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TRIPARTITE MEETING ON CURRENCY CRISIS U.S. To Waive Trading Discrimination Rule IMPORTANT Forward step
LONDON, JULY 9. *
THE BRITISH, AMERICAN AND CANADIAN FINANCE MINIS- TERS AGREED TODAY UPON ARRANGEMENTS FOR FUR-. THER CONSIDERATION OF LONG TERM MEASURES TO COPE WITH THE WORLD DOLLAR CRISIS.
The Secretary of the Treasury, Mr. John Snyder, Sir Stafford Cripps, Chan- cellor of the Exchequer and the Canadian Finance Minister, Douglas Abbott, concluded two days of conferences late today. They with- held the final statement on their talks until Sunday after another conference with the Prime Minister, Clement Attlee.
A British spokesman said the Ministers agreed upon the draft of the statement. He said they dealt with two major matters: 1. Considera- tion of short term affairs in connection with present difficulties,
themselves 2 Arrangements for further, sytside London, at 3 pm G.M.T.; have not committed
to a bad Hoe for or against Sjer- consideration of long term mea- for Brussels. sures. That is believed to refer to From Brussels he a going toting devaluation, from which i to Herne is inferred that this subject was and then Ineelings next week of the Com-Stockholm. monwealth Finance Ministers and are Rome. He experts in leave just a cutical issue of the to another inter niveling of Bri-Brussels on Tuesday morama, Ije, here, tal and dollar
will not return to Britain countries.
itome on this trip.
to
taiks
Politieal observers think from.
scarcely likely that spectacular The spokesmum refused to give any details. Askest The final During his press conference to move to solve the long-term pro- stage, confermare with Mr. Attlee will day M. Suydee said that sales ofblem will emerge at this be to get on agreement on the British goods to the United States which has been largely explora- statement or on basle lens, he depend on salesmanship of nory.
But the individual
tripartite talks may ropiled; "You cannot sevuvate the dividual products
buyers.
welf
set the tempo of the Com- The spokesman said the emul "The United States is a won-monwealth once conference,
This conference, in turn, is ex- ference of Ministers was a conderful market for any produce sulatative meeting
pected to crystalise the ideas of for an ex-that you can convince the people
the full Commonwealth in pre- change of views in advance of they want to buy and that they
the. paration for
ex- further further meetings.
gran afford to bazy", he sula.
Incomes in the United State, changes between dailur Mr. Snyder gave a broad hint
and Ster- that his country will be willing the still very near the peaks and ling leaders' which Sir Stafford's temporaily to walve strict ad-high incomes had to spending, visit to Washington for the Inter
trade.
Monvide
Fund con- an oppor-
THE CHINA MAIL, MONDAY, JULY 11, 1949.
British Economy
Plea For
Geneva: July 0. Mr. Hector McNeil, Minister of State, today carried Britain's dollar saving campaign into the United Nations Organisation, with a plea to slash the $1,700.- 000 annual budget of the Economic Commission for Europe.
He told ise 18 inembers of the Economie and Social Connell- subsidiary only to the United Nu- Lions General AssemblyWe
canned afford Simply
excessive spending of hard currency,”
In
R1 hour-long appeal for vigorous economy, he claimed that the post-war emergency pro- bles
Europe, which, the Economic Commission had been seated to Lackle, has been large
Houidated and no longer ze- "Cubes the same approach,
M. McNeil attacked the Com- min
publicity spending on and elled one propuganda pant-
وا
Dollar Shortage Is British Difficulty
London,, July 1.
Mr. A. V. Alexander, Minister of Defence, sald at Sheffield tonight that Britain's difficulty today is not due in any way to hor Internal economy but purely to the dollar shortage. Over. all, her budget has been balanced, he said, and the Govern ment Intends to maintain its polley on full employment.
It must be remembered by people in the dollar countries that all nations depending on trade must co-operate, Mr. Alex-
ander said.
It is no use for doller areas to insist on stabiilsed prices for primary products like wheat and meat or, on the other hand, to drive down the price of products from the Sterling with Area countries, products such a rubber, wool and tin which they are expected to earn the dollars to buy the wheat and meat, Mr. Alexander said-Reuter.
