HUGE POOLING PLAN

Timaru Herald, Volume CLI, Issue 22184, 30 January 1942, Page 5

HUGE POOLING PLAN

Allied War Effort Lease-Lend Scheme By Telegraph—Pi-ess Association—Copyright NEW YORK, January 28. ' Lease-lend arrangements have been extended to include New Zealand and Australia directly to its allocations as part of the huge Allied pooling plan, reports the Washington correspondent of the “New York Times.” As the result of the loss of Malaya, Britain’s dollar resources would be wiped out in less than two years, even with the continuation of leaselend aid on the former basis. Viscount Halifax and Sir Frederick Phillips conferred with tlie Secretary of the Treasury (Mr H. Morgenthau) on the effect on British-American trade and Britain's b&lance of payment with the United States of the loss of some 300,000,000 dollars yearly which Britain 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 also accept supplies, or. in some- cases, services from the Allies of the United States. Thus Britain may acquire credit under the Lease-Lend Act for feeding and housing United States soldiers in Northern Ireland. In the pooling arrangement may be the germ of what, if the war lasts long enough, may end as a 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. Co-ordtoatipn of Efforts The White House in Washington announced that in order to further the co-ordination of the united nations' war effort Mr Roosevelt and Mr Churchill had established three joint Anglo-American boards to handle munitions assignments shipping adjustment and raw materials. The members of the boards, whose names have not been disclosed, will confer with representatives of Russia, China and Governments, who will plan the best representatives of the other united nations. The combined Raw Materials Board is composed of one representative each of the British and American and most speedy development and expansion and use of the raw material resources, and in collaboration with other united nations work toward the best utilisation of their raw material resources. The Munitions Assignments Board has been created to encompass the entire munition resources of Britain and America, which are deemed to be in a common pool. Committees have been formed in London and Washington under the combined chiefs of staff, in a manner similar to the south-west Pacific agreement, to advise on assignments of fighting Instruments for use of all united nations in accordance with their strategic needs. The combined Shipping Adjustment Board is composed of one representative each of the British and American Governments, to provide one harmonious policy. The shipping resources of the two countries are deemed to be pooled. However, British shipping control will remain under the Ministry of Transport, while American shipping will be directed by the Maritime Commission.