HUGE U.S.A. LOAN

Grey River Argus, 9 October 1941, Page 5

HUGE U.S.A. LOAN

LABOUR UNITY ASKED By the President [Aus. & N.Z. Cable Assn.] WASHINGTON. October 7. The U.S. Treasury has announced a new long-term loan of thirteen hundred million dollars. The issue is opening on Thursday. It will be the biggest of such transactions since the last war. SEATTLE, October 7. President Roosevelt, in a message to the American Federation of Labour Convention, said: “The establishment of peace between the Labour organisations would be a patriotic step forward of Incalculable value in the creation of true national unity. Our programme of production of ships, nlan.es, guns and tanks must be limited by only one' factor — the amount necessary to overwhelm the Nazi hordes.” NEW BUDGET iN THREE WEEKS, (Rec. 11.40). CANBERRA, Oct. 8. When the House of Representatives met to-day, the Prime Minister, Hon. J. Curtin, announced that he had sent a cablegram to Mr. Churchill, assuring him of the new Government’s determination to prosecute a vigorous war effort. The new Treasurer, Mr. Chnley. told the House that the Labour Government’s Budget would be introduced in about three weeks. • In the meantime, Parliament will adjourn. CANADIAN TANKS FOR RUSSIA. (Rec. 10.40). OTTAWA, October 7. Canada has decided,, on “all out aid to' Russia. The. Munitions Minister, Mr. Howe, announced Canada would be sending at least one hundred tanks before January, also all other equipment which can be spared from shipments to Britain. Canada’s tank output had exceeded expectations and would _be further stimulated. HUGE WAR PROFITS MADE. BILL TO CHECK THEM. WASHINGTON, October 7. Introducing a bill imposing blanket seven per cent, limit on the net profit from virtually all defence contracts, the Naval Committee Chairman, Mr Vinson, in the House of Representatives, assailed as unconscionable the profits of some oi the naval contracts. He said that the House Naval Committee’s investigation showed that while most of the contractors are realising a fair profit, some have made a profit of 247 per cent. The House rejected, by 69 votes to 25, a move to withhold the aid to Soviet under the bill, expanding tne lending authority of the Reconstruction Finance Corporation by fifteen million dollars. PROPAGANDA FRONT. (Rec. 11.15). NEW YORK, October 7. President Roosevelt has approved of the creation of a new Government agency. It is to be called the Office of Facts and Figures. It is to cooperate with Government departments in presenting the American people with a more detailed and more coherent picture of the Administration’s defence and foreign policies. U.S.A. NEUTRALITY LAW. WASHINGTON, October 7. After a long meeting, the conference convened by Mr Roosevelt to consider the revision of the Neutrality Act, adjourned until to-morrow with the understanding that a definite programme would be then approved. Mr Roosevelt indicated he desired to repeal two sections of the Act which forbid arming merchantmen and prevent the passage into belligerent zones. Panama’s prohibition against arming merchantmen increased the need for rapid revision of the Act. The conference developed considerable difference of opinion as to the procedure, but was virtually unanimous that both steps should be taken. Senator Barkley expressed confidence that an agreement would be reached to-morrow. BIG CANADIAN BRIDGE COLLAPSES NEW YORK, October 7. The Associated Press Sault Ste. Marie correspondent says that the mammoth Canada-border bridgeacross St. Mary’s River, buckled beneath a freight train, early to-day. The train engineer and firemen were killed as the engine plunged into the water. One of the two great spans which lift the bridge, collapsed as a heavily-loaded train began to cross from Canada. It is believed to be the largest bascule type bridge in the world. The blockade brought the shipping of iron ore, vital for defence purposes, from Lake Superior ports, to a temporary halt to-day. It will probably be four days before the locks are sufficiently cleared to provide a passage for fully-laden ore-carriers, including the largest craft navigating the lakes. St. Mary’s Canal is one of the world’s busiest waterways.