CREDITS FOR BRITAIN

Greymouth Evening Star, 6 December 1940, Page 7

CREDITS FOR BRITAIN

SUPPORT IN U.S.A. “A GOOD RISK” I [BY CABLE. —PRESS ASSN.—COPYRIGHT.] WASHINGTON, December 5. 'The Under-Secretary to the British Treasury (Sir Frederick Phillips) arrived in the United States to confer with the Secretary to the Treasury (Mr. Henry Morgenthau, jun.) Sir Frederick Phillips said that Britain’s financial position was. never sounder. This was shown by her daily expenditure of 45,000,000 dollars. In addition, British purchases were being paid for ahead of delivery. Sir Frederick did not discuss what he hoped to accomplish in the United States. ■ Mr. Marriner Stoddard Eccles has denied that he 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, taking as collateral their gold and also their security holdings here, in Canada, and elsewhere.” From Detroit, it is reported that Mr. Henry 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 we might as well do it again.” Commenting on a 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 Foreign Relations Committee, urged that factories making war materials should be placed on a 24 hours basis. The arms production programme, he said, should be stepped up to war-time pace, because material aid to Britain must be given quickly- if it is to be most effective.

MR. TAFT’S VIEWS. (Recd. December 6, 1 p.m.) WASHINGTON, December 5. Speaking in Congress, Mr. Taft said he was open-minded on financial aid to Britain, but it was nonsense to call Britain a good risk. “If we are going to do anything, better give than lend. Ultimately, we may have to lend to Britain, but to lend immediately to Canada is desirable first. BRITAIN’S FINANCES STRONG (Received December '6, 12.45 p.m.) WASHINGTON, November 5. British quarters are much heartened by the latest developments regarding further American aid. for Britain. ' - ■■ - Mr. Morgenthau said he agreed with Mr. Jesse Jones that the British Government was a good loan risk, but he declined to say whether a loan to Britain was actually contemplated. He said he would confer with Sir F. Phillips to-morrow. Six’ F. Phillips, who arrived by Clipper, said his mission was to straighten out a technical difficulty in connection with Britain’s dollar reserve. He declined to comment whether he intends to seek credits. He asserted that Britain’s financial position had never been stronger. The war was costing about 45,000,000 dollars daily, which Britain was able to stand.