NOTES AND COMMENTS
It is stated that the R.A.F. raid on Copenhagen is the first attack on Denmark since its occupation by the Germans, the objective being "at factories making, among other things, Diesel engines for the enemy. The air bombing of enemy-occupied countries whose sympathies were with the Allies-such as Norway, Belgium, Holland, Denmark and France, is one of the painful necessities of the war, a necessity arising from the fact that the Germans have had no scruples about exploiting the industrial resources of these countries for their own military purposes. The Danish people are the latest to suffer from this, and it may be imagined that their resentment against the Germans for thus exposing them to attack would be intensified, rather Ilian turned against the Allies, whose strategy compels them to adopt Ulis as one of the methods essential to tlie restoration of their freedom and
Sterling exchange held by the Reserve Bank in London as al January 18 totalled £27,450,000. This sum was practically double that reported a year ago (£13,757,000) and throughout tlie current financial year these holdings have exceeded £20,000,000. They must now stand at a record high level in the history of the bank, and will, of course, make the financing of our overseas commitments-much easier. The comparatively small drop recorded in the first week of the new year was probably due to the paynient of the half-yearly instalment under the 1939 conversion agreement for which £1,750,000 had to be found on on before December 31. The Government will know exactly what commitments have been authorized on account of import permits and also what debt services have to lie met in tlie near future. Bui this money in London can be earning very little in sliort-ierin investments, and our indebtedness under the memorandum of security carries interest al Hie rates paid by the British Government for its loans, so Unit tlie use of some of tlie sterling holdings to reduce that liability would mean a saving in interest. When the method of meeting tlie overseas costs of the Dcniiliion's forces was first mentioned. Hie Minister of Finance said that tlie sums borrowed would represent a deadweight debt and it would lie in tlie interests of the country Io keep them as small as possible. Such n course would nl.-o ease Hie strain on Hie British Exchequer and anything likely to do Hint would bo approved by Hie people of the Dominion. The sterling holdings of late have been five times those of Hie weekly average lor 1939. and. ns previously stated, double those of last January, and an explanation ot Hie purpose Die Government may have in mind with regard to them would interest a large section of Hie community.
It is not at all surprising that Hie German populace should now be experiencing feelings of gloom nnd apprehension at Hie Hirn of affairs on Hie Russian front. Although Hie defeat of Honiniel in Hie North African theatre is certain lo have an important influence on the general strategy of the war. its significance may not loom so largely in the minds ol the German people: il is more remote from their own frontiers, and possibly is regarded by the majority as of more concern to Hie Italians Hum to Ihemselves. But Hie persisting pressure of Hie Russians, the long series 01. reverses snlTered by the Gernum armies in Easlern Europe. Hie speet-re ol a possible future invasion unless lhe Russian offensives can lie turned and tlie tide swepl in tlie opposite direction, and tlie changed note adopted by their leaders and commentators in Hie broadcasts on Die war situation, must by this lime have sent a premonitory chill of inqtending danger throiiglioul tlie nation. One German paper lias reminded its public that ‘•Die British took llieir set backs with courage and forlilude. We inusl.’ it added, “show Hie same power of resistance." But can they? This power of resistance is dependent upon certain inherent qualifies possessed by a nation. Its fibre becomes toughened, its determination rengtliened, ami its tenacity ami endurance hardened, in adversily. The British have these qiialilies. The Germans, on tlie other liand, as lias been noted by various students of racial types and national iiliosynei-acics, live more on llieir emotions and nervous energies. They are easily exnlleil and as easily dow nrust Thu I ruth of this niny shortly he <h‘iiu»iist niti’d.
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Dominion, Volume 36, Issue 106, 29 January 1943, Page 4
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732NOTES AND COMMENTS Dominion, Volume 36, Issue 106, 29 January 1943, Page 4
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