CASH AND CARRY

Gisborne Herald, Volume LXVII, Issue 20414, 26 November 1940, Page 7

CASH AND CARRY

AMERICAN POLICY INSISTENCE LIKELY MATERIALS FOR WAR WASHINGTON COMMENT FINANCES OF BRITAIN (Rl«c. Tel. Copyright—United Presg Assn.) (Reed. Nov. 2ti, noon.) WASHINGTON, Nov. 25. Renewed discussion of the question of credits for Britain followed the disclosure that the United States Government was considering freezing all belligerent credits in the United States to enable determination as to how and where foreign funds were spent. No decision was reached regarding this oat it is understood that such freezing will not be permitted to interfere with British war purchases. The Secretary of State, Mr. Cordell Hull, told pressmen that the whole question of financial aid for Britain would apparently have to be considered by Governmental and Congressional authorities with a view to establishing a basic policy before specific methods could be discussed, lie indicated that while the question had not yet been actively considered, he expected it would be considered in 1 the near future. Great War Debt Mr. Hull recalled that the Great War debt question was considered first by an inter-departmental committee and then the Congressional leaders were called in. He declined to express an opinion as to whether assistance might be possible without a revision of the Johnson and Neutrality Acts. He also declined to comment on suggestions that Britain might trade West Indies possessions. Senator Nye has moved a resolution for a Senatorial inquiry into the Empire’s financial resources in the United States. After a conference with President Roosevelt, Senator Barkley expressed the opinion that the question of British credits would not be taken up in the current session of Congress. The Associated Press of America believes the conferees, including Mr. Rayburn, discussed the possible repeal of the Johnson Act. Mr. Barkley said: "The conference was concerned chiefly in projecting on the future, and the whole programme for Congress which is being convened on January 3 was reviewed generally.” Maintaining Policy Mr. Roosevelt’s secretary, Mr. Stephen Early, said that Mr. Roosevelt’s statement in reference to the question of loans and credits to Britain had not been discussed by the Government. The statements of Mr. Roosevelt would stand, despite Lord Lothian’s statement reported on Sunday concerning the need for credits to Britain in the purchase of war materials. Other Administration sources indicated that unless Britain's plight became grave and her assets were completely exhausted, the United States would maintain the cash-and-carry policy. Mr. Bloom, chairman of the House of Representatives Foreign Affairs Committee, said: “It should bo emphasised that Britain does not need money but merely credits, for which reason we should receive specific lists of British needs for which we can extend suitable credits. If they need £250,000,000 worth of pianos, we should give them the planes on credit.” He said that such credits might be arranged without amending the Johnson Act. He criticised the proposal of Mr. Hamilton Fish to seek British possessions in exchange for supplies, saying the United States does not want further possessions.