When they entered World War II, the British had nearly $5,000,000,000 of assets in the U. S. Of these assets the gold ($2,000,000,000), the marketable stocks ($1,010,000,000) and bonds ($70,000,000) have been steadily turned into bank balances, the bank balances into payments for munitions. Late last fall it was clear that the British were getting close to the bottom of the barrel (TIME, Dec. 2 et seq.). Now spending at the rate of almost $400,000,000 a week, the British will not have enough cash at this year's end to make their 1942...
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