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BRITAIN’S FINANCIAL RESOURCES PURCHASES IN UNITED STATES. DISCUSSION IN LONDON. (By Telegraph—Press Association—Copyright) LONDON, November -25. “The Times,” discussing Lord Lothian’s reminder that Britain’s immediate resources are not inexhaustible, says the fact that Britain's prewar gold and dollar resources may be larger than in 1914 is a very inadequate measure of her continuing ability to finance purchases from the United States on a cash basis. This is exemplified by the sevenfold increase in the cost of aircraft.
The paper adds that the resources available for current dollar payments arc doubtless still substantial, but the British purchasing commission must work on a definite programme, as it is imprudent to enter into commitments now which are likely to be beyond the limit of resources in 1941-42. The country itself can achieve some extension of the limit by reducing the volume of non-essential imports and expanding exports. The “Daily Mail” says Lord Lothian’s remarks had a chilling effect on the markets today. No doubt the fall of France precipitated the present situation. The “Daily Mail” in a leader couples Sir Kingsley Wood’s statement that the war is costing £9,000,000 a day with Lord Lothian’s remarks. It suggests that they are reminders that even Britain’s purse is not bottomless and she must seek new ways of financing the most expensive conflict ever. The “Daily Telegraph" asks for a frank statement from Britain in order to give the United States due notice of her certain need for credit facilities in 1942, as it is essential that difficulties of payment should not interrupt the flow of necessary war materials.
NEXT YEAR’S NEEDS LORD LOTHIAN'S TALK WITH PRESIDENT. WASHINGTON, November 25. Lord Lothian, after a conference with President Roosevelt, said Britain hopes next year to procure from the United States aid in the form of planes, munitions, ships and finance. The President made no promises of any kind. “I was there to give him a general story of what is happening in England,” Lord Lothian said. He denied Mr J. P. Kennedy’s reported statement that democracy was endangered by replacement by State socialism. “I have never seen a more democratic Country than England today,” he added. “I saw no signs of a democratic decline.’ He said the only new order evolving in England consisted first in finding a way of ending the bombing menace to the world and secondly in an effort to assure that the people were provided with jobs.
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Wairarapa Times-Age, 27 November 1940, Page 3
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406NOT UNLIMITED Wairarapa Times-Age, 27 November 1940, Page 3
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