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over the world financiers and currency speculators are waiting for. the conference of Finance: Ministers at the International Monetary Fund meetings to be held in Washington.
Will the pound change its value? Will there be a new rate for the German mark?
Hundreds af milians are changing hands
Teverish
speculation About Whine the conference holds in store.
more
Yet immediately after the Washington meetings another conference in to be held which has attracted far less attention, though its effects could be much
far-reaching, For the Fince Ministero of the Com- monwealth are going on fran Washington to Ottawa to attend a conference on Commonwealth ceonomic affairs the invita- tion of the Canadian Prime Minister, Mr Diefenbaker.
FIVE PROBLEMS
This neeting of lumense importance The statesmen Kathered there can transform Britain's economic
and those of thr
Ares an a whole,
problems
Sterling
they fail, they will ad that the position will not just sland KW: will worsen rapidly.
The briefs put before thes Ministers, if they are franke, will list fitë majar problems facing the Commonwealth.
1 There is the serious position
of sterling. It is truan flut
THE CHINA MAIL,
SATURDAY, SEPTEMBER 21, · 1957.
Here is a splendid chance for the Empire men, says
the Socialist Shadow Chancellor, Will they take it?
This collar and mark-crisis Equally serious is Britain's
underlines the need for Britain to be buying more of her essential needs from Com- monwealth sources and less from the Culted States.
BUT JUST THE OPPOSITE IS HAPPENING
From 1953 to 1956 our Im- porls from sterling
area
a erish, has been avoided by henry borrowing from the US.. Gersiany. aod from International financial institu- Commonwealth sources have BUIN.
by 2 per cent, and our dellar imports TH by 30 per cent.
these
ignore nt! borramings,
Gerikan und the pruceeds of the Trinidad
Oll fully, the loss of uvidi oper the past 12 inonths has been nearly $1,500 inillion.
But for these speelal Hems—- all of which represent a mort- gaging of the future-the m Serves today would-be just over $800 nullon, or a Nitle over half the level at which they
stood when Sir Stafford Cripps was forced to devalue the pound in 1940,
We should have been using the easier world conditions of the last few years to make ourselves LESS dependent on the erralle United States economy.
It is a serious fact too, that Britain is falling behind her main trading rivals in the fight to supply the booming markėla. of the Commonwealth
West Germany's exports 10 Sterling Ares Commonwealth markets were up by 23 per cent last year, so WITC those of Japan; Western Europe, other than Germany, were up by 11 per cent, thie
U.S. by G per cent. NAHROW
failure to provide a market here for the exports of our friends in Australu and New Zealand,
ان
J
OUR FUTURE THESE are mighty problems. The cconomic future of the entire Commonwealth depends Ax
T
i have said before:--
That is why the Governments ? how they are handled.
those countries, toring patičnce, have demanded trade negotiations which have led to Josing some of her Britain tradity advantages In their
markets,
More recently we have seen Australie, unable to sell her pro- Gace in Britam, turning to Japan
which means, Lanenshire well recognises, that the Aus- tralian market will be thrown
witte open to Japanese goods.
A new problem is arising as new Commonwealth countries, such 19 Ghana and Malay. achtove independence and are given their own eli?que books.
WITH HALF THE WORLD BASING ITS TRADE
cannot get the ON WE CANNOT GO SUCH
TTERLING
ON WITH
MARGINS
And Britain? She increase her Commonwealth: exports by only 2 per cent.
Ghana on Malaya are both big dollar-earners, und if they capital and the goods they need from Britain, they will insist on turning more of their bank balances into dollars, Britain as biker will have to fad the dollars.
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Mr Macmillan and bir Thorneycroft would devote to (Commonwealth trade and economic development One- tenth of the energy they manage to put into schemes for developing trade with Europe, our economie outlook could be transformed.
There
THIS WAY TO PROSPERITY
by THE AT, HON.
Harold Wilson
-M.P. FOR HUYTON-
Without long-term contracls in such a proposal, be it noted,
we cannot give Commonwealth which clash with our interna- maricels tional commitmeals, It is not producers the assured
They need if they are to ex- even ruled out by the proposals pond production. Mensures of for free trade in Europe. this kind would reduce cur' de-
pendence on American sources of supply.
Britalo, Conado, Australia,
NEW PLEDGE
New Zealand, and the I am well aware of the di- other senlar Common- cullies, Such a scheme was wealth nations should sib put forward in the lifetime et down with the newly emerglast the Labour Government by Sir Cammonwealth countries and Stafford Cripps and Ernest work out schemes to help them Bevin, but it was unacceptable develop their resources.
to Canada's Liberal, Government
In return we might receive Huarantees that they will mit their drawings on the central dollar reserves, while for our part we might have to consider means of putting a floor under commodities the price of such of their key as rubber and cocoa.
