The Ypsilanti daily press. (Ypsilanti, Mich.) 1928-1962, 1941-05-23
srAeILizlNe CURRENCY

STABlLlZlNG CUHhENCr
The United States today is the
counting house as we'll as the arse
ma. and larder OF democracies.
A survey discloses that this
country. through its export-import
bank and sterilization fund, is
putting up millions OF dollars to
finance non.military operations Of
democracies in both hemispheres
in addition TO the workings of the
lend-lease program which provides
war supplies.
Great Britain the principal bene-
fieiary OF the aid 10 the democra-
cies program, has concentrated a
staff OF high ranking financial ex-
perts in Washington and New
York.
DR.. T. V. Soong. the leading fig
ure in Chinese finance, is in Wash
ington.
Among the British authorities
here are.
Sir Frederick Phillips, undersec-
rotary OF the British treasury: Sir
Edward Peacock, a director of the
Bank of England and now super
Vising the liquidation of British di.
rect investments in this country;
T. F. Carlyle Clifford, a British
financial expert now in charge OF
liquidating indirect investments in
the United States held by citizens
OF the United Kingdom; Sir Give
Bailleu, head OF the British pur.
chasing commission and charged
with the responsibility OF seeing
that British orders for which the
United Kingdom is paying are
filled and delivered as rapidly as
possible; Arthur Purvis, head OF
the North American supply coun-
Gil, the parent body for the various
British supply missions; John
Maynard Keynes, a renown Brit
ish economist and advisor on in
ternal revenue TO the British
treasury; Robert II. Brand, a di-
rector Of Lloyd's Bank in London
and now serving as the head of
the British Food Mission; Sir
Arthur Salter, parliamentary sec
rotary Of the British ministry OF
shipping, working on the formation
and operation of the emergency
shipping pool.
Soong. president OF the Bank OF
China, recently concluded in be-
half OF his government, an agree
ment that put up $50,000,1OO in
w =
stabilize the Chinese yuan.
The Belgian government, as we'll
as the Dutch. has financial lead.
ers in the United States. Their
efforts are concerned principally
with their colonial possessions out
side the Axis sphere. OF influence
The British, at the outset OF the
lend-lease program had approx
mately 100000, 900 in direct in.
vestments in this country, accord
ing TO informed British sources.
The process Of sale TO American
holders has been diluted somewhat
by participation OF the reconstruc-
ton Finance Corporation which.
in the case OF Brown & williamson
Tobacco Co, advanced loan
instead Of making an outright sale.
Despite the concentration OF
British financial power in this
country. some ranking British fis.
cal experts are opposed to liquida-
ton OF their American properties
which have been yielding substan.
tlal profits
For example. the Treasury is in
vestigating the status OF Lever
Brother, a prominent but foreign
held soap products manufacturing
firm in this country The Brit.
ish. according to Spokesman for
their purchasing commissions
maintain that the American Lever
firm is a subsidiary Of a Dutch ad.
Junet of the British firm OF
Unilever.
The United States, on the other
hand, is seeking TO clear the sta.
tus Of the firm so that It might
be established TO the satisfaction OF
our own fiscal authorities in con.
nection with the payment for large
British war-material orders for
which this government has as.
sumed responsibility.
WEEDS