1949-07-16 — Page 9

DOLLAR SHORTAGE PROBLEM SHELVED TILL SEPTEMBER

London, July 14.

Major proposals to solve the world shortage of dollars and bring about a better aquilibrium in the world economy will have to wait till Septem- ber, it became clear today from Commonwealth circles. Following the Snyder-Cripps statement of last week, the United States, consultations between Britain and Canada, the three dollar countries; will be resumed in Washington in September, side by side with the meeting of the Interno- tional Monetary Fund.

- Most of the Commonwealth countries are represent- ed on the International Monetary Fund-New Zealand and Ceylon are not yet members, and Pakistan's application for admission is pend ing and it is presumed that the Common- wealth experts will be available in Washington for putting their heads together to work out common solutions.

It seems to be drinite that any question of currency devaluation will not be decided by Britain or other entran In the interval

for

Devaluation is mot arreplet me a to salation Jeang-team correct the present economie ills. of the wortal,

busts Brilzita,

12 12-

for

notably India, implications, stance, depends On Impents her existence, and, alteady spend- g about £450 million annually in subsidies to keep the precurl- as wages-profits-rusts of living

new pro fevel, will have lo ther blems of raing Posts Burt increns- eet wage demands with all their political implications.

It seems to be Inevitable that Britain wilt certainly try to pass on some of these dollar cute to the other members of the Sterling Area, whose banker she Is.

But how far each country belt. can. Or will, accept tightening in the matter of dol. Jare can be seen only when in. dividual clerting talks are sumed.

re

In the general discussions fol- lowing Sir Stafford-Cripps state ment at the conference yesterday, Dr. John Matthai, the Indian Fin- aner Minister, made one of the ablest analysts of the world reo- Home situation, I was Telay.

THE CHINA MAIL, SATURDAY, JULY 16, 1949,

DON

Canada's

A kind word for expital, you please."

Ottawa is getting tired of being told by visiting city slickers that it in parochial, puritanical, prim

and proper.

It has had enough condescending chatter from tourists who lament like that Brooklyn was never

W doesn't pretend to bo

the gayest, veliest, most commo- politan place on earth. It says you will have to take the town and find them, and the people as you

want hot excitement and many

IDDON'S

Commonwealth Federation-with almost brutal vigour at the polls, Canadians have little time for the United Kingdim variety. Socialism. in Britain

scams to have meant one internal call for

for help after another for Canada:

DIARY

But at least Ottawa is gayer than when I was last here. Mon you hnd to travel OCTOBR the river to full in Quebec Province Live to get a cocktail or see a show. Now there are a few bars -about six in the entire capital Now people are not saying there where hard Bnior in served. things to me an impolitely as I The Chateau Laurier is like no Am putting them down, but the other hotel on earth, unless it is fooling is there, the meaning im- the Chateau Frantonce in Quebec piicit.

City. Eta architecture is "Cana- Canada just now in prosperous.dian Norman," and it is almost It thrives. But Canadian trade กด Lik the Parliamentary with the United States «lows the buildings.

emergency biggest deficit since restrictions were imposed in Nov-

If said pace there are the ram excellent exits from the city.

Tind it a delightful, tranquil, ember 1947 to buttres dwindling

exchange-reserves.

There is a 65,000,000-dollar gap beautifully mannered town. It is small-only 160,000 population between importa from, and en but very

handsome.

ports

to the United States. 50, buildings, In The Parliamentary learned

despite booming trade, the ab noble Gothie, are modelled on

conce of unemployment, brink Westminster,

and when the clock

business

in the everywhere PERCO chines from the soaring

Dominion, Canada too ios 1t Tower it in Big Ben to the life. dollar headache.

notes that go right to an

According 10 1724 Dominion source, his speech helper the con- fence to se the situation not only feen the Individual point of view

at ench country but as a complete picture,

The collective DISCUSSÄILIN the Ministers any unt extend be- Sond July 18, according to one Source today.

