ON THE MONEY FRONT

Grey River Argus, 28 July 1941, Page 5

ON THE MONEY FRONT

U.S.A. “Freezer”

FOR BOTH JAPANESE AND CHINESE CREDITS.

[aus. <& N.Z. Cable Assn.j (Rec. 5.5). WASHINGTON. July 25 President Roosevelt will freeze ( both tire Japanese and the' Chn.se credits in the United States to-mor-row The United States Government • strongly denounced Japan to-day as the aggressor in Indo-China and declared that the move there menaced American security and endangered American territory and interests in the Far East. Mr Roosevelt, in a statement to 1 the Press, disclosed that the United States would retaliate with specific < action to-morrow, against Japan’s . occupation of Indo-China, which, he said, was causing the awakening of America to full realisation of the 1 deadly peril of the international • situation. Mr Roosevelt, at a Press confer- '■ ence, said that public opinion was swinging rapidlv to a more complete realisation of the dangers wherein ■ the United States was involved, but , the public were still insufficiently cognisant of the inherent perils, as it is, of Britain’s death struggle with Nazi Germany, and Russia’s stand against the Nazi blitz, but this week’s events in the Far East are bringing greater public awareness of the dangers. Asked a question regarding the Stimson-Wheeler controversy, Mr Roosevelt said he agreed with the captions of the editorials in the “Times” and “Herald-Tribune,” ‘On Dangerous Ground,’ ‘Mr Wheeler Goes Too Far.’ Mr Roosevelt made no move to modify or soften Mr Stimson’s near-treason charges. i WASHINGTON, July 25. The Washington “Post” said that' Mr Welles’s statement could be regarded as a certain prelude to action by the United States. "Like Hitler, Japan cannot stop now, but must go on from aggression to aggression," the paper stated. The United States could not afford to let the move go uncontested. The paper urged the Government to enforce an economic blockade of Japan. The New York “Times” stated that the presence of Japanese warships off the coast of Indo-China marked the end of America’s present poncy m the Far East. The paper stated that the United States should. impose an| embargo on Japan, which would mean business. U.S.A.’s FIRST SHOT. (Rec 7.0) LONDON, July 26. Officials' at Washington desci med the freezing of Japanese and Chinese credits as the first of a series of retaliatory economic moves aga nsi Japan. U.S.A. FORCES. ON ALERT IN PACIFIC ISLANDS. (Rec. 7.0). LONDON, July 26. All of the United States troops m Hawaii have been placed on the alert and on a precautionary status. The units of the U.S. Army and Navy in the Philippines have been brought under the command of armed forces of the United States for the duration of the emergency. CHINESE CREDITS. U.S.A. TO JUDGE OPERATIONS. (Rec 7.0) LONDON, July 26 The American order for the freezing of Japanese credits in the United States has unexpectedly been extended to the Chinese assets in the Um mu Sta.tos / This inclusion of Chinese assets is at the request of Marshal Chiang Kai-shek “for the purpose of helping the' Chinese Government.” The .object is to prevent m suse ot any Chinese assets in America which may come under the control of the Japanese. . The order will be diluted b./ the granting of general licences to China to strengthen her foreign trade and exchange. ! Japan’s Action BRITISH AND U.S.A. CREDITS FROZEN. (Rec. 6.30) LONDON, Julv 26 Japan has retaliated on Br.tain and the United States by freezing both British and United States credit in Japan. Japanese Ships HOLD-UP BY U.S.A. (Rpc. 9.10) LONDON. July 26. The actual seizure of the Japanese ships in American ports has not been authorised under the American order, but the Japanese vessels will not be permitted to sail from American ports without permission from tne Treasury.

JAPAN'S TRADE LOSS.

NO,T VERY GREAT.

TOKIO, Julv 26. Mr Ogura stated in Tokio that the • Japanese assets in the United States - are not large. Moreover, Japans trade with the United States has dim- 1 inished steadily in recent months. Therefore, the effect of the American action will be comparatively slight. U.S.A. TRADE LOSS. SAN FRANCISCO, July 26. The U.S. Department of Commerce estimates that the freezing order will result in a trade loss to the United States of fifty million dollars annually. JAPANESE SILK. STOCKS IN U.S.A. “FROZEN.” (Rec. 9.10). WASHINGTON, J'uly 26: The Office of Production Management has ordered the freezing of all stocks cf raw silk in the United States. “This is to meet a threatened shortage which is due to the un-j settled conditions in the Far East. END OF EXCHANGES. (Rec. 9.30). LONDON, J'uly 26. Exchange rates are unchanged, except that Kobe (Japan) rates are not now quoted. Fleet of Small Boats ENLISTED AS U.S. COASTAL GUARDS. (Rec. 7.0) SAN FRANCISCO. July 25. A huge fleet of small fishing boats and pleasure craft is being: assembled bv the United States Naw in San Francisco, Monterey and other ports to help guard the coast. Their principal function will be patrolling and augmenting the force of larger vessels. They have been enlisted voluntarily. NO NATIONAL EMERGENCIES YET. U.S.A MILITARY DECISION. ■ (Received Julv 27. 10.0 D.m.)._ WASHINGTON. Ju-y 2(> The Militarv Committee have rejected thn Administration’s request (for a declaration of a national emergency.