The Senate bill S. 1440 was titled as an Act with a House floor narrative regarding credits and potential monetary funds from the transactions of World War II surplus materials.

The enactment of this bill will assure that at least a part of the returns from the sale of our surplus materials to foreign countries will accrue to the interest of America.

Most of the nations desiring to purchase our trucks, railroad equipment, and so forth, abroad, do not have American dollars, or even the goods, to pay and it will, therefore, be necessary for our Government to establish credits for this purpose.

If this bill is approved, the funds will be utilized to exchange students, create a better understanding of our mutual problems, and promote friendly relations, while avoiding possible ill feelings between Nations resulting from inability to meet obligations set up in accordance with traditional methods.

A precedent for this program may be found in our action with regard to the indemnity paid this country as a result of the Boxer Rebellion in China in July 1900.

I think it is reasonable to assume that if a similar program can be intelligently administered among the several nations nese in recent years and is to a great contribution will have been made to the future peace of the world.