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THE CHINA MAIL, TUESDAY, SEPTEMBER 18, 1949,

Confidence In Pound ECONOMIC COUNCIL TO DEAL WITH THE DOLLAR PROBLEMS

Sterling Will Return

Washington, September 11.

High officials of Britain, the United States and Canada today drafted the final communique which will embody agree. ments reached by the three-Power economio cor.ference. solva Britain's dollar criale.

to

British officials here were confident that the communi. que, when Imued tomorrow, will do much to re-establish world- confidence in Sterling and check the dangerous drain on the United Kingdom's and dollar reserves.

The communique-one of the most important Interna tional financial declarations since the end of the war-is ex- pected to cover a wide field.

It

short and le believed to include both

tong-term pro posals to enable Britain and other Sterling Area countries to obtain the dollars they need to buy essential goods from the United States and Canada Reuter.

WORLD BANK TO HOLD SESSION IN WASHINGTON

Washington, September 11.

One of the early decisions of the tripartite sterling- dollar conference-to support membership in the World Bank of Sterling Area countries not yet mombors-is expected to be one of the first items on the agenda of the International Monetary Fund and World Bank session open- ing here on Tuesday.

Jū

Forty-eight nations have named annual delegates to this fourth meeting of the Boards of Gov- crnora

the International Monetary Fund and the Internn- tional Bank for Roconstruction and Development.

that

DEVALUATION

PLAN ATTACKED

Washington, September 11. Clarence Streight. active U.S. world federationist, contended to day that the devaluation of the pound would ruin Britain's mid-

dle class and

give England mighty shove toward Commun-

L

The Bank membership proposal Overseas was explored by the Investment Committee formed at last week's tripartite dollar talks.

This Committee decided

United Britain. Canada and the Stater should encourage

mem bership in the Bank and in the International Monetary Fund of

In an article of his magazine independent Sterling Area coun-

"Freedom and United Journal of tries as a means of dealing with World Republics," Streight said: the lack of balance between the evaluation would wipe out sterling and dollar areas.

of British private and throw myriads of

18m.

Mr. Eugene Black, a World great chunk

Bank President, will report loans pass voters into the pro

totalling nearly $200,000,000 for the past year when he presents his annual report on Tuesday,

♪

letariat. How Karl Marx would chortle If he could see American bankers, Government officials and Congressmen blithely asking to British Roquest

in Britain by Have capitalisin askurk to Britain is expected

Marxism has urging devaluation. the International Monetary already fattened dangerously on Fund this week

in France, to repeat monetary revolution

Germany. Hungary and resolution preventing Marshall Italy, Plan countries from exercising China." drawing righin. This would provide one means her current dollar of meeting difficulties.

Consent of the Fund's Gover- nors would give Britain the right to draw $325,000,000, the equiva- lent of 25 per cent of. her Fund quoia during the coming months.

12

American support of the pro- posal is reported unofficially to be conditional on Britain's devalua- tion of Sterling.

Drawing rights are designed to make foreign exchange resources available to members to meet short-term payments difficulties. The Governors are expected to hold their closing meeting Friday-Reuter.

FEDERAL UNION BEST WEAPON

on

Washington, September 11 Three former Iron Curtain di- plomats said today that a federal union of North Atlantic demo-

cracies would go far in splitting

was

Russia's satellites and easing the threat of war.

The belief

voiced in messages to Mr. Owen Roberts, former

Supreme Court Justice, from Stefan Osusky, former Cze- choslovakian Minister to France, Constantin Folich, former Yugo- slav Ambassador, and Edgar Pro- chnik, former Austrian Minister to the United States.

