Saturday 11 March 2023

fifty-fifth statue at large (10. 605)

After over a decade of isolationism and avoidance of foreign entanglement and narrowly passed in the houses of Congress chiefly split along party lines—with Republicans mostly disfavouring the proposal or approving conditionally—the Lend-Lease act was signed into law by US president Franklin D Roosevelt to provide military and materiel aid to first Britain and China on this day in 1941, later extended to other Allied nations France and the Soviet Union. Effectively ending the United States’ pretence of neutrality and non-intervention spurred by the Great Depression and the outlays of participation in the Great War, the act allowed for the “sale, transfer of title, exchange, lease, lend of otherwise dispose of, to any such government—whose defence the president deems vital to the defence of the United States—any defensive article.” Fifty destroyers were transfer to the Royal Navies of the UK and Canada in exchange for the right to establish bases in the Caribbean, Newfoundland and England. Many of these ships were transferred on to the USSR in 1944, the terms of the agreement being that the goods could be used until exhausted, returned and repatriated or destroyed. All countries reciprocated with Reverse Lend-Lease by supplying the US with components or raw materials. Over one billion dollars was allocated (close to $800 billion by present reckoning) with the Soviet Union discharging its debt in 1971 and the UK repaying its loans in 2006.