POOLING PLAN

Otago Daily Times, Issue 24828, 30 January 1942, Page 4

POOLING PLAN

THE ALLIED NATIONS LEASE-LEND ALLOCATIONS NEW ZEALAND'S PART (Rec. 7 p.m.) NEW YORK, Jan, 28. " The lease-lend arrangement has been extended to include New Zealand and Australia directly in the allocations as a part of the huge Allied, pooling plan," states the Washington correspondent of the New York Times. "As a result of the loss of Malaya, Britain's dollar resources would be wiped out in less than two years, even with the continuation of lease-lend aid on the former basis.

The British Ambassador, Lord Halifax, and the counsellor to the embassy. Sir Frederick Phillipps, conferred with the Secretary of the United States Treasury, Mr Henry Morgenthau,' on the effect on British and American trade and Britain's balance of payment with the United States of the loss of some 300,000,000 dollars a year which British interests formerly amassed by selling Malayan rubber and tin to America. Instead of being a one-way organisation, the lease-lend administration will now not only send American supplies to other countries, but will accept supplies—or, in some cases, services—from the Allies of the United States. Thus Britain may acquire credit under the lease-lend arrangement for feeding and housing United States soldiers in Northern Ireland.

"The new pooling arrangement," the correspondent says, " may b= the germ of what, if the war lasts long enough, may develop into fairly complete integration of the economies, of the United States and Britain, in which tariffs will have lost all meaning. Normal trade has already almost disappeared."