IN AMERICA

Hokitika Guardian, 6 December 1940, Page 5

IN AMERICA

LOAN PROPOSAL

DENIED BY MR ECCLES,

(United Press Association—By Electric Telegraph—Copyright)

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 picture, 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 speeded up for wartime peace,, because material aid for Britain must be given, quickly if it were to be most effective.

The Export Control Administrator, Mr Russell ‘ Maxwell, announced 41 types of machine tools which hitherto have been exempted from export control, that will, in future, be subjected to export license control, because of the increased pace of the U.S. defence programme. He emphasised this does not 4 imply an embargo on . DETROIT, -December 4.

Mr Henry Ford sa,id,'that if Britain, needs money, he favoured giving them all they want. .-“lt’ will end the war in a hurry,” he said. ‘‘We did it before. We might as well do it again.” WASHINGTON, December 5.

Mr Jesse • Jones .indicated that tho United States was considering the possibility of extending financial aid to Britain, • which, He ■ said, He considered :“a good rislc.” - 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, v . i Mr Morgenthau, Secretary of the Treasury, 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.