Great Britain will not have to liquidate any more of its U.S. holdings to pay for war materials. This was the final decision reached last week in the long fight between Federal Loan Administrator Jesse Jones (who did not want liquidation) and Secretary of the Treasury Henry Morgenthau Jr. (who did).
Jones won the fight by simply moving faster. In June he got authority from Congress to make RFC loans to help foreign governments get maximum dollar exchange out of U.S. investments. Last week he used this power to lend Britain $425,000,000, which...
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