GOLD LOOTED BY THE NAZIS TO BE USED TO ASSIST EUROPE

Greymouth Evening Star, 25 September 1947, Page 7

GOLD LOOTED BY THE NAZIS TO BE USED TO ASSIST EUROPE

(Rec. 11.10 a.m.) WASHINGTON, Sept. 24.

The Allied Big Three Commission, comprising the United States, Britain and France, has agreed to make a prompt distribution of part of the 330,000,000 dollars in gold store seized from the Germans during the war, as a means of helping to meet the critcal needs of European countries. This was announced today by the acting-Secretary of State (Mr Robert Lovett). He told a press conference that the Big Three had agreed to restore the gold to those countries from which it was looted by the Nazis. Although this does not eliminate the need for emergency aid for Western Europe from the United States it should help to ease France over her present financial difficulties. A preliminary distribution of this gold by October 15 will be attempted as France will face a financial crisis within a few weeks.

Mr Lovett explained that 11 countries had filed claims totalling 800,000,000 dollars to Nazi-looted gold and half the amount of gold actually recovered must be withheld to meet the claims. The claimants comprise France, Albania, Austria, Belgium, Czechoslovakia, Greece, Italy, Luxembourg, the Netherlands, Poland and Jugoslavia. Mr Lovett said Italy and France were in more urgent need of assistance than Britain.