The House of Commons statement explains that the Reconstruction Finance Corporation loan would pay for contracts made before Lend-Lease. Its $425 million value was additional to contracts Britain had already placed in North America, rather than payment for later Lend-Lease deliveries. The comparison with earlier American and Canadian obligations shows how quickly an industrial war exhausted Britain's dollar resources. The figures explain why Lend-Lease became necessary once ordinary purchasing could no longer sustain the British war effort.
Chapter · 5:06-7:35
Britain's enormous bill before Lend-Lease
A $425 million American loan sat on top of billions already committed for British war supplies before Lend-Lease began.