LEND OR LEASE

Gisborne Herald, Volume LXVIII, Issue 20635, 10 December 1941, Page 5

LEND OR LEASE

FULL OPERATION DEFIANCE TO GERMANY WASHINGTON ASSURANCE (Reed. Dec. 10, noon.) WASHINGTON, Dec. 9. White House issued a statement to-day as follows: “Obviously Germany did all it could to push Japan into war. It was the German hope that if the United States and Japan could be pushed into war, such a conflict would put an end to the lend-or-lease programme. “As usual the wish was father to the thought behind the broadcasts and announcements emanating from Germany with relation to the war and the land-or-lease programme.

“That such German broadcasts and announcements are continuously and completely 100 per cent inaccurate is shown by the fact that the lend-or-lease programme is and will continue in full operation.” New York reports state that the war with Japan sharply affected trading on the Stock Exchange yesterday. It was orderly but declines of two to four points ruled among standard industrial issues. The turnover in stocks went to well over 2,000,000 shares for the first time since November 11, 1940. Bonds were lower in all sections. Australian Government issues declined irregularly. The Wall Street Journal to-day says that Mr. Emil Schram, the president of the New York Stock Exchange, is well pleased with the steadiness of the stock market in the first day’s trading after the opening of war by Japan. Before the opening Mr. Schram conferred with Federal Reserve Bank officials and exchange officials, thus creating a good understanding. It was stated firstly that there would be no heavy selling of Treasury issues. Secondly, large institutional holders of Government bonds were assured there would be no dumping of Government bonds on the market. Naturally the word of this meeting spread rapidly among all those who trade daily in Government stocks. Consequently, Mr. Schram, at the end of the day’s trading, was well satisfied that the market was in good shape to meet the shock of the “shooting war.”