Is

the

the

Mr. Roberts ls President of the Union Committer. "The federal convention idea most effective weapon yet devised against Soviet domina- tion over countries behind the Iron Curtain," said Mr. Osusky. --United Press.

are

The middle

class investments bonds mostly Government

said. and savings accounts, he and noted that these would neces- sarily depreciate with the cut- rency.-United Press,

INDIAN-EXPERTS

IN

WASHINGTON

Washington, September 11. Indian financial experts now here for the annual meetings of the International Monetary Fund and the International Bank for Reconstruction and Development

AMERICAN ASSURANCES

OF CONCESSION TO UK

New York, September 11. British, Canadian and United States Ministers at the dollar talks

in Washington have agreed in principle on the forma tion of a permanent Economic Council to deal with problems of dollar and sterling trading areas, Mr. Felex Blair, Washington correspondent of the "New York Times,” wrote today.

BRITAIN'S SHARE OF AID FUNDS

Washington, Beptember 11.

The United Kingdom re. calved $466,000,000 in Mar- shall Plan funds during the weak ended Beptembar 9, the Economic Co-Operation Ad- ministration reported today,

This brought the cumula tive total for the United

Kingdom to $1,729,118,000.

He said the Ministers had not decided on the form of the Council. But they The authorisations for the

had agreed that there was no simple solution to the dollar-sterling problem and some tripartite agency was needed to facilitate decisions at Cabinet level.

Mr. Blair reported other developments in yesterday's conference, including

the following:

However, there are signs that the U.S. representatives on the the Fund's 48-nation Fund and directors will oppose granting any leans to Britain until the British and

other Western European

(1) United States assurance to. Britain of permission to spend part of her deller grants from the Economic Co-Operation Adminis- tration to buy wheat and possibly some other essential food supplies in Canada instead of being re-governments devalue their cur- quired to place such orders in the rencies. Britain reported to be United States,

interested in getting the Fund to repeal or modify the resolution passed in April 1948, which now prevents Britain and other Mar- shall Plan countries from tapping US$8,032,000,000 re- the Fund's

(2) Substantial progress on an expanded programme of stock- piling strategie materials to be ucquired In British Common- wealth countries,

nurces. sources.

the

4-To ease Government regula- tons on the use of synthetic rub- ber in the United States to enable Britain to sell more natural rub- ber to American manufacturers. of

5--To revise Inter-relation American customs regulations in make it easier for British export- ers to get goods into the United Stales.

6-To establish tri-power "con- tinuous working groups" to con- centrate on the British financial problem

ends.

after the

conterence

British Promise

(3) United States concession of the need for a revision of its

If the resolution is repealed Britain will be eligible to draw Customs procedures to facilitate

US$325,000,000 from

Fund (4) The tripartite British and other exports.

working during the next 12 months.

Britain would promise to in

drive for tensity This situation was revealed as

her export American group's report to the conference

markets

take and Britain's dollar shortage the British. American and Cane- that

neared agreement strenuous steps to cut produc. would be alleviated through dedian officinis velopment loans to colonial areas on a six-point "stop-gap" pro- Lion costs and modernise her

industries. International Bank for gramme designed to start Britain by the

and

Development Reconstruction

on the road to solving her Anan- clal crisis. and the Export-Import Bank.

(5) Brish representatives agreement that the Labour Gov- ernment soon must cut its budget, presumably in the field of wel- Care expenditures,

dis-

U.S. Objections

Mr. Snyder is reported to ba heartened by the frank discus- and by gions with the British

to solve Britain's determination the dollar shortage by greater ex- ports,

The Cabinet Ministers from the three Gavernments are reported

Mr. Snyder is reported to be. to be confident that they can endlieve that Britain is facing her

discussions late оп Monday problems realistically and which will permit Mr. John Sny- der, the Secretary of the US. Treasury,

The Sterling Balances

Official circles today counted reports that Sir Sta-

Sir Staford Cripps, ford Cripps, British Chancellor of the Exchequer, has present Chancellor of the British Exche ed to the conference a plan for

quer, and the Canadian Minister scating down Sterling balances of Finance, Mr. Douglas C. Ab- manner requiring dollar bolt, to attend the annual meet. allocations to the countries con

the World Bank beginning of Ing cerned.

on Tuesday. It was stated that the subject British officials are reported t a[

balances would have mentioned a desire to seek Sterling

Fund help from the undoubtedly have been discuss- financial ed by Sir Stafford in relation to during closed door conversations confidence in

American in the Pound Sterling with

Canadian and the manoeuvrability of the oMcials. Sterling balances generally.

the

These discussions would natur- ally arise, it was added, under Article 10 of the financial agree ment of December 0, 1945, bo- tween the United States and Bri- tain, by which the latter obtain ed a a credit of $3,750,000,000.

