1947-08-23 — Page 7

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THE CHINA MAIL, SATURDAY, AUGUST 23, 1947.

NEW TRADING SYSTEM

Based On World Outside The Dollar Area

Britain's Latest Step--And Its Meaning

London, Aug. 21. India and Pakistan today_rank level with any other dominion or with Britain herself in their calls on British goods or on such dollars as Britain has, it was stated authoritatively in London today.

Every sterling area country, including Britain herself, is entitled to them for absolutely es- sential purposes, but for no others.

India and Pakistan with the tish Government intends to use other dominions remain their the nation's remaining gold and own judges of their hard cur- dollar reserves as the basis of rency requirements, but Britain a new trading system based on is convinced that they will all the world outside the strive to reduce to a minimum arca,

dollar

not merely their dollar importa It was disclosed today that if but also their Imports from the Anglo-Soviet trade talks Britain which Britain could which broke down on July 24 otherwise sell for dollars. last had resulted in an agree- |

The momentous action on ment on the Soviet terms, the terling announced last night | Russians would have accumul- measure a determination to use ated over the next few years a Britain's ultimate reserves of large bulares of sterling whose gold and do'lars and, ber bar-convertibility inlo dollars Bri- gaining power to defend ater- tain would have had to guaran- lng and provide, so far as posteer.

minimum essential After initially sible, the imports of the sterling aren in cluding Britain, instead of throwing the fast reserves into au unbridgeable dollar gap.

demanding

full payment in British goods, the Soviet Union Indieated the willingness to accept part pay- ment in

Britain. stering if would guarantee this would al- ways be convertible into dollars. This guarantee Britain refused to give,

What

The vital question is: countries are prepared to ac. cept part payment from Britain in sterling not convertible into dollars?

If Julia and Pakistan reduce their hard currency imports programmes and boost their ex- ports to the utmos Britain must and will provide dolara to the Indian Reserve Bank (which still serves both domin. ions) and cover India's trade deficit with both the dul ar and sterling area, up to the full The most urgent task of Bri- limit of the releases from 1n-tain's economic directors is to with the dia's sterling balance laid down reintegrate Canada

sterling area. For the moment in the recent agreement.

By contrast, note of Egypt's Canada is severed, but some release sterling is now auto- new trading basis whereby Bri- matically convertible into dol-tain can pay for Canadian sup- 'are, because Egypt left the plies must and will be found. sterling pren of her owa cord.

Canadian ne because

supplies, especially wheat, are even more

1947.

A birthday study of H.R.H, Princess Margaret Rose, who celebrated her seventeenth birthday on August 21, Picture made in Buckingham Palace. (APhoto)

China And Japan

Peace

Treaty

Washington, Aug, 21.

Britain's most urgent task is vital to Britain than United United States official sources reported today that to find a new trading basis with Slates supplies. Canuda and Argentina, un The second most urgent task whom Britain and India de-concerns the position of Argen- pend for vital food imports,

New Life

the proposed 11-nation Japanese peace treaty. conference was now unlikely to be held until after this year's General Assembly meeting in New York at the earliest.

tina after last night's drastic]· measure, and the situation here It was authoritatively added is considerably more abscure. that sterling starts its new life Heavy Withdrawal today in a technically strong | Britain's withdrawal today position, which can only be of another $150,000,000 from cased over a period as Britain the Anglo-American loan and pays out sterling for her im. the planned withdrawal of the

August 25, ports. Other

have same amounts on countries oversold sterling in the recent arid August 29 will reduced the rush to New York. and will remaining credits to $400,000,- not have to buy it. They have 000 or a little over one-ninth first official disclosure of the been bidding for sterling in of the total loan of $376,000,- view on, the proposed conference. held by the nine countries apart New York since Tuesday.

Another source of strength is i The further

The conference was originally tentatively sche- duled for August 19 and it was later hoped to get it going by September before the Assem- bly session.

000,000.

The new delay means that the conference will now probably not meet until October or November.

This news coincide with the

withdrawals, from the Soviet Union, whose that the $3,500,000,000 of war-officials here said, were permit-note on this subject has already time sterling balances which ted to meet goods on order in been published. have menaced sterling's post-be United States for $450,000,- tion, have now been set aside 000,--Reuter.

in ways which will keep them

of the international exchanges.

The recent

sterling run on has correspondingly reduced Britain's short term liabilities. Whitehall believes that the lack of confidence in sterling Is only temporary, But its passing will not itself relleve the world dollar scarcity and Britain can no longer bear the brunt of the atter.

True Meaning

+

Special Session Urged

Manchester, New Hampshire,

Aug. 21.

vlews A summary of these made public by the State Do partment showed that all the British Commonwealth countries were in favour of postponement of the original date which the Australians especially described as."wholly impracticable."

