BANKING: Bearer of Light

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¶To Austria, two loans totaling $22 million for Alpine hydroelectric projects to harness one of Europe's chief remaining undeveloped natural resources. One $12 million loan is for the Reisseck-Kreuzeck power project to help add 112,000 kw. of generating capacity by 1958; the other $10 million loan will go toward new dams and power stations to add 190,000 kw. of new capacity to the 111 River system in the Austrian Tyrol.

¶To Colombia, $95 million for highways, agriculture, railroads, and power development. Most dramatic project: a railroad along the winding Magdalena River to replace stern-wheeler river boats as Colombia's main transport, open up vast new areas for cattle production.

¶To Haiti, Finland, Norway, Burma, a total $62 million in four loans, all within the last month. Haiti got $2.600.000 for a three-year road program to improve much of its 1,875 miles of mule-track roads; Finland, $15 million to help finance 344,000 kw. of new power capacity for industry; Norway, $25 million to expand its enormous Tokke power project by 400,000 kw., eventually bring it to 800,000 kw.; Burma, two loans totaling $19.4 million to help improve its Toonerville railroads, turn Rangoon into a first-class seaport with new cargo berths, warehouses, dredges and tugs.

Stakes in Cairo. Last week, on the tenth anniversary of the formal opening of the bank, President Black was in the midst of a 15,000-mile jaunt to Europe and the Middle East. In London he touched economic bases with Governor of the Bank of England Cameron F. Cob-bold, Foreign Secretary Selwyn Lloyd, Under Secretary of State for Foreign Affairs Sir Ivone Kirkpatrick; in Paris, he chatted with Old Friend Pierre MendesFrance, lunched at the home of Bank of France Governor Wilfred Baumgartner. Flying on to Iran, Banker Black talked about accelerating Iran's seven-year, $930 million development program which is paid for by oil royalties. Since oil revenues are low, Black was working out a $32.5 million loan to get things rolling. This week Black moved on to Saudi Ara bia, where oil money is often frittered rather than being spent on economic projects to improve the lot of the people. On the invitation of King Saud, he will advise the Saudis on how to invest their wealth more wisely.

Later this week Banker Black comes to the most crucial part of his trip: Egypt. The most important single development project in the world today is the proposed high dam spanning the Nile at Aswan. The 15-year, $1.3 billion project will have 1,440,000 kw. of power capacity and increase Egypt's electric supply eightfold. Several months ago Black worked out a deal to lend Egypt $200 million to help get the project started, with the U.S. and Great Britain adding grants of $70 million. The only thing to be settled was the question of water rights between Egypt and neighboring Sudan.