Under Article 10 of the agree ment, Britain made known its in-

and

to

is understood Mr. Snyder have told the British that the question is one for the Fund to decide at the forthcoming sessions. It is learned, however, that the that it American attitude is would be misuse of the Fund's re- sources under present conditions to make loans to Britain.

Camille

is reported to feel

with close tention to make agreements with | aging Dirt, the Fund's Man- have been following, develop the countries concerned for the the same, way.

interest the

ments in the dollar talks.

These

tripartite

release of convertible. funds for current transaction. discussions have invested the routine meat- ings of the above two bodies with added importance.

There will be a joint meeting of tho International Monetary Fund and the World Bank on September 13 followed by Com- mittes meetings of the two bodies. -Reuter,

MAYOR'S MEETING

Genova, September 11, Mayors from 20 countries will open a five-day conference hare tomorrow to discuss civle pro- blama.

Ernst Reuter, Mayor of West from Com- Berlin, and Mayors

Poland and munist-dominated Czechoslovakia will be among the 200 delegates and observers.

Canada, The United States, faraal, India and most of the countries of Western Europe will be represented. The conference will discuss prevention of road accidents, food, sanitation and the housing shortage-United Press.

Official Indian financial circles here are also sceptical of such a

lan having been submitted.

They said that India has not been officially approached on this subject,

though proposals on the lines suggested had been made ever since Bretton Woods, and re- peated year after year right up to the opening of the present tri-

partite conference.

Loan Request

No immediate reaction frock Canadian sources was availablo on the suggested possibility that Canada might offer a sizeable credit to India if the United States took the initiative.

reported to

be

An announcement regarding the Sterling balances talks at the tri- partile talks is expected to be made tomorrow. Britain

to the Inter- roady to turn national Monetary Fund for direct loans to supplement the limited trade concessions she is expected to get from the United Statis.

Wealth

VIRGINIA

Cigarettes

For your

your smooth Mild Smoke

It is said that their attitude is that Britain's economic and - ancial difficulties are long-range and thus Britain could not quality for loans from the Fund, which was established to lend money to countries with short term prob. lems.

Devaluation Again

If, on the other hand, Britain and the other Marshall Plan countries devalue their money, then the Fund might be willing to consider their problems as short-range

and permit them

to draw on its resources.

American officials believe that if Britain devalued the Pound the sales of British products in the United States and Canada would increase considerably.

enabling Britain to earn more dollars.

They acknowledge that it. would also increase the cost of the raw materials and food Bri- tain buys in the U.S. but they believe that the increased sales would outweigh this disadvant-

Officials point to the Swiss free

market, where the Pound is sell- ing at US$2,09, instead of US$4.03. the official rato, as proof that the Pound is

is overvalued,

British and Canadian "working

met at the State Department today inform- ally to put final touches to the communique to, be issued after the lost conference meeting..

trl-power

Diplomatic officials attending the negotiations reported that tha United States has about agreed la take these steps to assist Britain;

Six Points

1To liberalise Marshall Plan regulations to permit Britain to use Marshall Plan dollars for part of the Canadian what and flour they have contracted bus.~

to

2-Partly to relax article aine of the 1040 British loan agree ment to permit Britain to discri- minate temporarily

against

American good purchases

-To Increase British tin, rabber, industrial diam mande, mice, bauxite, chrome, manganese--and other stratagid - raw materials that Britain bas for

this

has brightened the chances for a long-range solution.

