740.00119 Control (Germany)/11–2448: Telegram
The Acting Secretary of State to the Embassy in France
4648. (Urtel No. 6026, Nov 241) Dept believes falsity charges re US financial interest in Ruhr clearly demonstrable by reference Treas Dept “Census of American-Owned Assets in Foreign Countries,” 1947. Essential facts as follows.
Sole US interest in Ruhr coal is in a Stinnes concern, in which US owners have substantial holdings. This company owns approximately 55 per cent of certain coal mines which account for about 5 per cent total Ruhr coal output. US share probably does not exceed two and [Page 545] one Half per cent value total Ruhr coal industry. No direct US holdings in steel. Value US held bonds of coal and steel enterprises not in excess 4 per cent value net fixed assets (pre-war). Most other industrial holdings Ruhr are in small machinery concerns of little consequence.
Agitation Fr press surprising view Fr policy in Fr zone and Saar permit Fr financial interest acquire through management companies substantial holdings in Ger enterprises, such as great Roechling steel combine. As is well known, investment moratorium in US and UK zones has precluded post war acquisitions in Ger by US interests.
Disinterestedness US efforts with respect Ger recovery as integral part ERP should be apparent to Fr which has itself received in excess, of $2,300,000,000 in direct grants and loans since war and is currently recipient annual ERP aid of $990,000,000. This exceeds by over 50 per cent ERP aid to bizone and Fr zone combined, ($631,000,000).
Dept believes it important these facts be brought home clearly and forcefully to Fr public.
- Not printed; it reported that the belief that private American nationals possessed vast financial interests in the Ruhr and were the mainspring of American policy aimed at the rapid rehabilitation of the region was already widespread in France and received considerable impetus, principally by word of mouth, in non-Communist circles. The difficulty of convincing the French of the wisdom of American policy in the Ruhr was increased by French doubts about its disinterestedness, (740.00119 Control (Germany)/11–2448)↩