THE NATURE OF THE BRITISH DEBT TO AMERICA [To the
Editor of the SPECTATOR.] SIR,—In your remarks on my letter which you published recently under the heading " The Nature of the British Debt to America," you say : " The interesting question remains why we borrowed from America in order to lend to our Allies."
The facts are these. Great Britain lent to her Allies the sum of £z,000,000,000 before America came into the War. After America came into the War Great Britain, as well as France and Italy, borrowed what they required direct from the United States, each one separately for their own individual needs. All Great Britain's loans were made before America's entry. After America came in all borrowings were made from her. Therefore this country did not " borrow from America in order to lend to our Allies " ; but this country had to borrow from America because she had already loaned so much to her Allies. As Mr. Churchill said : " If we had not lent to the Allies 42,000,000,000, we should not have had to borrow from America."—I am, Sir, &c., H. J. BAKER REESE.
85, Marine Parade, Brighton. May 1st.
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