-s seems to end up using load-in-vicinity: I can re-create this way:
mwette$ guile -L `pwd` -c '(load-in-vicinity (getcwd) "foo.scm")' ;;; note: auto-compilation is enabled, set GUILE_AUTO_COMPILE=0 ;;; or pass the --no-auto-compile argument to disable. ;;; compiling /home/mwette/proj/guile/bugs-guile/32367/foo.scm setting SIGCHILD to SIG_DFL... ^C