CITY SCEPTICAL

Wairarapa Times-Age, 30 November 1940, Page 6

CITY SCEPTICAL

REGARDING EXHAUSTION OF RESOURCES TO MEET WAR PURCHASES IN U.S.A. BIG RESERVES TO DRAW UPON. (By Telegraph—Press Association—Copyright) (Received This Day, 12.50 p.m.) LONDON, November 29. The city is sceptical about Lord Lothian’s statements that Britain's .available gold and securities have virtually disappeared. Lord Lothian’s object was to stress the urgent need to remove the legal obstacles now prohibiting credits to Britain. Britain, it is believed, still has sufficient gold and [ foreign securities to finance the war for at least 18 to 24 months. The ’Statist” concludes from an analysis of relevant, figures that if we have already parted with the bulk of ; our assets realisable in the United States, this must have been very large-1 ly for defence requirements for the second year of war. Other commentators say that apart from dollar securities, Britain has considerable oversea investments which could easily be pledged. It is realised, some suggest, that 1 American interests would be only too eager to obtain a stake in undertakings like South African and Australian gold mines, Australian lead and zinc, Malayan tin and rubber and Rhodesian i copper companies. Empire assets of this kind would be realised only as a last resort, but they form a second line' reserve of external assets.