AMERICA & WAR

Grey River Argus, 6 December 1940, Page 7

AMERICA & WAR

MONEY FOR BRITAIN Still a Question [Aus. & N.Z. Cable Assn.] (Received December 5, 9 p.m.) WASHINGTON, December 4. Mr Eccles, who, as cabled last night, proposed a 2.500,000,000 dollar loan to Britain, has denied proposing such a plan. He said the facts have been distorted. Mr Eccles has released a full and correct text of his speech. He stated: “I believe that Congress, in considering all of the inter-related elements of the monetary piteture, should consider whether or not it would be wise to make credits available at low rates as a means of aiding the British taking, as collateral, their gold, and also security holdings here and in Canada and elsewhere.”

Senator George urged that war material factories should be placed on a 24 hours’ basis, and the arms production programme stepped up for wartime pace, becouse material aid for Britain must be given quickly if it were to be most effective. The Export Control Administrator, Mr Russell Maxwell, announced forty-one types of machine tools which hitherto have been exempted from export control, that will, in future be subjected to export licence control, because of the increased pace of the U.S. defence programme. He emphasised this does not imply an embargo on export. DETROIT, December 4. Mr Henry Ford said that if Britain needs money, he favoured giving them all they want. “It will end the war in a hurry,” he said. “We did it before. We might as well do it again.” (.Received December 6, 1.26 a.m.) WASHINGTON December 5. Mr Jesse Jones indicated that the United States was considering the possibility of extending financial aid to Britain, which, he said, he considered “a good risk.” He did not specify how. He said he did not at present favour the repeal of the Johnson Act, but his policy was to lend Government funds to good risks when they need it for a proper purpose. Mr Morgenthau, Secretary of the announced Sir Frederick Phillips, Under-Secretary for the British Treasury, was arriving in the United States to-day to report to him on Britain’s financial condition.