OCR Text |
Show DREW PEARSON Uncle Sam as a Banker XtOVIE magnates and publishing houses have hatched a new plan which iV- may make Uncle Sam even more of a banker than he is today. At present, Europeans buy foreign-language editions of magazines and translations of American books. They also are flocking to theaters to see Hollywood movies. But because they have little to export to this country in return for U. S. food and goods, they do not have the dollars to pay the movie producers and the magazine publishers. - Result: Millions of dollars in foreign currencies are accumulating accumulat-ing in the capitals of Europe to the credit of these American business busi-ness Arms. Some day they may be converted into dollars, but nobody knows when. Some companies long have depended upon their foreign sales to keep them them out of the red, thus are in serious difficulties with revenue from foreign sales frozen abroad. Therefore, movie czar Eric Johnston now proposes that employes of the U. S. Information service abroad be paid in currency of the foreign nation, na-tion, accumulating to the account of publishers and movie companies. In return, the U. S. treasury would pay off the home offices in good green U. S. dollars. Members of congress who have been approached generally approve the idea. They also see a possibility of extending it to use blocked funds for paying expenses of government personnel abroad, who administer the Marshall plan. |