VITAL INDUSTRIES
POSITION IN AMERICA FOREIGN HOLDINGS WASHINGTON, Oct. 7. (Received Oct. 8, at 11.45 p.m.) The Senate unanimously passed and sent to the House a Bill giving the Secretary of State power to withhold the payment of 2,600,000,000 dollars of foreign gold and cash deposited in the United States before the European nations had been conquered. The Bill permits the banks to turn over the money only to representatives of a foreign Government recognised by the United States. The Senate voted in favour of an investigation into the degree of foreign interest in American defence industries. This action is linked with a recent report showing substantial foreign holdings in several vital industries, and investigations showing the existence of foreign patents either restricting or increasing the cost of rearmament. The x'esolution authorises the Senate Interstate Commerce Committee in co-operation with the Justice Department, to investigate stock holdings of American corporations essential to defence.
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Otago Daily Times, Issue 24424, 9 October 1940, Page 8
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153VITAL INDUSTRIES Otago Daily Times, Issue 24424, 9 October 1940, Page 8
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