STERLING AREA TRADE TALKS WITH JAPANESE
London, July 9.
phlet as a gross example whose Sterling area countries will take extra precautions
SWALKETANK tones and departures from necuracy なずき enough to shock
ine." He added:
. The
United Na- tions agencies will be recognised by their work and not by cheap and inaccurate publicly on which we, spend, in my view, a large share of ou
our finances."
בצו
Mr. McNell urged that the activities of the Economic Com. mission for Europe, whose ori- ginal mandate continues until 1951, should be limited to thoab subjects on which effective at tive action can be
taken in Europe. (All countries of Europe, des cept Spain, and the United States
of the Economic are members Commission, the only body of its kind to group the East and West in a concerted attack on problems
common to them),-Reuter.
HOFFMAN TO TOUR EUROPE
national herence to nm-discrimination in etlag British prices downference will
that Americans will be induced to
Paris, July 90. Proposals for freer trade amand spend
British goods is a unity in September.
Mr. Paul Hoffman, Marshali Pending the Europe Marshall Aid cuun. British problem.
the Commonwealth He denied trips
of raw fhance meeting here, Colonial Plan Administrator, is expected to involves dise Arminntion
that sales
Juerive in Paris next week to start to the United States Governments have been asked by against the dollar area, he said, uaterials but he feels that should be given have fallen, as a result of ney Britain to suspend temporarily the careful consideration by the American recession. United States if necessary. U.S. Purchases
He expressed
American that
tence
chases of
Sterling Area
prest
con-
pur. the
will ravive
materials from
as the present American
readjustment ends
With Sir Stafford Cripps and
Mr Abbott
Mr.
during toxiny's talks
Snyder
consekali
short-term measures for dealing with the dollar-alerting deadlock which is draming Sterling Arva
and dollar reserves. goki
also planned
Flurry
1 do not recognise the word
recession", he stated,,.
Forward Step
All that is happening in the of States is a period United re-adjustment Buch "S had the four occurred in each of post-war years. American busi- ness men are rightly reducing Inventories. After they have reduced them to a normat Lavet, the will re-enter level, they
thei
markets to
to buy materials,
fle
they
has hey will
do 50.
Areal
the
that
confidence quarters today said
{nforme arrange- ments for future discussions on a
long-term solution,
Al today's talks tour murs of in the discussiona. Acials jond
an:
of licences from the dollar aren, except in cases where this would have gruve effects.
Western Europe.
tour of dollar-aided countries in
to seal any dollar leaks in the forthcoming trode negotiations with General MacArthur's Headquarters in Japan, according to the Board of Trade.
Officials said that negotiations for a new trade
agreement for the year commencing July 1 will held in Tokyo on July 28.
Decisions taken at the Tokyo made with the sterling area coun- negotiuttons with SCAP will be tries last year. influenced to a great extent by the outcome of the Common- wealth Finance Ministers confer- ence starting In London on July 13.
Overbuying
The agreement envisagen Sterling area purchases from Japan of about $107,000,000 In would the year while Japan purchase from the Sterling area goods to the value of $94,000,- 000.
Oficials recall that Britain has already suspended licences for the import of Japanese grey cloth because further imports may in-
Open account purchases and volve the United Kingdom Gov- ernment in dollar commitment. balances in favour of the ster- No more import licences from JaDuring the past year the Sterling Hing area made up the difference. pan will be issued until the dol- lar situation has been clarified.
arca tended to overbuy mainly from through Indian purchasCS
Board of Trade ofcials said: Japan and Japanese imports from "The Sterling area countries, in the Sterling area were below, es- negotiations with SCAP-will-timates. make arrangements to see that we do not pay over dollars on the next settlement day which is December 31."
Japanese purchases from the countries during the Sterling area past trading year were mainly Inw materials with Australian wool and Malayan, rubber as the most prominent features.
made...
