BRITAIN’S RESOURCES

Nelson Evening Mail, Volume LXXIII, 10 December 1940, Page 3

BRITAIN’S RESOURCES

TREASURY OFFICIAL’S MISSION IN WASHINGTON LOAN NOT ASKED FOR fU.P.A.-By Electric Telegraph-Copyright) WASHINGTON, 7th December. The representative of the British Treasury, Sir Frederick Phillips, announced that he is preparing a bal-ance-sheet of Britain’s finances for presentation to the Secretary of the Treasury, Mr Morgenthau. After talks with Mr Morgenthau and other experts, he stated that they had discussed the state of Britain’s resources and the cost of supplies. He denied that he had asked for a loan. “The talk was limited to a statement of facts, not policy, and covered the question of British war purchases in the United States, and also the cost of future war supplies,” he said. “There was no mention of war debts or the sale of British possessions. That is outside my scope. My balance-sheet stresses the particular points Mr Morgenthau is anxious to explore.” Mr Merle Cochran, director of the Treasury’s Stabilisation Fund, attended the conference, and also the Under-Secretary of the Treasury, Mr Bell, and the Financial Counsellor of the British Embassy, Mr Pinsent. The next meeting is expected to take place on Monday. Mr Cochran’s presence strengthens the belief that the United States may draw on its 2,000,000,000 dollar Stabilisation Fund if financial aid for Britain is decided on. There is unofficial talk that Stabilisation Fund manouvres in relation to Argentina may indirectly help Britain by enabling Argentina to send supplies of food to Britain.