Show Barkley Asks Aks loan OK Without Amendment W WASHINGTON ASHINGTON April 17 UP JI Democratic Leader Barkley Ky said Braid W Wednesday ay congress has haa the choice of approving the Uie proposed British loan as it stands or extending no financial help to the United Kingdom this year car As AB the Ute senate prepared to start what may be a weeks week's bitter debate debate debate de de- de- de bate Barkley told a reporter he will fight tight all nIt amendments because any congressional alteration of ot terms would force renegotiation of the credit agreement If I that happens he said we e wont won't be able to pass any au au- I aU-I legislation in this session sessIon session ses ses- sion of ot congress and critical time would be lost v Barkley planned to open arguments arguments ments for the bill with a review of oC the trade and currency stabilization stabilization st. features which he ho contended contended contended con con- tended would open to American exporters world markets that otherwise would be blockaded tightly by existing wartime sterling sterling sterling ster ster- ling restrictions Will Lift Restrictions The British promised in the agTe agreement ment to lift these restrictions in return for a to total t. 1 of available for borrowing until Dec 31 1951 Then interest at 2 a year would begin The British would repay at the rate of a year but interest would be waived if their export earnings weren't enough to pay for tor imports equal to the thc 38 1936 average While Barkley applauded this arrangement as the tho only practical course to take the brakes off ort in international international international in- in trade Sen Taft R R. 0 O- told reporters he considers the loan plan inflationary I Tafts Taft's view had support from rom Sen R. R Colo Cola who did not vote when the banking committee committee com corn recommended the senate passage of ot the measure last Jast week Iu 1 Must Mint t Be Convinced Millikin told a newsman that after l listening to the testimony he remains to be convinced of ot the necessity for a loan There is Democratic opposition to the proposal also and it seemed I I likely to center largely behind an amendment by Senator Senat r McFarland D D. Ariz to require the British to give up title to Atlantic bases now held by the United States under under under un un- der year 99 lease From outside the senate came powerful opposition to the mens mens- Jre ure in the form of a Houston Chronicle editorial si signed ned by Jesse Jones former federal loan admInistrator administrator admin admIn- and secretary o of com com- merce Jones who was not called to testify testIfy tes- tes before the banking committee commit- commit i tee ce declared In the editorial that approval 0 of the tho loan might start the he United States down the financial financial finan- finan cial ial road to disaster Offers Substitute He suggested as u a substitute that hat the Reconstruction Finance Corp add to a 1911 1941 British loan of wIthout without with- with out ut requiring additional security and nd without restricting how It be spent pent He proposed a 2 interest rate ate and said earnings 5 from rom British British Brit- Brit ish sh Investments pledged as security it ty ity should permit the loan to be repaid in about 40 years I r should like JUe to remind the congre congress congress con con- gre gress that lending Britain dollars as Is 13 proposed In the present loan agreement ag does doe not Insure that she he will spend those dollars with willi our ur farmers manufacturers and exporters Jones Joncs said She will willbe willbe willie be ie free to spend them in competition compe- compe with us in tho the world markets markets mar mar- kC and will In its report on the legislation the he banking committee noted that American negotiators had asked for far or no special advantages for this country in world trade as a result re of the loan but merely a lifting of oC restrictions so that United States s exporters could compete on equal terms erms with others |