ANGLO-U.S.A. FINANCE

Greymouth Evening Star, 13 September 1945, Page 5

ANGLO-U.S.A. FINANCE

HUGE LOAN PROPOSAL CONGRESS ATTITUDE • NEW YORK, September 11. At their first meeting, the British and American Lend-Lease delegations in the opening talks agreed on an agenda covering four main subjects, viz: (1) Financial problems; (2) LendLease termination settlement; (3) Commercial policy; (4) Surplus property disposal abroad. There will be concurrent discussions on the four ’main topics by the committees. The delegations will begin negotiations on Thursday. The American representatives appear to be disposed to await British suggestions before venturing their views. Congressional reactions forecast that any agreement resulting from the conference must be on a business basis; that is, if “rough going” is not to be encountered at the Capital. The Assistant-Secretary of Stare, Mr. Clayton, will head the American delegation during the absence of Mr. J. F. Byrnes in London. A “Herald Tribune” correspondent at -Washington • says: The United States is reported to be.prepared to offer four thousand million dollars to Britain as a non-interest bearing loan, ito assist Britain over an estimated three-year reconversion period. This is not substantiated. The report is ascribed to officials who, normally, are best informed. It is said a fortyyear payment period is planned, with Britain paying a hundred million dollars annually. , The “New York Times’s Washing-' ton correspondent says: Congress must give effect to any monetary arrangements to assist Britain, which may be worked out during current talks. Therefore sincere friends of Britain, hope Mr. Clayton and other American negotiators will tell Lord Halifax and Lord Keynes clearly that many oi the Congressmen have adopted a .hard-boiled “Show Me” attitude towards British proposals. The American executive group has great sympathy and understanding for England’s plight, but Congress as to-day’s speeches have shown, feels that this must be held secondary to the interests and the capacity of the United ■States. Furthermore, several influential Government advisers are at pre-sent-adopting a questioning .attitude towards Britain. Mr. Bernard Baruch, for instance, it is believed, feels that Britain is in a better financial position than her published accounts reveal. The correspondent adds: While it Js officially denied that British Labour Party’s socialisation programme will influence decisions at Washington, that is not true respecting Congress, which is asking: Shall Ameri-|-can funds be granted' to Britain to >carry out this programme. If this agreement is made, what will other nations expect. What will the total be? How much can we afford, without disastrous damage to our own •economy? A clear understanding of the attitude that exists outside of the actual negotiation chamber should help to produce a contract which .Congress will accept. « BRITISH STATEMENTS. (Rec. 1 p.m.) WASHINGTON, September 12. Great Britain needs financial assistance from America of between 3000 and 6000 million dollars, but does not intend to repeat the debt mistakes of the first world war to obtain it, said Lord Keynes, at a Press conference. Lord Keynes held that the choice for Britain was obtaining substantial help from the United States .or. going in for a sort of economic isolationism within the British Empire. The latter course would inevitably produce friction with the United States and other countries, even though it had to be followed only temporarily. Britain’s strong hope was for understanding and collaboration on the part of the United States. Lord Halifax said that Britain does not intend to accept obligations which she could not see a way to a clear discharge. Furthermore, she did not intend coming to the United States as suppliants, asking or accepting any arrangements to help which they did not honestly feel to be in the best interests of the United States and the rest of the" world.

‘PRESIDENT’S REBUKE. (Rec. Noon). WASHINGTON, September 12. At a Press conference Mr. Truman said he thought it “perfectly silly” to suggest that American financial assistance to Britain was intended to finance the socialisation of that country and added that Britain was entitled to the type of Government she (wants. CANADA AND NORWAY: ■ (Recd. 10.30 a.m.) OSLO, Sept. 12. An agreement has been, concluded under which Norway will receive 13,000.000 Canadian dollars’ purchasing credit in Canada at interest, of 2" per cen:.