The leading British delegates took the day off today, Mr. Ernest Bevin going to Leesburgh, Vir- ginia, to be luncheon guest of the former Secretary of State, George

Marshall, and Sir Stafford going to Vienna, Virginia, to visit Mr. Dean Acheson's brother, Protes- sor Edward Acheson, economics teacher at the George Washington

and Associated Press.

University, Washington-Reuter

Bright Outlook

In Greece

Athens, September 11. 'The Greek Government's handling of the difficult tasks of the past year justified con- in the siderable confidence future, Mr. John Nuveen, former chief of the Economic Co-operation Administration's Mission in Athens, said in a statement issued here today.

The statement marked Mr. Nuveen's pending departure Baigium to become chief of the ECA Mission there.

12 European countries, Western Germany and Trieste, totalled $18,599,000, and brought the cumulative total for Europe to $5,534,- 120,000-Reuter.

Moscow On

Capitalist "Conflict"

5

Moscow, September 11.

full-page re "Izvestia." In view of the eleventh volume of Premier Stalin's collected works. pointed out today that 20 years "The fundu- ago Stall said: mental contradiction in the im perialist camp consists of u con tradiction between British capital and American capital."

Author of the "Izvestia's" re-

S.

commenter: Petrov vlow, "Premier Stalin's analysis of the basic Imperialist contradictions is vitally true today. Anglo-Ameri can contradictions not only dild not disappear but have sharpened considerably after Vie second world war."

He directly quoted Stall that "all these contradictions will 21- a basic dange evitably lead to of new imperialist wors and inter- ventions in preparing new wars."

The newspapers, "Red Fleet"

Star," and "Red

commented lengthily on the Washington con-

example of ference as an Anglo-American economic con- ict under the impact of a dol lar offensive.

the

Both papers pointed out how the

utilising United States is Britain's difficulties to her own advantage by capturing Britain's world markets, Insisting on elimination of bilateral trade ac- cords, taking over sources strategic raw materials like rub- ber and tin, and, finally, кол- Eldering participation in the con- trol of the British bases at Singa- Pore and Hong Kong.

The Red Flest said: "Efforts of the British rulers to repre- sent the Washington talks amasting of friends are in tended

deceive to,

public opinion..

"The talks did not, open with cheerful prospects for the 9a- to tish

On the contrary, it will. only bring further Brilish eu- #lavement to American

mene.

"The Government," he said, "had the almost impossible task of carrying on a full-scale war, of caring for 750,000 refugees and of carrying out a reconstuction programme in the neighbourhood of $100 million and still main- taining financial stability."

Despite all this, price levels: had been held stable,

"Looking ahead," Mr. Nuveen added, "we can sed a good olive crop and a good wheat crop. And, more significant, the re- to their fugees are returning homes,"

Greek labour leaders today Greek working called upon the classes to undergo new sacrifices to secure the trulis of victory.

The Secretary-General of the Greek General Confederation of Labour, M. Phoklon Makris, In a speech, urged working class co- operation to chaure a smooth transition from war to peace. Iteuter.

Earl's Special Licence

London, September 11. The Archbishop of Canter- bury has issued a special licence for the Royal marriage on September 29 of the Earl of Harewood to Miss Marlon Stein, a spokesman at St. Mark's Church said today.

The Earl, 11th in line to the British throne, and Mas Blain will be married at St Mark's

boon

The barns would have oalled there today, but a spokes

man explained that the special licence by the Archbishop, solblom the couple to mury, at sity, time or place without the timal notice. Princi, wth; and the Chu of Extinburuh were married inder

"amily

Archbishop. Associated

polists and sharpen the economic crisis

United Press.

COMING TO THE

EE THEATRE

H. G. WELLS'

ANN

TODD

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CLAUDE

RAINS

TREVOR

HOWARD

The

Passionate Frends

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