July 24.
The signing of an agreement, whereby the United States will loan Great Britain $42!
slop in the general programme of Washing 00,00 at hee per cent, mark but another In extending every possible old to Britain, The purpose of the Joan is to enable payment {to be made for purchases made in the United Slates prior to the passing of the Lend-Lease Bill, Early in the war British securities in the United States had been mobilized, and it was thought at one time that they might} be sold for the purpose of financing purchases. There was some doubt as to the wisdom of such a step, but it seemed to be the only method possible in view of existing legislation in the United States. Forced sale of these securities might have had a disastrous effect not only on their own values but on the values of other securities on the New York market, and it was a wise decision to wait and see before taking any such step.
By this latest arrangement any, danger of depressing the market by forced sale has been removed, while the terms of the loan indicate that within fifteen years, the period of the agreement, it should be possible to wipe off the whole loan, though provision is made for its renewal providing two-thirds of the capital have been paid off. The rate of interest is reasonably low, indicating adopfion by the United States of the policy, which has already been accepted by Great of avoiding as far as possible raising money anything like the rates which prevailed during the last war. It is early at present to endeavour to estimate American reaction this latest development, though first reports suggest that it is not expected to arouse anything but approval, chiefly because it is being "more completely realized by the average American that, Ju the interests of; world economy in general and the United 'States in partieulan, it is essential that Britain order' patience is nearly exhausted and that should remain as a-going concern and that ulhlese action is looked. upon as the only unless she can earn money she cannot buy.
There was a strong section of public feel-Countries. "Threats "and" ruthlessness have men the spirits of the people of the Low ing before the passage of the Lend-Lease Bill that Britain should be given no assistance falled {0 cow them in the past, and will Just until she had ted all her investments as certainly fall in the future' People, who the western phere. Fortunately. it have suffered as so many in Europe' have did not prevail in the discussions in Washinigbeen made to by the Hunnish brutality of ton, for, if it had, an enormous amount of the oppressors, may have to abide thelt time valuable' securities' would have been thrown for "final. revenge. Hate breeds. upon upon the market producing a bear effect brutality. 'The grievous wrongs which have which would have been damaging to) been' inflicted ripon innocent people, the American and well as British interests, ghastly" slaughter" of the inhabitants of Under the present agreement Brilish securi-Rotterdam are kept fresh in the minds of ties and investments in the United States the people every time they see a" German will continue to earn money out of which uniform, 'That is why so many Germans are the Joan will ultimately be liquidated, and Yound dead in the waterways of Holland, and at first blush it docs not appear that this why misfortunes occur to Netherlanders' who loan is likely to become a charge upon the have gone in with the Nazis. 'Their tot will 'British taxpayer, but rather that the earning! not be enviable white the' time for final power of the collateral: will be sufficient to accounting comes, pay the interest and the capital as well, within fifteen years, or failing that, within twenty. In the circumstances the arrangement is a wise one conferring benefits "all
Text read from the printed page and cleaned; old type leaves the occasional error.