NEWS PRINT. Memo. by Chancellor of the Exchequer.

If this were done, and stocks which at 5,000 tons a week stood at over 40 weeks consumption at the end of December. 1940, were allowed to fall to say, 120,000 tons, or some 5 or 6 months consumption (quite a generous reserve compared with certain other essential Materials) imports in 1941 could be cut by at least 100,000 tons at a caving, including freight, (which generally has to be paid in Canadian dollars) of some 13/4 million pounds in dollars. I should not think that there is any chance of newsprint purchases in the United States being bought under the lease-and-Lend Bill, and in our present dollar position, it would be difficult to justify failure to take any action open to us to effect a reduction in consumption which would yield this saving, in addition to a fairly substantial saving in shipping space.