LEASE-LEND

Evening Post, Volume CXXXIII, Issue 24, 29 January 1942, Page 8

LEASE-LEND

DIRECT SUPPLIES

N.Z. AND AUSTRALIA

ALLIED POOLING PLAN

(By Telegraph—Press Association —Copyright.) (Rec. 1.30 p.m.)

NEW YORK, January 28,

The lease-lend arrangement has been extended to include New Zealand and Australia directly in its allocations as part of a huge Allied pooling plan, reports the "New York Times's" Washington correspondent. As a result of the loss of Malaya, Britain's dollar resources would be wiped out in less than two years even with the continuation of the lease-lend aid on the former basis.

Lord Halifax, British Ambassador to the United States, arid Sir Frederick Philipps conferred with Mr. Morgenthau, Secretary of the Treasury, on the effect on Anglo-American trade and Britain's balance of payment with the United States of the loss of some three hundred million dollars yearly which the British formerly amassed by selling Malayan rubber and tin to America.

Instead of there being a " one-way organisation, the lease-lend administration will now not only send American supplies to other countries but will accept supplies or. in some cases, services from Allies of the United States.

Thus Britain may acquire credit under the lease-lend scheme for feeding and housing United States soldiers in Northern Ireland.

In the new pooling' arrangement may be the gerro of what, if the war lasts long enough, may end as a fairly complete integration of the economies of the United States and Britain, by which tariffs will have lost all meaning. Normal trade has already almost disappeared.