DRASTIC STEPS

Wairarapa Times-Age, 18 March 1941, Page 5

DRASTIC STEPS

SALE OF BRITISH ASSETS IN AMERICA OBTAINING DOLLAR EXCHANGE. MORE REALISATIONS TO FOLLOW. (By Telegraph—Press Association—Copyright) LONDON, March 17. A message from New York states that the British Treasury representative there. Sir Edward Peacock, announced that he had sold the 125,000,-000-dollar American Viscose Corporation to United States’ interests, thus completing the first step in a billiondollar liquidation programme to finance the war. The purchasing syndicate is headed by Morgan Stanley and Company, Dillon Reed and 17 other firms, which will resell the properties to the public later. The price is not disclosed, but it is stated that 40,000,000 dollars has already been paid on account. The London “Daily Telegraph,” 'commenting on the sale of this Britishowned company, says that this is one of the most drastic steps Britain has yet taken to obtain dollar exchange by direct sales of British assets. The Viscose Corporation is probably Britain’s most valuable single holding in the United States. The “Telegraph” City correspondent adds that it can now be taken for granted that the sale of several other British investments in the United States will follow. Among the most important are: Lever Brothers, of Massachusetts, belonging to the Lever group; the Royal Dutch Shell group’s controlling interest in Shell Union; Imperial Chemicals’ investments in General Motors and Dupont; and also the American interests of Dunlop Rubber, Turner and Newall and Borax Consolidated. Britain’s direct investments in America are estimated at £330,000,000.