and poor rations being provided by the Japanese, and demonstrates that London was willing to provide funds in the hope that aid could be purchased locally and sent into camps. The IPWC recorded that the British government were able to obtain Swiss francs by supplying the Swiss government with gold in Ottawa. However, at this time the Swiss were increasing to accept gold, unless it could be exported to ‘showing reluctance’ Europe; it appeared that even gold seemed to be unacceptable as compared with goods which the United Nations as a whole are unable to supply. London was in a perilous financial position with regard to both American dollars and Swiss francs, and through the actions of the Bank of England, Britain had compromised its relations with both. Accordingly, the Swiss made it exceedingly difficult for London to purchase Swiss francs. Wylie stated that by the winter of 1941-42 the Bank of England was It had avoided US currency selling dollars on ‘doubly compromised’. regulations ‘by the Continent and conspired to gain control over gold stocks in Switzerland’s London.’ Over the winter of 1941-42 Washington insisted that London stop using free dollars to cover its financial needs on the Continent, and the Swiss made life difficult for Britain. From March 1942 until December 1943, the Swiss National Bank refused to release francs in exchange for blocked gold or sterling. In an explanation of machinery for the despatch of funds to the Far to the ‘the East’ IPWC, in August 1943, a War Office memorandum noted that it was not always clear how funds were transmitted from Geneva to Japanese controlled territories. It was considered sufficient for the Sub-Committee to know that the only effective way of transmitting funds, was by placing at the disposal of the Swiss francs ‘body concerned’ in Switzerland, and that whole was one of making Swiss francs available. ‘the problem’ In turn the Swiss government would only provide Swiss francs in return for ‘free dollars’ which could be transferred into other currencies such as Argentine Pesos or Portuguese Escudos. This was contrary to American policy, and would only be allowed for such as relief for prisoners of war in the Far East. ‘special reasons’ The IPWC noted that the Japanese government was dependent on their ability to provide either Swiss francs, or gold to maintain their missions and activities in Europe. They also relied on the currency for the purchase of any supplies which they could obtain outside their own occupied territory, including supplies from their own allies.
and poor rations being provided by the Japanese, and demonstrates that London was willing to provide funds in the hope that aid could be purchased locally and sent into camps. The IPWC recorded that the British government were able to obtain Swiss francs by supplying the Swiss government with gold in Ottawa. However, at this time the Swiss were ‘showing increasing reluctance’ to accept gold, unless it could be exported to Europe; it appeared that even gold seemed to be unacceptable as compared with goods which the United Nations as a whole are unable to supply. London was in a perilous financial position with regard to both American dollars and Swiss francs, and through the actions of the Bank of England, Britain had compromised its relations with both. Accordingly, the Swiss made it exceedingly difficult for London to purchase Swiss francs. Wylie stated that by the winter of 1941-42 the Bank of England was ‘doubly compromised’. It had avoided US currency regulations ‘by selling dollars on the Continent and conspired to gain control over Switzerland’s gold stocks in London.’ Over the winter of 1941-42 Washington insisted that London stop using free dollars to cover its financial needs on the Continent, and the Swiss made life difficult for Britain. From March 1942 until December 1943, the Swiss National Bank refused to release francs in exchange for blocked gold or sterling. In an explanation of ‘the machinery for the despatch of funds to the Far East’ to the IPWC, in August 1943, a War Office memorandum noted that it was not always clear how funds were transmitted from Geneva to Japanese controlled territories. It was considered sufficient for the Sub-Committee to know that the only effective way of transmitting funds, was by placing at the disposal of the ‘body concerned’ Swiss francs in Switzerland, and that ‘the whole problem’ was one of making Swiss francs available. In turn the Swiss government would only provide Swiss francs in return for ‘free dollars’ which could be transferred into other currencies such as Argentine Pesos or Portuguese Escudos. This was contrary to American policy, and would only be allowed for ‘special reasons’ such as relief for prisoners of war in the Far East. The IPWC noted that the Japanese government was dependent on their ability to provide either Swiss francs, or gold to maintain their missions and activities in Europe. They also relied on the currency for the purchase of any supplies which they could obtain outside their own occupied territory, including supplies from their own allies.
PLANNING%20AND%20REALITIES%20HAND%20IN%20with%20changes%20%285%29.docx