One thing we must realise-it is no use working out plans for Commonwealth development un- as we are prepared to make available a surplus of enpital in the form each nation needs it.
With all the emphasis, there days, on "Free Trade Areas" anxi "Commun Markets" why should we not sound out our Commonwealth friends the idea of a Free Trade
will be many views on
around the table on how these Arca for the Corrsnorwenkih?
problems can be met. In my opinion, Britain should put for ward this three-point plan:-
We aboukl cintroduco bulk-buying andi Jong- term contracts for the maki foodstunts and such egricul- materials ns raw
1 collan.
and to protectionist interests in Australia.
But Canada has a new Government pledge to Increase Commonwealth trade JAVECİ Ausirulla may feel that the zains from greater itade - and from the other measure, have surrested, outweigh the kind of argument
pot for. ward 10 years aro.
This plan for the Common- wealth wil ntoure peuté con-- troversy. If Mr Macmillan re- jects it, then the onus is on him in produce an alternative polley.
UNLESS
One thing, however, we must alt agree on however imagina- tive and far-reaching the ideas This would mean the res that come out of the Ottawa moval of all tarifs nn trade Conference they will fail In between Cofmontecalth their effects unless the Bri- -Countrip,--while-- maintaluing—tislı „Goranmeal,... --whether.
Kristing tarifs for the outside Tory or Socialist, succeeds world.
organising our internal affairs in such a way as to end inflation, Is this too imaginative for a stop the price-rise, and produce British Tory Goverшnent to an abundance of the goods the put forward? There is nothing Commonwealth needs.
The teetotal senator
WASHINGTON.
HAVE spent an after- noon in Washington with the man who finally laid the ghost of Joseph McCarthy. Most commentators fore- cast that the dead senator would be replaced by an- other Republican dedicated to Redbaiting and isola- tionism. Instead the new senator from Wisconsin is a tall, handsome intellectual | Liberal called William S. Proxmire, the first Democrat to be returned for the state in more than a quarter of a century.
Proxmire arrived on the last day of the current session; the next morning all America packed its plenie baskets and drove off into the countryside for the Labour Day week-end. The temperature was up in the eigties as a steaming, lazy wind, thick as pen
soup. rolled up from the Potomac | River and wet-blanketed the
capital.
In the grey, battleship- solid senate of this building, only Senator Proxmire ant at his desk, sorting through his three-feet-high mould of congratulatory, letters. No one is yet quite certain how he achieved such a victory.
Tough farmers
Proxmire is a former Harvard, don, with three degrees.
takes a secret
cup of tea.......
William S. Proxmire, who replaces the late Joseph
McCarthy, says "I have_to_keep quiet about
the fact that I don't smoke or drink...*
KM.
ALAN
BRIEN
reports from Washington
factory workers of Wiscon-
sin.
He was an investment adviser to the multi-million-dollar banking flem of JP. Morgen on Wall Street,
This could also be a politica!
But academic honours kandleap in a state which has 17 mean little to the tough, secret les
Socicli mayors. Perhaps the Jo the fact that short-haired farmers and Proxmire was boxing champlon
· MANDRAKE THE MAGICIAN
YOUR HIGHNESS, DID YOU CALL? WHAT IS IT?
LOST MY
ROVOG CAN'T
TALK--
ESCORT
MANDRAKE
MANDRAKE USES AND LOTHAR | VENTRILOQUISM!,
THE KING SEEMS TO
TO THE PHILADOR BORDER..
SPEAK!
in
of Yale and is a born fighter. Three times he went down as candidate for Governor but each time he bruised the Republican majority; the fourth time he won with 00 unmistakable
knockout.
"I never mentioned McCarthy in this campaign," he told me. "When death puts his hand on a man's shoulder it is time for the rest of us to take our hands off, but when he was alive I hit him with everything I had. This time I fought
Iwo against things: the rising cost of living and the rising cost of John Footer Dulles.
Another handicap Proxmire, bad to overcome was his reputa- tion as a health crank. “It's hard to get volers to feel very sympathetic towards a cardi dale who does push-ups before a breakfest of fruit julee, skim milk and wheat gerins," he ad- " have to keep quiet about the mitted. Shamefacedly he added:
fact that I don't smoke, drink tea or coffee, or alcohol either, otherwise everybody thinks I'm silently reproaching him loose living."
for
"But he's quite a man," said his pretty newly-wed wife, Ellen, who also cets as his cam- paign manager, “He even has a secret cup of tea occasionally."
GSE THAT
THEY LEAVE
MY COUNTRY)
SAFELY.
YES--YOUR
MAJESTY.
WEEKEND Friell
TUC
"I know what the Government will do now--sit tight and repeat their call for a policy of restraint by off
concerned,"
"Confidentially, we have the same difficulty in wandering what Dulles will be up to next."
L
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