Australia also declared: "A mec'ing at the highest Govern-

DOWN TO A' FIVER

London, Aug. 21. From Saturday (August 23) the amount of sterling notes which may be carried into or out of the United Kingdom by travellers will be reduced from £20 to 6 per head, the Treusary announced tonight.

-Reuter,

Earl

Messages to President Truman mental level, posalbly immediate. Threatens

and

Republican Congressionally before or immediately after leaders urging a special sesalon the forthcoming meeting of the

of Congress in October to deal General Assembly was essential with the "British and European prior to any meeting of deputies situation" are being despatched and experts".

Hampshire,

Mr. Merror is a member of the Congressional party scheduled to leave soon an a survey, trip to Europe, Reuter,

Libel Suits

The true meaning of Britain's by the Republican Congressman, The same view was stressed,

Stafford, England, Aug. 21. momentous step is that the Bri- Mr. Chester Merror, of New though in less forceful words,

Incensed by statements con- by the United Kingdom.

cerning housing conditions in The

Netherlands and the the village of Sandon, the Earl Philippines supported the United of Harrowby today threatened States proposals in its entirety, to bring an action for libel but New Zealand and Canada against the Rural Council unless anid that certain matters would 1. profers apologica. need further study before their policy can be formulated.

Germany

Wants

New War!

New York, Aug. 21.

ed States and Russla--even

ground.

-

JEWELLERY TO STAY AT HOME

London, Aug. 21. British women will from now The Scripps-Howard news. on have to go abroad without their papers foreign editor, Williamfrs or jewellery, following an order of the Board of Trade, Philip Simms, in a dispatch trom Berlin, said the Germans' greatest which took effect today.

The order extends the list to desire is a war between the Unit. valuables which travellers can Germany becomes Die battle.rut take out of the country with. out on export licence to diamonds, Cermons fewellery, turs, gold, platinum, The Impoverished bad off a sliver antiques, works of art and believe they are could be and have all to gain, postage stamps:

Licences will not be granted and nothing to lose, from an.

as personal other conflict. They believe that for valuables taken If the United States win Germans effects, so even if women passen. mink.coats and will be given the American type gers wear their

if, Russia is pearl collars later, they would be of democracy and victorious the Kremlin would soon Relais-Reuter.

Hable to seizure by customs of realise it would be safer and to. Its advantage to grant the Ger. trans decent standard of living Meanwhile however Americar UNKRA official Paul F. White, who arrived in Washington from months in Soviet Ukraine, do. clared he was "shocked" by the Drevalence of war talk In the United States.

10

NAZIS IN EAST AT LARGE Washington, Aug. 22. The State Department said last night that a number of key Nazis who "might constitute the He said the Russians never basla. for resuscitation of Nazi MISIE mentioned war and were horl power in the Far East" [fied" when iis posibility was aug. are at large in China,

China Objects.

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The Earl, who is 83, has bis seat at Sandon Hall, and 18 Lord of the Manor" in addition China has categorically object to being Lord Lieutenant

Staffordshire. ed to the United States proposni Į that the proposed conference str. F. Woodwin, delegate from At the council's last meeting. should Ro by the

two-thirds Sand:, described housing condi- majority voting rule.

tions in the village as "a disgrace "A matter of principle, to the country." He said that China has no special desire to people were living in five small retuin the right of voto, but she, cottages, and in one cottage with because of her great sacrifices two bedroem, there were 12 pen-

OPEN DAILY-FROM 12 NOON TO 2 A.M. and prolonged sufferings as the ple existing like "owls in a coop."

The council informed the Ea

TEL 00486. victims of Japanese aggression, solicitors that it would not apolo- 373 NATHAN ROAD, KOWLOON, attached the greatest importance aize-Reuter. to peace settlements regarding!' Japan", a spokesman of the Chinese Government said.

BILBO DEAD

"Accordingly, China'proposes a compromise formula of voting: procedure - namely, that de:

New Orleans, Aug, 22, cisions at the conference be Senator Theodore G. Bilbo, of made by a two-third majority of Mississippi, master of the filibus. members of the conference pro ter and sharp-tongued champion and voting, including of white supremacy, died here affirmative votes of three of the on Thursday without ever having representatives of China, the laken his disputed seat in the United States, the United King- 88th Congress Associated dom and the Soviet Union," Router,

sent

NO CHANGE

Ottawa, Aug. 22.

Ireas

Hambare. Aug. 21,

A batch of 995 German Juwa repatriated from Bhanghai arrly- ed in Berlin today, according, to la report by, the German news

The Canadian Finance Minister, stency In the British Zand---

gested. Rusalans conaldered the In a formal statement, the.. 0. Abbott, said today that Router. International friction of the last department Bald the United British action to restrict the

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18 months was due to "postwar States is "deeply intorcated in transferability of sterling makes Canada governing British pur-67, Queen's Rosa. difficulties" which ars to be ex-neeing them returned to flor- no change in the financial agres- chaapa in the Dominion Acro- pected.---United Press.

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TOL 28863