1949-06-30 — Page 7

MEETING OF EMPIRE FINANCIAL EXPERTS Review Of Britain's Position By Cripps GOLD, DOLLAR CRISIS

*A DIBA Punonte AORTAS SU TIG

London, June 28.

The Commonwealth Finance Ministers, called to London for talks about mid-July on Britain's gold and dollar, crisis, will hear a review of the country's whole financial position by the Chan- cellor of the Exchequer, Sir Stafford Cripps.

At the same time, the trade position may be outlined by the President of

the Board of Tradej Mt. Harold Wilson.

Ł

Reports that the Prime Minister, Mr. Clement Artleo, has suggested a world

economic conferenc e were denied in Government quarters today.

some

THE CHINA MAIL, THURSDAY, JUNE 30, 1949

BIR STAFFORD CRIPPS

CRIPPS READY FOR A BATTLE

Paris, June 28: Sir Stafford denied in the Ambassador, will meet in Paris, Washington: Mr. John W. Sny- House of Commons today that the hopeful thal

solution of tier. Secretary of

Sir Stafford Cripps. British the United United States has put pressure on European payments

be States Treasury, is expected to Chancellor of the Exchequer, would nim to devalue sterling. He has reached without Britain suffering leave for Europe on Friday, om-arrived in Paris tonight for the on her dollar, cially for n tour of American next round of his "battle" 'to. received ho such proposht trum|| excessive drains

and potty

Treasury offices, He is certain to solve Britain's Sterling-Dollar discuss Britain's problem during crisis. his tour, when as a matter of courtesy he will see the Financé)

he Ministers In the countries visits.

Full Sympathy

Much Pressuro

According to one British official

A tussle over intra-European

Ministers To Draw Up Agreed Policy?

London, June .29.

of the objectives of the Commonwealth Financo Ministers conférence, which is to study the gold and dollar situation, may „ba to draw. up an’ar ved policy on outstand- Ing monetary questions.

The Finance Ministers of Austrá....a, Canada, Ceylon, In- "dia, Now: Zanland, Pakistan, and Bouth Africa are how expict- led to arrive in London within the next fortnight. -

A commentator in the "Daily Mall" mays that the canter. ense will be one of the midst. vital meetings an international Trance and trade while the. financja) - correspondent of the "Pally Telteraph", says that there, is every reason to believe that the Commonwealth" "indeling" with 'be followed by sub- stantial, cuje in imports:

"

The political "obrrespondent of the Labour "Dally Harald" saya that the decision to invite the Commonwealth Finance Ministers was actually taken fest weekhofer. – hukuma

SERIOUS THREAT TO LABOUR'S ECONOMIC POLICY.

The

London, June-28.

A naw domestic threat to the Government's economic

policies appeared tonight. Transport and General Workers Union-the largest trade union in the prld, with 'one and a third million members from almost every field of industrial activity--announced an agendo for its annual conference which discusses a widespread move to withdraw union co-operation in the Government's economic policy.

full Cou At 1 Council meeting of ing that the "peg wages, prices of the nationalised Industries, and

talk with M. Paul of th.

Apreciation the willingness from all sorts of angles though | Marshall Pish envay, Mr. Avèreli Thas worked in practice against the conference

on

"the

opens

Tent demand ster-'I North Country seaside resort, of

the Marshall Ald authorities, he He also told the House of Com- mong that he is certain that a

cornerstone at payments-the common determination to work All parties In the discussion are

Britain's gold and dollar diMcul- for European co-operation and believed to have full sympathy

tles will be fought out hy the- the liberalisation and mullitate- with the British situation at heart.

Finance Ministers or Foreign rajastion of European trade wil But necessarily ore alert to any

Over 50 branches of the union | these ca!! for increased working- Ministers of 19 European States have tabled resolutions profeal-class representation on the Boards lead to a solution of Europe's plans put forward by Mr. Harel problem.

man, who represents the source

the Organisation for European and profits" policy reed to by another 10 profest that compon- Warning the

in Washington pressure for the Economic Co-Operation (EEC), House of Coin of Marshall nie.

Sir Stafford Cripps recognises devaluation of Sterling has come to be attended by the reving the Government in July last year cessively generous and propose the Trade Union Congress with sation to former owners is ax- motis against exaggeration, he said that he was leaving for Paris

with today for

United States to modify the extent of official American Harriman, head-on divergencies

In the Henri Spuck, the former Belglan some of its proposals for greater interest is hard to gauge,

ure expected between Sir Stafford Premier who 15 also Chairman freedom of intra-European trafie ploratory talks there have led to and the Marshal Plan Administrarer

Scarborough on July 11, *** of the Organisation for European to meet the British situation but the belief in responsible Americann. Economie Co-operation, before all

points

Chancellor of circles that deválenlion is not the Sir Stafford invited Mr. Harri- tomorrow's Paris meeting.

the Exchequer hud to stand firm-universal panacea

with be a few weeks man to his office in London yes Tomorrow's meeting has been ly against any plan which direct-conalderert to

terday and after an hour's talk called in An attempt to reconcile ly or indirectly would result in go.

