Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-12-05
Brituin's Finances

cerned it is gratifying in the highest
degree to know that a ranking off,
cial of the British treasury, Under
secretary Sir Frederick Philips, has
been sent to Washington to discuss
the matter of finances with the
United States Government. An
nouncing Sir Frederick's expected
arrival yesterday, Secretary of the
Treasury Morgenthau explained that
the British emissary's purpose is ITO
place the latest available information
ION the subject in question: before
the United States Treasury"
The London authorities obviously
are entirely willing to lay their cards
on the table. The Washington Gov
eminent is as clearly in mood to hear
what our British friends have to say
and to consider it sympathetically.
That in doing so the administration
will reflect the overwhelming bulk of
public sentiment, there is no shadow
of doubt. Details as to British re-
quirements ways and means of
meeting them-will naturally need to
be thrashed out and agreed upon.
But the country SO eponderantly
favors maximum aid to Britain in
every feasible direction that disap-
pointment and disapproval will enSue
only if methods are not promptly
evolved for giving her every form Of
assistance within our power, with an
absolute minimum of delay-and red
tape.
Secretary of Commerce Jones,
speaking as Federal loan admins
traitor, contributes timely observa-
ton on the situation with which
Washington evidently is about to
come to grips, when he says that the
British government is "a good risk"
for loans. Without committing him.
self regarding any concrete proposals
that may presently be considered,
Mr.. Jones adds that he ordinarily
favors lending money to good risks
when they need it for proper pur-
pose" Happily, there is little, if any,
difference of opinion among the
American people as to the purpose
for which Britain seeks financial
support from this country or as to its
propriety There may be divergence
Of view as to whether the United
Kingdoms still available gold re-
serves here, her dollar balances, her
negotiable securities and her direct
investments, remain sufficient for
British credit needs or cash pur-
chases. Sir Frederick Philips will be
able to supply authentic data on all
those points, insofar as the incalcu
liabilities of the mercurial war situa-
ton permit. There is, in fact, con-
siderable discrepancy Of opinion re-
garding these various items among
American authorities Some hold
that Britain's financial position gen.
orally, and in the United States spe-
officially, while possibly serious, is not
yet desperate, though it may even
tually reach that point. Others are
convinced the emergency already
exists.
What the American people and
their Government cannot too strongly
bear in mind is that in aiding Brit
ain financially-or with respect to
munitions, or merchant shipping re-
refreshments, or Tightening her in
creasing transatlantic convoy bur-
dens-the United States Is definitely
and directly aiding itself. With every
Nazi victory over Britain, at sea or
in the air, the totalitarian peril
comes nearer to these shores. In the
presence of a menace so palpably
imminent, there is no sense in vast
ing time over details which might be
relevant under ordinary circum-
stances-over aspects that would
figure in a peace-time loan transac-
ton, for example. 1t is wholly
extraordinary situation that we con-
front, in common with the one power
now battling for our brand of civ
ilization on this side of the globe;
and extraordinary measures for al
leviating that situation are impera-
lively called for. Time is of the
essence.
1t must be the earnest hope of the
Nation that if the British treasury
emissary has come to us on credits
mission, his efforts will be crowned
with immediate and substantial sue
cess. Any other outcome would be
more than a misfortune for Great
Britain. 1t would be a distinct dis
service to the United States, to its
own vital interests, and to the gravely
endangered cause Of democracy, lib
erty and international decency.
Block That Brain!