Finance The Commonwealth Ministers, in their secret talks - day, discussed ways of saving dol- are on oll and the possibilities of United States overseas Investment in the Sterling Area.

Patrol Cost

daeussion

When the Finance Ministers met, for U second day, Mr. Hugh Devaluatie, if it enters at 433,

Gaskell, the British Fuel Mini bear to be mobitelek are effects must at wolt be the fam -

India, similar problems water opened a general tion of the IMF to deride how

ile and mominent lenders, B needs writing i well

the Ine any currency

Babers o ES ROMP flown and to what extenol hr relie

sterling delegation here, have al- tion to others.

promene ugaltest

2

The Find will also bave E consider whether, und to Whist extent, there are internus nom!

malmilhastorate VOTIOUN Cents Jers raught the tramids of 1lic pf**retut Hotel-

dollar crisis.

the 131

Devaluation, in Britain as well 245 25 her

ramleier includin

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An

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**** TO :buctures of other countries.

American Help

It is almost certain that the commen IMF will study these

weil

patsihic problems as

internal economic

before formulating nolutions.

Any solution.

**

long term

here,

on oil and its bearing on the site- ling-dollar deadlock.

Imports of petroleum products und refining machinery into Com- monwealth countries from hard are believed Li currency areas have been included in the discus

inn on oll,

All delegates took part in the Ciscussion. They were emfronted by the fact that the yearly cost of Sterling Area petrol is well in excess of 4100,000,000 or $900,- 000,000,

Hishman's heart.

might be in a quieter, cleaner, more

tiny Whitehall. Ottawa's business in all politica. There are mure diplomate, Civil Servants, attaches, Embassy aides, socre- taries, and politicnt hanger

inch thin anywhere per square

el in the great wife world ex- repting Washington.

This is the heart and head af the Dominion, It run a nation af 12,500.00 people, runs it with

minimum of fuses and bother

and no hysterin.

the election

The aftermath of has left the capital as placid and untroubled as the Rideau Canal which decorates the city. There

the hubin or argument on the wide streets- 主 the great

SEJUNEVS.

BA

指

Prime Minister St. Laurent has left for a holiday after his thun- dering election victory.

He held

brief 'ress confer nee the other day, Dressed in neat brown, his thin, intelligent face strain, he unlined by campaign refused to be even mildly boastful about his gigantle triumph-the Although the output of the Bri- biggest in Canada's political hin tory-ur to get worked up over fish oil companies is much grea-

the work financial crisis. ter than consumption in the Unit-

Finance -Minister In sending adjustments ed Kingdom, the oil industry.

London for the makes

largest Dr. Abbott to the at present

Commonwealth conference single claim on dollar expenditure.

Plans to reduce this dollar drain economic chiefs he did say that to help all, not by the development of refining the motive was capacity in the Commonwealth just to aid Britain.

With and the United Kingdorn-already

third of Canada's popu- profected by Britain-are being lation French-Canadians and not considered by the conference. all wise or internationalist in There plane viedalise the es autlook us St. Laurent, he has to tablishment of £125,000,000 choose his words und his strategy Industry

Britain covering seven no

refineries or major extensions. Work has already begun on three of them. Britain is also considerably in- refinery capacity creasing the mned by British companies out- side the United Kingdom.

It felt

el turn yound the question of will greater availability of dollars to Sterling

Area countries.

This

1: where Amerien will he asked to step in, itt a large way.

in which

the Two directions Amerleans can help in this sulu- tion are major investments abroad and multi-lateral direct credits outside the dollar pool of the Sterling Aveu.

ex-

will be These questions amined individually by the Unit - ed, States. The lesser developed Dominions, like India, Pakistan and Ceylon, have set policies re- garding foreign investments.

From The American view, the political and economic conditions of these various coun- will also be taken into ac-

11.0

now

In

In conjunction with American companies, British companies have plans for building pipe-lines Lo carry crude oil from the Per- sinn Gulf to the Mediterranean coast.

hiems of world oll finance and its bearing on Vie Sterling Area Pronomy.-Reuter.

