1941-07-26 — Page 5

THE CHINA MAIL, JULY 26, 1941. MUTT AND JEFF

I JUST FOUND OUT

JEFF IS OPENING. A RESTAURANT!

WELL, COFFEE AT THREE CENTS A CUP WILL GET MY

I

TRADE,]! FIGURED.

PAL!

ON YOU, MUTT!

COFFEE 34ACUP

6-10

EXPECT TO MAKE ANY

MONEY?

OH, THERE'S NO PROFIT IN HANDING

OUT COFFEE AT THREE CENTS A ̈CUP. EVEN IF IT IS LIKE DISHWATER-

COFFEE 3PACUP COFFE

Obrazy, Spr

SO I'M GONNÄ HÄNDLE „THE REAL STUFF, TOO,

FOR HIGH CLASS PEOPLE!

COFFEE 3&A CUP COFFEE 54

BUT COFFEE

Page 5 Bv BUD FISHER

COFFEE

SE "“BUT COFFEE

PLEDGING OF BRITAIN'S U.S. INVESTMENTS

THE FINANCIAL POWERS (UNITED STATES SECURITIES) BILL, WHICH PRO- POSES AUTHORISATION ON THE PLEDGING OF ALL REMAINING BRITISH INVESTMENTS IN THE UNITED STATES AGAINST THE LOAN OF $425,000,000 TO THE BRITISH TREASURY, YESTERDAY PASSED ALL STAGES IN THE COMMONS AND SHOULD BECOME LAW WITHIN A WEEK.

These assets consist largely of direct participation of British firms in United States enterprises, together with a smaller number of securities quoted on stock exchanges.

Dealing with the Bill in the Commons yesterday, the Chancel- lor of the Exchequer, Sir Kingsley Wood, said the loan afforded a satisfactory solution of the dim- cult problem of how to make the best use of Britain's American reserves for war purposes.

The American anti-Trust legislation, moreover, made it tre- quently impossible to sell such subsidiaries to other companies engaged in the same type of busi-

ness.

But means of action had to be found und the passage of the Lease and Lend Act did not put an end to the need of solving this question.

Furthermore, although the Lease and Land Act help was enormous It did not and could not cover all Britain's require- ments of dollars.

So long as borrowing, with or

without collateral, was forbidden ed impossible to find an alternative

by American legislation, it seem -

to outright sale.

R.F.C. Solution

ri-

A general solution of all tain's dßculties was made pos- Many of these direct Invest. sible for the first time when the ments, moreover, were almost Reconstruction Finance Corpora- impossible to sell at the present, tion obtained

powers to make loans to belligerent government. against collaterals in the form of American securities, and the agreement which underlay the Bill was the result.

time.

Difficulties

American subsidiaries might be merely selling agents for the Bri-Í Government was fully aware tish parent company or the ties interest rate charged on this loan. } Speaking of the three per cent. of the drawbacks of selling direct with the British parent might be the Chancellor said: "I would say investments and was reluctant to so close that if cut away from at once this certainly cannot be force available properties on an the parent, the subsidiaries might regarded as excessive for a large unwilling markel.

lose much of their value.

OUR 10-MINUTE CROSS-WORD

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HORIZONTAL

1 Moslem

nomo

4 To exist

6 Sedate

11 Greece

13 Chest

15 Article

16 Hidden

18 Roman gods

19 To leave

21 Noblem

22 Highway

24 Sicilian..

volcano.

20 Eastern-

collego :

20 Wood of an

Fast-Indian Stree:

20 First digit of

the human

**hand

31 Mountain

33 Compass

points

34 To Bow

30 Part

· 38 Paid 'notfere

co To fasten.

42 Grasaliko

plant

45 To implore

47 Sudden.

attack

40. Tomorit

50 Part of the

53 To penetrate.

59 Noto of: sedlé

12

15

55 Part of

infinitive

56 Wind instru-

ments

50 Symbol for

sodium

61 Range of

mountains

63 Protects 64 Vision

60 Spanish for

"yes"

07 To employ

YESTERDAY'S

CAMEL

VERTICAL

1 Exclamation

of surprise

2 Extent

3 Italian

article

4 Infant

5 Altempt

6 Oarsman

7 Craggy hill

6 The south-

west wind Whether

10 Gallery for

spectators

SOLUTION

SPORT

ADAGIO BLAZER I-V GALLEON PA RED. RAISER A│I

O NON FEE SPIN

RET

NESTOR!

MARS MIEN

BARIDE A

PENS IRE REAR TANZLE FIR

INO:

THINES

8ER IN

12

ન

44

12 Witnes8 |

14 Raised strip

17 II-tempered

person

20 Burden

23 Periodic

windstorm

24 Latin con-

junction.

23 So be it

27 God of love

30 To carry

32 Merriment 35. Chart

37 Dutch:

cheese

38 Borders on 39 Not in pos-

acasion 41 King of

beasts: 43 Whets 44 Printer'à measure 40 Earth

angoddess

40 Bedtiment;:

101 Land :*

measure.

63 Small caso [57 Anglo-Saxon

money Ma

68 Symbol for

samarium

60 Ibsen, By character 62. Teutonie deity '04 Symbol for Baruthenium

external Ioan, however good the security may be.

"It is of course comparable with our own 3 ner cent War Loan, yielding £2:19:6 per cent,"

The Chancellor continued that direct investments used as collat- cral included shares of a number of other British-owned subsidiar- ies besides insurance companies.

$100 Millions A Month

There was also a block of mar- ketable securities already vested in the British Treasury but not yet sold, together with a block of similar marketable securities the hands of British owners.

in

Britain expected to receive about $100 millions monthly de- pendent on the proportional amount of collateral being de posited.

very

to

Britain could deposit quickly vested marketable securi- ties owned by the Treasury cover the first $100 millions.

Dollar securities of British in- surance companies were neither be sold or pledged. These securities were to be held against the dollar liability of the insur- ance companies.

to

Normal Practice

The conditions of the loan were based on normal American com- mercial practice.

Dollar income available from deposited securities and from in- surance, branches, was sufficient at its present level. to repay

the whole loan at maturity.

Estimated yield from collateral and. insurance': companies was $36,000,000 annually. Reuter..

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