1949-09-14 — Page 9

THE CHINA MAIL, WEDNESDAY, SEPTEMBER 14, 1949.

WASHINGTON TALKS END UP Re-Valuation And

WITH COMPLETE AGREEMENT

No Pat Answers Possible

Washington, September 12.

Mr. Douglas C. Abbott, Canadian Finance Minister. said in a speech at the National Press Club her tonight that no pa solutions or panoveas could be expected

current tripartite dollar talks.

from the

sterling-

Summing up the achievements

of the three-Power conference, a few hours before the issue of the Anul curmamique, Mr. Ahbert wald:

determined what

have steps can be taken at this time, and, above all, we have agreed on the direction in which we BUM work.

"Each of om Governments must constardly wine the arte-

pelictes

the quacies of our

[21 light of the ultimate goal.

Asked if he thought

Ten-Point Scheme

Bridge Dollar Gap

To

BY 1952

EQUILIBRIUM BY

WASHINGTON, SEPTEMBER 12. THE FINANCE MINISTERS OF THE UNITED STATES, BRITAIN AND CANADA TODAY ANNOUNCED AGREEMENT ON MEASURES TO SAVE BRITAIN'S DOLLAR SHORTAGE BY 1952.

In a communique issued tonight the Ministers announced that there is o prospect of reaching a satisfactory equilibrium between the sterling and dollar areas by 1952.

The communique contained a 10-point programme to bridge the dollar gop

between what Britain buys and what she sells to the dollar area.

trange-

The programme covers overseas Investment, commodity ments and stuckpiling, limitations on items which may be finanty

procedures. under present ECA Customs procedures, tariff policy, of intra-European beralisation

and payments, sterling

Britain unde

and other countries, In Humpe balances, petroleum, stipping, and

could improve their export posi-

PERVISIONS for continuK

tits by evaluation. Mr. Abbott | sultation,

raid he would atthere to his decl- sirds not to content on devalun-

Impart

Co

The 10 points us announced in the 2,500-word communiame 295-

(1)

Overseas

investments

Ife told they questioners thatched the following: Creado is relaxing her restrictions as quekly as possible

The Canadian External Affairs Minister, Mr. Lester Pearson Introducing the Finance Mini- ter, said that Canada had joined Britain and the United Slates to throw a bridge over the dollar gan.

with

the fe

atrosphere

the informally prevailing throughout the three-Power con- ference had slone much to achieve restills, pata ularly the very fenpurtonį conclusions which hail been reached.- Reuter,

FAMOUS COMPOSER CREMATED

Munich, September 12. The body of Richard Strauss, German composer, who died last Thursday, was creunted today at the Munleh "Ostfrledorf" follow- ing a formal ceremony attended by the Bavarian Prime Minister, Dr. Hans Elard.

About 100 persons, official re- Che Bavarian presentatives of

Govern maat, of the City of Manich and friends and admirers of the "great old man" of German ntusic, listened to the last move- ment of Beethoven's Eroica Sym- phony.

The composer'a 87-year-old widow was

accompanied by her aon, Dr. Frank Strauss and Mrs. Franz Strauss, Christian, Konrad and Richard Strauss, the com poser's grandsons, were also present when the purple-bedocked coffin covered by a wreath of dark red

carried to

to the stairs of

TORCH WAS

the crematorium, where some 60 wreaths were deposited.

The ashes will be buried, ac- cording to the composer's wishes, at the garden in Garmisch-Par- tenkirchen, where he had lived for the past 25 years.-Reuter,

LONDON MAN A BULLFIGHTER

Tarifa, September 12. The British bullfighter, Vincent Charles Hitchcock, triumphed again last night in the bullring of this village 50 miles from Gibral- tar.

The Londoner was cheered after his first buli and was awarded the

ears and tail of his second.--Asso- ciated Press,

(3)

t

All three countries will

Invest Y to simulate ments of American private capital

ach promote new loan ap– ralfor 101 develagunena! profrets in foreign com- Hank tries to the Wen b and the

Import

ת

US.

The

Commodity arrangemen's and stockiuling - Canala is prepared to take steps to increase reserve storks

rubber. of in unst United States will review its stockpiling programme fur the same purpose and, meanwhile, open the field

for increased sales

autural rubber.

(3)

Limitations

which nuty be financed

with Marshal funds:

The Unitex States

The

re.

cognises that Britain must

dance with its share of ECA funds a wider range

Fing British

Licen Exam

countries and asked on easing of present Anglo- Amnestican restrictions bar- discrimina- American wainst Roods. On this point the United States and Canada arved that British lin- port regulations would be The subject of continuing ceview by all three Goy- evidently ernments meaning that the Amer jean Government is pre- British iittyat pared to discrimination in specifle instances which it con- siders Justified,

The Sterling Balances

SA MAY PAY IN GOLD

Washington, September 12. Plans enabling South Africa to help Britain in her overseas payments dificulties by paying in gold instead of in sterling for considerable share of British goods exported to the Union are be discussed in Washington this week.

"1

between

Gold Price Issues

Washington, September 12.

M. Camile Gutt, Managing Director of the International Monetary Fund, said today that South Africa will submit to the Fund's annual meeting tomorrow a resolution concerning the sale of gold at premium prices.

The resolution le understood here to involve a request for ⚫ higher gold price than the existing $35 an ounce.

