working capital and not lo o finance new development work t It is hoped honed such loans will wm enable the mines to io operate and provide employment employment em em- until increased industrial activity creates a new demand for metals and prices rise Mr McK McKee e eai said ai Until now he explained the federal federal fed l eral government has sought to aid farmers farmers- banks and other financial in institutions in- in utilities livest livestock men in fact everything except industry itself Temporary Expedient The hope hops has been that credit fac facilities would loosen to tide industry over Mr McKee said aid Since this has not occurred the direct loans to industry plan was Wa adopted as a temporary expedient My trip over the country this time has convinced me that business is definitely on the improve and that private credit is loosening Growing Growing confidence confidence and more private private vate credit after all hold raid the key to the situation Governmental recovery recovery ery cry measures are but a mea means of ot bridging the gap from depre depression sion to to normal business activity Surveys Vest West Mr McKee Is who came here from Boise Blise Idaho will leave late Monday Monday- for the east easl He has Jias been making a general survey of the west and passed through here two weeks ago en route to Los Angeles During the thc day he conferred with Elias A. A Smith in charge of f the theRe thc Reconstruction Re- Re construction Finance corporations corporation's ns n's f flIt Salt lIt Lake City l loan an agency He lunched at the thc Alta AHa club with Mr Smith and a group of local ban bankers ers and business leaders |