Magazine content is available exclusively for TIME subscribers.THE CABINET: Pact and Proposal
While Congress was having its busiest days of the year last week, the U. S. State Department was doing almost as well. By week's end, Secretary of State Cordell Hull had: 1) announced an important trade pact with Soviet Russia. 2) proposed a U-Sail-It warship renting service for South American republics.
¶ By the new trade agreement, Russia will increase guaranteed purchases from the U. S. from $30,000,000 to $40,000,000 in the next twelve months. In return, the U. S. will grant the Soviet Union most-favored-nation commercial treatment for the first time....
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