If such arrangements cannot be agreed upon the sterling area Japan is also expected to take oll from Sterling countries valued Mr. Hoffman's tour, which will would have to regard Japanes also take him to London, is likely dollar country. At present, Japan | at about $5,000,000 but these pur- to last until the end of July, is classified as a "hilateral coun- chases have
not been It is emphasised here that this
Treasury try" under the trade agreement' United Press. The United States temporary step to operate Secretary, Mr. John Snyder, and only while the financial situation Mr.
moving Averell Harriman, and Ambassador is reviewed.--United Press
tor the European kleuter.
Recovery Programme, are at pre- sent in London for dollar-crisis talks with
officials.→→→ British
MOSCOW PLAYS AN OLD TUNE
Moscow, July 0. The Communist Party news- "Pravda" charged today paper that President Truman's plan to
that the talks will be revenit all the under-developed areas of an important forward step.
The 33 Three"--who are ne- companied by 12 economic 4x-e They were Mr George Wills perts and advisers are slated to
resched Glendinning of have Mr. Dillon
il much better the United States. Treestry, M. unterstanding of the mutual pro-
De-
blems of the Sterling and dollar Minister of
and Tatr
faretis Commertond Mr. Mr. L. Rus-folks. minsky, Chairman of the Canu
Max Mackenzie, Canarian paty
dian Fortiga Bol.
The newspaper programmie
!the"
Heer.
Communist Sees The Light
Coux-sur-Montreux:
July 9.
the world is an attempt to replace
British, utch ared French Otto Pfeiffer, a German stain- colonial empires with a "world-less steel worker from Krenfield, told the World Assembly for wide American
monopoly,"
declared that Moral Re-Armanent here today would also give that although he had been a Com-
munist for 23 years, he now be than they had before the the United States bases from fileves that class warfare has led
which could threaten the So-only to hate and division. Abbott, viet Union and suppress Com- He said that the ideology of which enlis representatives, munist movements in South East moral re-emument Exchange Catrul the dullor area
are believed to have shown
for a revolution based on absolute Meanwhile, the Government moral standards is the only solut- particularly gympathetic attitude
"Izvestia," newspaper.
published towards the United Kingdom and
on for the economic situation of special edition, the 10,000th Germany and the world. Commonwealth
Youth delegations of the difl-since it was founded just after
representing the 1917 revolution. fiussia re India, France, Switzerland, Swe- cognised the occasion by granting den, Italy, Indonesia, Czecho-
They joined the group of
visers who were with
ad-
the "Big
Three" yesterday.
and Mr. 31. Suyler
testlersinnblems and
The discussions today lash acute
an
Asin.
nearly four hours, bringing the culties which have to be sure
total Lare taken up by the talks arounted in approaching a solu- the newspaper an "Order of the slovakia, the United States, Ca- to ever eight hours during the tion of the problems.
two days.
British Problem
Mr. Snyder disappoinici
Red Banner of Labour" and giv-nada and Holland arrived at the
It is generally understood that in various awards and medala Assembly in report on their visits Mr. Sh
Snyder and Mr. Abbott en-
Jo 18 editorial workers.-United to universities in Britain. Holland, 10 км 115 100 Couraged Sir Stafford
Press..
Germany and France.-Reuter. fully as possible into the details newspaper men at a press con. or the Sterling Area's problem terence here tonight by clating
his own detailed views and into
he was unable to discuss what on how a solution should be up-
happened during the tripartite talks.
He said he was having a meet- ing tomorrow with Mr. Clement Attlee, the Prime Minister, Mrs Ernest Bevin, the Foreign Secr= tary, Sir Staffort and Mr. Abbatt Mr. Averell Harriman, Marshall Aid roving Ambassador, and Mr. Harold Wilson, British Board of Trade President.
proached.
по
The observers evidence, that would justify the current speculation that Mr. Snyder would press for any. thing like immediate.convert. bility of Sterling at any stage of the present talks. Devaluation Not Issue Reports from Washington have that the After lunch at Chequers he will also made it clear leave Northolt Aerodrome, just highest Treasury officials there
is the
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