AMERICA'S MIGHTY EFFORT.

North Otago Times, Volume CV, Issue 13936, 19 July 1917, Page 6

AMERICA'S MIGHTY EFFORT.

AMERICAN MONEY FOR THE ALLIES, ' • / ANOTHER GIGANTIC LOAN EXPECTED. (Australian ana Mew Zealand Cable AscoclatioD.j ' . .. ' WASHINGTON; July 17. It is believed that before the adjournment Congress will be asked ' for another gigantic loan for the Allies, probably three billions or •more. ■ .

[The Washington Government aims to provide the Allies with £40.000,000' a week if their necessities require this continued expenditure, and it fully believes thai this can bo done without undue derangement of American finances. The Finance Bill recently passed'by Congress providing for a bond issue of £1,000,000,000' and £400,000,000 in one-year: Treasury loan certificates also gave the .Secretary of the Treasury authority to lend to" the Allies an amount not exceeding £600,000,000; and at the rate' of i£4Q,000,000 a week it 'will be seen that this sum would be'exhausted-in 15 weeks. Presumably..lui'ther legislation will have'to be .obtained from Congress if the advances are to be continued. The latest reports by cable show that the first issue of bonds for £400,000,000 was greatly over-subscribed; while advances have-already been made to the Allies totalling £196,000,000.] .... ♦>