1947-08-22 — Page 7

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·THE CHINA MAIL, FRIDAY, AUGUST 22, 1047.--

Sterling Convertibility Temporarily Suspended

DRAMATIC

No Further

ANNOUNCEMENT Withdrawal

London, Aug. 20.

The Treasury has announced the temporary sus- pension of many of the present arrangements for the convertibility of sterling to dollars. Sterling on Canada account may only be used in

Canada or the sterling area. The Treasury order has been some reductions in our rations." issued, with effect from August Britain, he added. must e'ose 21. 1947. The order repeats the gap beween imports and the substance of the existing exports "as a condition of na payments orders with the fo- tional self-respect and national lowing amendments:

survival, even at the cost of pre- "Sterling can no longer be sent Bucrifices. In which al freely transferred from trans- must share equally." ferable accounts (of non-rexi. Appealing to workers in es- dents of stering area) to Ame-sentin

Industries for sti'l

Washington, Aug. 21. The United States вел ngrend to emergency action ta the drain on Britain's fast diminishing ply.

Simultaneously, Pritain further agreed to make withdrawals from her $3,750, 060,000 ton, which no has dwindled

3850,000,000, to pending erasultations on the emergency steps.

The Anglo-Amērienu decis #in '3 announced simul taneously here and in London, -Asociated Presn.

Router.

Dollar Change Results

New York, Aug. 21. Observers in crude drug oll in. dustries believe the revaluation of the Chinese doilar exchange rate foretells greater supplica of tung oll, camphor, menthol, cnusia, rhubarb, the "Journal of Com- merce" said.

The opening of Shanghai should result in greater supplies parti. cularly of tung olt,

Under normal circumstances, a shup price break might be ex. preted, but both importers and consumerx are looking for the stabilisation of the price struc- ture at or near the present leven. The first offerings of menthol in six weeks were made here on

lier quotations, $640 to $740 and and Rhubarb, camphor, cassia tung oil remained firin.-Asso. ciated Press.

rican accounts or Canadian ne- greater efforts. Mr. Dalton selves in the days of peace?" Tuesday at a similar level as car counts; but remains otherwise said: "We commot have too transferable as hitherto.

much coal, nit, if we have too "Sterling on Canadian ne-little, we cannot get through.

"Agriculture is a great dol. count my only be used in Ca- nada or the sterling arUI. Ca-lar Bover.

The more food we nudian transferable accounts

disappear.

Announcing the decisions in a broadcast tonight, the Chan- cellor of the Exchequer, Mr. Hugh Dalton, said: "We have decided, with deep regret, that it is no longer possible to con- tinue the arrangements under which the beavy burden of the desperate dollar shortage of so many other countries is simpy shifted on to our shoulders.

"Sterling will still be able to be exchanged freely into any other currencies. and, indeed, our new arrangements wi1 pro- vide for a much wider use of

international sterling in change than was the case a few months ago.

- Xין

American Agreement "This decision has been taken following tails in Washington with the American Government, an exchange of 'eilers between ourselves and Our American 10- friends wil: be published morrow, and 1 should like to any at once how much we all appreciate their operation and understanding in this matter.

"In the same spirit, and with

grow here, the less we need to

import.

More Austerity

Samullan cously, Slr Wilfred Endy, chief of the British Finnn efal Mission here, disclosed that Sellain:

May have to cut imports even

indriady announced.

Idleness A Crime "All of you who are working for exports-in textiles, stee.beyond the drastic restrictions

chemicals and engineering,

WH have to rewrite 25 to 30 other industries-your many work is earning the food and trade agreements with other coun. tries containing clauses for the the materials that we must im- exchange of pounds into dollars, port, if our people are to have

London dispatches quoted good chmector, of the Exchequer ful! employment and a standart of life."

Hugh Dalton as figuring the loan **In this emergency." thenee at $75,000,000. Chancellor said, "idleness in a A Treasury ofetal sold Ameri. erime. There is no substitute can account countries exempted for hard work if we are to re- from the effects of the action in

chic the Philippines. But the store our nationa! economy."

Mr. Dulton called for renew- Chinese status, along with that private savings of 12 other so-called American ed eToris al and added: "We. the men and account countries, was considered women of Britain, are stil the doubtful, same people who showed the

Among the countries which world wit we could do, stand-probably will be effected is the Netherlands and the Dutch mont. ing alone, in the days of war.

"Shall we do less to save our- fary area.-Associated Press.

No New Loan Sought

a consciueness of that sense of comradeship which has never fabled us, we are also in cose Mr.

consultation with the Canadian Government."

Disclosing that Britain losing delars at the rate of over $30,000,000 daily, Mr. Dui ton recalled his Commons' state- ment of the heavy drawings on

the Amtrican toan in July.