Paris: Mr. Averell Harriman, perican was understood to move to demand British and Belgian European countries having loo opposing

to his ready to recommend views on the operation of the in-free an excess to British reserves, United States roving Marshall Government an intra-European

The British Ambassador in Plan envoy, is preparing for the payments achenic providing for Sir Stafford Cripps's tra-European payments seh

scheme. Belgium wants

debtor 16 a

rights without convertibility. creditor nation under the Mar-dön, where he is expected to dis- meeting of the OLEC shall Plan. Britain objects on the cuss the

the United States

Cripps. His visit, planned conference of the Finante Ministers of the Commonwealth, Is considered to have more than There is some suggestion in usual significance. London that Sir Stafford's pre- Sir Oliver has been described Iminary talks tonight with M. ↑ns one, of the key architects

the

100

ما

the

action, to limit to "hold" profits and

down prices, and most of them call for the abandonment of co-operation the Government's policy and a

Many other

appear to be incompe

at Washington, Sir Oliver Franks, | next stage in the partial

transferability of drawing on, the agenda, inclucups!

credits given by onvert 38% I'Will leave on Thursday for Lon-nancial

tussle

ut

Involve a still further drain on with Side with the Ministers, they were unable to get rid

her dollar and gold reserves.

A Compromise?

waxed.

which

With BTC calls for

Delegates representing 400,- 000 British railroad workers voted overwhelmingly to "go slow" and refuse to work over. next Bunday in time beginning protest against the State-owned.

of Ballroad's rejection the

in favour of a national' Motion Wage claime, This still does not quite satisfy national minimum wage for strike were ruled out of order by shorter hours and longer holi-the President of the Union--the ground that as a debtor this will Britainconomie situation in when Mr. Harriman and Sir Staj- Britain Because, although it all days, for big tax relicts and for National Union of Rallywoymen. ford met in Brussels last week minates direct competition with

repayment of taxes levied

The delegates passed their re- during nt a conference of key, Western American exporters, it does not

the war for repayment later. solution by overwhelming of the competition in

Deakin, General majority-reported to have been Mr. Arthur a plan for European Europe for dollars. trade with freedom to convert agree on

Secretory of the Transport and 71 to fight after considering | Sterling

There does not appear cop. General Workers.C, faces the Executive, administrators of the a leading the rejection by the Railway any sign of a mutually accept member of the able compromise on the prob

of Railroads, of the Union's claim prospect of stormy Intra-European Jam of

pay-

the

conférence on other subjects for a 10 shillings a week rise, menie.

There are over 20 resolutions French Government circles

frum

branches

at

Grave Crisis foresee that in

protesting The absence of testly it tomorrow's mceling way in which he as the C.UC. A counter-proposal from the: of the Council of the OEEC the withdrawal from

handled the British Executive, reported delegate,

to be three isane will be referred back Federation of Trade Unions last 100,000 lower paid workers, has the Worldillings a week more for about the Marshall Aid ehler, Mr. Paul January.. Only two branches ro- already linen rejected by many G. Hoffman, in Washington.

Voting which may not bet

cord agreement with his 'bétion.

branches which were represented mode public is expected to show

Railway "Gb Slow" ut today's meeting. adhesion to the views of Sir Stat- Considerable dissatisfaction A Union spokesman, has des- The Australian Prime Minha ford by Ireland, Iceland, Norway, with the technique' of nationálisa-cribed the crisis is the gravest ter, Mr. Joseph Chifley, admit- Denmark and Sweden and position adopted by the Labour Gov-|in the 18 months since Britain's ted in Parliament that the possibly also Italy und Greeceernment is thown In another railroads were taken over by the sibility of bridging the dollar Reuter,

ihe

Sir Stafford rejected the plan on ground that it would involve a further drain on Britain's gold reserves.

Canberra: The Australian De- fence Minister, Mr. John, John- stone Delman is expected to re- London meeting of Commonwealth Finance Ministers.

Spank may indicate a compromise the Marshall Plan machinery for In the Belgian and British points Europe. He was Chairman of the of view over the payments plan, Paris Commlites which laid the but it is pointed out that the grounit work for the Organisation meeting is likely to deat only with of Europe Economic Co-opera-present Australia at the coming procedure for tomorrow's busi-tion.

Jan.

Owing to the different finan- clat position of the Common- wealth countries in the nan cial world, next month's con. forance of Finance Ministers

U.S. Opinion

1

The latest reports from the United States say that the rel cent spate of suggestions that the British Found might be Devalued

may develop into a series of ee appears to have dipil parate talks between the th

dividual Ministers and leaders of Observers in London conclude the British Government as well that Sit Stafford Cripps is uh- au 'talk among themselves.

Much has to be Heted on a visit the United States

the meeting of the Inter

the entire field of dollar exchange national Monetary Fund on Sep. within the Commonwealth as tember 13 in view of the planned well as the controversial matter conference in July of the Com- of tariff preferences in relation to monwealth Finance Ministers. trade stimulation.

Earller,

cables from world con- tres today told of these dollar crials mo

moves:

It is well realised how much er the Commonwealth's prosperity, turns on Britain's solution of its dollar problems and how much in fact the entire pattern of world trade can be affected

by the

TC-

structive international schemes.

+

No Devaluation

4

gap is not au bright me it was

six months ago, but he sald that there is no spggestion at present that Sterling will be] devalued.

Wellington: The Prime Minks- ter of New Zealand, Mr. Peter Praner, said that the invllafich to New Zealand to be represented at a Conference of Coinmoh- Cape Town: The South African wealth Finance Ministers will be

Mr. Finance Minister,

N. V. treated as a matter of urgency. Havenga, will fly to London next Colombo: "4

Authoritative quar week for the Commonwealth. forecast that Sir Oliver conference. Goonetilleke, Ceylon High Cpm-

covery of Europe aided by con- Finance Minister, finister of missioner in London, will prob-

11 is belleved that Sir Stafford | Economie Affairs, told the Sonate{pbly represent his country at the | Cripps and Mr. "Averell Harri- | that his colleague would not have Commonwealth Anance folks, —

Marshall Jan the

Plan roving left but for compelling reasons. Reuter.

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