The Guardian (And Evening Star, with which is incorporated the West Coast Times.) WEDNESDAY, DECEMBER 11, 1940. TRADE WITH AMERICA

Hokitika Guardian, 11 December 1940, Page 4

The Guardian (And Evening Star, with which is incorporated the West Coast Times.) WEDNESDAY, DECEMBER 11, 1940. TRADE WITH AMERICA

Tub recent discussion over British finance, and the ability to pay for the enormous war supplies being brought irom America, has caused a New York banking journal to consider the matter. In December last, Britain had about a. thousand million pounds of credit in America. It is estimated that covering the coming summer campaign which will lie a severe test, the exports of American supplies are expected to reach over seventy ■ millions. On that basis the British funds should he ample, but it may be intended to exceed the above estimate, as the campaign generally wiil develop a greater tempo with the passing of winter. There is the possibility of warlike developments elsewhere, because Japan continues bellicose in the reference to the United States. It is necessary for Britain, nevertheless, to be prepared, and to have ample supplies for all contingencies, and in the height of a decisive campaign which may be begun, it would not do to be short of supplies through lack of funds. It seems likely that the matter will he arranged satisl actorily by the British Treasury ol'.'tcials now at Washington. There are 'reports that the United States is assisting Canada with heavy guns for the defence of Nova Scotia, another example of the friendly spirit between the two peoples. British industrial centres are being troubled too, severely at times, by the German raids, but restoration is carried out as quickly as possible, and delivery of Home supplies is not interfered with greatly. Still, the danger is there, and a contingency is involved, for which reason all supplies possible of"a, military nature must he drawn from America. Fortunately, this great depot is not too remote, and with the help now going forward it is not too much to expert an improving complexion on the general situation to arise. There is talk of a more active campaign with the troops assembled in Britain, but the most engrossing would hr. probably, a more concerted attack on Italy, following the Greek success. r l he Greeks have created an atmosphere of optimism by their vigorous campaign at such short notice, and the lead given is sure to he lollowod up as soon as forces can he collected at the desired points. Any development, of this : haractcr. would increase' the demand for supplies from America, and it is well that such a reservoir is available. America, it must he borne in mind, is • dsn in the throes of rearmament, and the building up of a force for defence with adequate supplies at band. The Anglo-American unity in this matter is greatly encouraging :| t Ibis juncture, lor it, is certain the help across the Atlantic will not fail till the danger is past. The two countries will be able to i-djust their financial obligations in due course, for the successful outcome of the conflict means everything to both ,A,]p3 oi the Atlantic, and to the two countries involved m particular,

Tun Italian dilemma. duo to the events surrounding the Albanian campaign, must l)o creating unexpected dillieulties lor Mussolini. The virtual collapse ot the Italian Army before, a nominally weaker I'oe, is indeed a surprise. The Italian calculations were that the invading force would walk into Greece, and it is evident the plans for the coup have been long in mind. The refusal of the Greeks to submit, and the stand taken to enforce that refusal, appears to have thrown the Italian plans iiito confusion. In addition to the army, the navy is making itself scarce also. The supposedly powerful arm passes most of the time in hiding, while the air force seems to delight in bombing undefended places. Corfu has had many raids, and as it is an' undefended post, presumably the Italian oilmen fool safe in their boldness! The (fleet of the failure of Italy to play a real part in the war has caused much internal discontent. High officers have resigned, and lesser lights placed in the positions. The morale of the fighting force will hardly improve under such changes, and the position will deteriorate further. It is not elcjta what the Axis partner will do. There is a belief Mussolini is too proud to ask Hitler for help, and if ho did, at what price! With the nation crumbling under him. Mussolini appears to be in a cleft stick. Whichever way he turns he lias to face the acknowledgement of defeat. H remains to he seen how the nation will accept that humiliating position, or whether German troops will be sent to steady the nation, and continue to dominate it. The Italian prospects are not bright, for in Africa also, the boasted attack .remains halted. The figure cut by Italy is far from warlike, and is a demonstration in reality of the weakness of this partner in the Axis action.