AID FOR BRITAIN.

Ashburton Guardian, Volume 61, Issue 48, 6 December 1940, Page 5

AID FOR BRITAIN.

THE SUGGESTION OF A LOAN.

“SOUND FINANCIAL POSITION.”

(United Press Association. —Copyright.) WASHINGTON, December 5. The Under-S'oereta.Ty to tine British Treasury (Sir Frederick Phillips), arrived in the United States to confer with the Secretary to the Treasury (Mr Henry Morgen than, jnrj. , , Sir Frederick Phillips said that Britain’s financial position w<as never sounder. This was shown by her daily expenditure of 4-5.000,000 dollars. In addition, British purchases were being paid for ahead of delivery. Sir Frederick Phillips did not discuss what he hoped to accomplish in the United States?. Mr Marriner Stoddard E’ecles has denied that lie proposed a. loan of 2,500,000,000 dollars to Britain, as was reported in a. cablegram yesterday. Mr Eccles said the facts had been distorted .

Mr Eccles has released a. report which he describes as a full and correct text of his speech. This report says.. . “I believe Congress, in considering all interrelated elements in the monetary picture, should consider whether or not it is wise to make credits available at low rates as a means to aiding the British, staking as collateral their gold and also their security holdings here, in Canada and elsewhere.” From Detroit, it is reported that MiHenry Ford said that if Britain needs money he favoured giving her all she wants.

“It will end the war in a hurry,” he said. “We did it before and 1 we might as w r ell do it again.” Comm®nting on the suggestion that a loan should be granted to Britain, the Federal Loans Administrator '(Mr Jesse Jones) said that Britain could •be regarded as a good .risk. Whether loans were granted now or in the future, he favoured good rates on loans when they were needed for ,a proper purpose. Senator W. F. George, chairman of the Senate Committee Relations Committee, urged that factories making war materials should be placed on a 24 hours basis. The arms productioi. programme, he said, should be stepped up to war-time pace, because material aid to Britain must be given quickly if it is to he most effective.