By Britain

N

Washington, Aug. 20.

John W. Snyder, United States Secretary of the Treasury, said here tonight that the British had not requested any additional loan. "We are viewing the British problem with a great deal of sympathy," he declared. He reported "good progress."

Mr. Snyder declined to com- Mr. Clayton is sceing prin- mit himself nt a press con. [cipally Sir Stafford Cripps,

"I had hoped that the draw-ference on questions of whether President of the Board of Trade,

Heavy Drain

"But since the in both Houses of Parliament, on August 6 and August 7, and the press com- ments which followed these de- bates, there has been a further sharp increase in the drain on our dollars.

ing in August would be a good he intended to interfere directly who arrived by air from Ply deal leas than this," he said. with the probleme of Britain's mouth, breaking his Corwall internal economy', auch na holiday, and Mr. Harold Wilson, coul pro-Secretary of Overseas Trade, nationalisation mid

who had been leading the Bri duction.

Geneva Asked how Britain was guinglish delegation at the

trade conference,—Reuter. to carry on when the loan ex- pired, Mr. Snyder suggested that Britain might be able to get the money from "private banks, the United States Export- Import Bank, the World Bank Monetary or the International Fund".

"In the five working days ending August 10, we had to pay out no less than $14,000,- 000. On Monday and Tuesday of this week, we had to pay out

Observers took this as an in- the chances of Britain obtaining positive nsais-

a further £16,500,000. Clearly tication that this cannot go on.

Two Groups

"It is a grievous disappoint.tance as a result of the present ment to us as it must be to our talks were small. friends in the United States and Canada, that great effort at:

The delegaten will continue to postwar financial reconstruc- work on a technical level in two tion, which we have made to separate groups. Mr. Snyder gether, has resulted in this set- | disclosed that these groupa buck.

wcro:

"But we mutat keep sterling p 1. Trade: these discussions strong currency; not a currency are concerned mostly with the that every holder hurries to non-discrimination article (9) of turn Into doi ars overnight. the Anglo-American loan agree The strength of sterling is an ment, which imils Britain's asset not only to us and to our ability to buy goods in soft cur- friends in the sterling area, but rency areas. to all the world.

2. Finance: This group is "We have done everything in concentrating on financial pro- our power to develop multi-blems generally but on the con lateral trade, but, if the pre-vertibilty clause of the financial sent atrain on sterling continu-

agreement in particular.

come.

Unavoidable

ed unchecked, it would be good- The first group is under the bye to all hopes of fully muti-State Department chairmanship, intera! trade for many yearn to while Treasury officials are dealing with the more important financial part of the problem. "Our decision will inevitably Mr. Snyder refused_ to be couse disturbance of trade over drawn into comment on Britain's a wide area, and may lead to plight, saying: "I am relying some interruption of supples. Mr. Aitleo to voice what he, We regret this, but it is un- thinks but I have not had an avoidable. If we had waited, opportunity myself to go fully instead of acting now, this dis- into facta and to reach a per- turbance

Interruption Isonal conclusion, would only have been worse. "That's what we are trying We hope that it will be undor- to do now",

And

-པ་་

1-stood averywhere in Britain, Mr. Snyder is having daily this decision is on'y the taking meetings with Sir Wilfred Endy. of wise precautions to maintain head of the British delegation,

a firm foundation for sterling.

Clayton Comment

us an international currency.

"We shall now have to make In London, the Anglo- now arrangements with other Americat dollar talks..

were countries to help us all to deal stepped up to greater upped to. with this new "eltuation."! day when Mr. William Clayton, Telling the British pubile Unitel -States Under Secretary. that they must face some fur of State for Economie Affaire, thor: shortagen of overseas supflow to London from Parla' for

MONTY DECORATES FRENCH CADET

London, Aug. 21. Robert Lequoux, 21-year-old pupil corporal cadet from Paris, was received by Field Marshai Lord Montgomery on Wednesday and given an English cadet badge.

The young Frenchman, whore father fought with the resistance during the war, is one of a party of 10 French cadets visiting Eng land as guests of a Harrow cadet battalion.--Associated Press.

PETKOV TRIAL

Sofin, Aug. 20.

The four co-defendants in the trial of Nicola Petkov. who were sentenced to five to 15! years Imprisonment, have an nounced that they will not ap- peal against their sentences.

Petkov, who was sentenced to death, has not yet appealed. He has the right to do so up to August 30,--United Press..

MAIL SUSPENDED

London, Aug. 20. The Postmaster General an Bouneed tanight that the postal service from Britain Lo many place in Shantung" (China), in elling Harbin, the chief city of Manchuria, has been temporarily auspended-Reuter.

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