Mr. Goidell, it is understood. gove the conference today a full these aspects, the Com-use tatim if the complex pro-

Minister wealth Finnec enference here has Pelped to see the picture of the whofe Sterling Area clearer in its relation each other within the area andl to the dollar bloc. "In that sense, the

conference can be present

ter

considered a "study

"study group." de- country tu signed to help each appreciate its own position in relation to others, and to prepare its case for the September talks

the light of

of all available facts

מה

emerging out of the eonference.

One short-term decision taken by the conference is that it vital to cut down dollar spending.

U.K. Example

Britain has set the example by announcing a cut £100,000,000 in dollar spending in 1949-50. 1 Is generally expected that oil is one of the dollar commodities to be affected.

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carefully.

Most of the Cabinet are out of town, too, and the new, Parlia mentary session will not be held until September.

I probably. am the most per- Lurbed person in Ottawa, The headlines about Britain's dollar crieis are very grim. From this distance it seems we are on the verve of bankruptcy and the need for action deaporate.

Canadians, at least those in Ottawa, are not as upset. They want to help and will help, but they are alightly Jarred by the recurrent SOS.

How Many More? How many more crises are looming?

Does Britain's Socialist Govern-. ment intend to keep on asking

and for

American Canadian

money?

in

Rome, July 14. Despatches from Foggin South East Italy said the Foggia Observatory registered an earth shock at noon today with its cen- tre from 250 to 325 miles away to the South East.-Associated Press.

And how long does it want the just a day, money for not for not for, just a year, obviously-- is it always?

Having bluntly rejected their own Socialists-the Co-operative

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han turrets and towers, moals. embattlements, bristling the fortifications. In it is -complete-Hollywood-castle,pli

lared and, plumed, apacious with marble halls Urd antique stair-

Rose And Cream Into this archaic stronghold a weird cocktail lounge has bran thrust. This is called the Jasper Lounge. It is painted in rose pink and cream and has indirect light.

It is short of American green- Ing. The chairs are in maroon or backs.

Even today t Canndint iR allowed to take only 150 dollars a year out of the country to spend in the US. So there's not going

be much to spare for Britain. It irks Canadians to have these restrictions when they see

visit- Ing American tourists without

a rubber band

their dollar rolls. The tourist ATC welcome.

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and good They are good linens

ri

neighbours.

At the momeni Ottawa is full

them secr

seeing the sight photographing.

champagne leather.

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place.

There are mirrors, slatuotias, gold curtains, green carpets, huge, startlingly white loving-cup in the centre, and regimental crests aver the bar itself.

The tourists love the Personally, I am

overwhelmed. Some of the smartest people In Ditawn Are the walters in the customers Jasper Lounge. The zoom less well groomed, are often ticless. However, men in shirt- sleeves are turned away.

And

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multiunic trippers at the Chateau Laurier Hotel where I am staying. They are bustling about in the steam- Ing heat it is over 90 every day and insufferably wonderful vigour.

humid with

No Night Clubs

Ottawa's straitlaced attitude to fe puzzles them. There are no night clubs here, no cabarets, no burlesque, no stripteasers,

even

not

theatre, apart from limping local effort.

You cannot get a bottle of beer In the sent to your hotel room. beverage rooms, or beer parlours, who is not escorting a bachelor's must kil in department. Canadian woman. hond is carefully protected.)

* mon

woman

The New Look does not seem have made much headway in Ottawa. I find most of the women neatly dressed, but some of them drab.

Best social event I've attended was a rockial! party given by John Bird of the famous Suuthain newspaper family. Here were De- fence Minister Claxton, a group of

Embassy people, pebilshers, newspapermen, and Government

women And the officials, beautifully dressed.

One thing the people of Ottawa should not do, and that in apologise Canadian for the capital.. On after another keeps taking aside:

Wor

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"Pretty dull after New York, village- ch! The place is a by-toen we call it. Sleepy, full of +Continued On Page 10)

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