M. Gutt sald also that the possible re-valution of our- rencies as a remedy for the world-wide dollar shortage will also come up. He said that the subject will be approached as * general re-valuation problèm, rather than a discumion of any single currenty.

Mr. Gutt said the Fund had no preconceived ideas about currency re-valuation. He denied that the Fund had made

up its mind aither way.

He stated that alternatives to an adjustment of exchange rates have also been considered and will be discussed in the sectional meetings of the Fund-Reuter.

DRAIN ON UK GOLD OVER, SAYS CRIPPS

Washington, September 12.

|Sir Stafford Cripps, British Chancellor of the Excha- quer, said today at a press conference that the tripartite sterling-dollar talks have brought Britain's reserve position into a manageable condition.

He said he meant by that that there would be an end to the dangerous drain on Britain's gold and dollar reserves.

three countries".

Sir Stafford said that he is not Mr. Bevin also addressed the contemplating any further cuts in press briefly and suid that, from. Britain's import programine as the potillend viewpoint, the dot- result of the talks.

Jar crisis had become "our joint He said that the talks have problem which

we wil work conductel with been

a "degree out." of frankness and understanling

The talks had removed pos- which is almost unexampled in abilities for disharmony which the co-operative history of our night have crept in where har- Talks on these plans are due

mony was needed, he said. He said that the results of the The to take place during the Inter- (7) Sterling balanres:-

The Marshall Plun adminis- national Monetary Fund meeting meeting show the Lilly of the trator, Mr. Paul Hoffman, there nations agreed as

who Havenga, free democracies to deal, with-

the conferences, part of their long-range

Tort in better Britain's South African Minister of Fin- economic problems as we have participated in

said he would issue detailed in- able to deal economic position, to give nce, Slr Stafford Cripps, British shown ourselves

formation tomorrow (Tuesday) Chancellor of Wic Exchequer, with political problems". further study to the pro-

relaxation of Marshall Plan and Mr. John Snyder, Secre

Secretary "I would Ilke to point out

restrictions tem of the rebts which

pollar

for Britain. to the United States Treasury. that we did not regard this as Blain uses

uwes other coun

At the press conference, During a

recent London con- purely an arithmetical proposi-Snyder, in response to a question, fries. These diebts con-

ference of Commonwealth Fin- tion, that is to say, that the denied earlier press reports that. stitute to some extent

ance Ministers Mr.

Havenga communique really adds up to in the United States had agree: to drain without present re-offered to divert to Britain part terms of present action, as you take over some of britain's mill- normally the will see," Sir Stafford continued.tary obligations in the Far East. production. No speciile of the gold which

"That is not all there is in Reuter and United Press. step is proposed at this Unlon would have expended in

hard currency areus.

but what there is in that form time.

Sir Stafford accepted the is quite sufficient to give us an recognised assurance of a degree of stability otter, that the United States must in our balance of payments situa bo

an opportunity of tion," Sir Stafford said, given agreeing to the arrangement, Most of South Africa's gold han

ven on Britain's current

that

a

geographical

petroleum

ak

but it was

dollar

items (8) The three countries delalted agreed study should be made of the production, refining and

distri- bution of they affect Britaki's dot-been going to the United States

for goods bought in the lar income.

area. Reuter. also It was Shipping: agreed that further study to the should be given question of shipping and Britain's interest in earn- ing more dollars through the sale of shipping sUT" vices.

expenditures

of

dollur

than

previously

The

(0)

ECA will probably make

ent tomorroy

work.

an announcement on how this will

Mir, Paul Hofman, ECA Director, indicated that Britain will get permission in spend Marshall, Plan dollars on Canadian wheat.

U.S. Tariffs

Procedure:- (4) Customs

United Both the

States promise to and Canada review thair administra- tive operation of Customs to facilitate the flow l goods into their countries, The United

States Gov- ernment in developing pro posals for legislation by Congress along this line. (5) Tarlit policy: The con-

munique stated

.(0)

its

(10)

Provisions for continuing consultation - since the Ministers could not solve

some of the specific points before them it is proposed

1

L

Jews Not

So Keen

New York, September 13.

to continue the examina- tions initiated during the conference อก questions which it is hoped that useful understanding can 1948. be reached.

Mr.

Important Port

"That means, so far as we are

៥៥ that concerned,

a result of these consultations and conver- sations we feel that We have brought our reserves position into

a manageable condition.

"I think the mare important

рас

of

our accomplishments

เ

Mr.

ECONOMIC BODY FORMED

Washington, September 12. Responsible sources said to-

cannot really be expressed in day that the tripartite confer- ence had decided to create a terms of dollars and pounds but will be expressed in torme continuing economic committee. It will be composed of the US. confidence."

State Mr. Dean Secretary of Acheson, the U.S. Secretary of the Treasury, Mr. John Snyder, the British Ambassador, Sir Oliver Franks, and the Canadian Ambassador, Mr. Hume Wrong. to watch British-Canadian-Amer» lean economic relations.

and that

added

was why

Sir Stafford contended; "This Cash contributions by Amer.

all points to our determination Ican Jews to the United Jewish to deal with the cold war." Appeal have dropped sharply

However, Sir Stafford this year, the figure for the that the problem was a long first eight months being $84,- term one 189,698 compared with $122,- provision was made for continued 540,516 for the same period in consultation. The U.S.

Secretary of the Morris Rothenberg in-Treasury, Mr. John Snyder, sak Emergency Stops Useless?nounced these figures when he no special organisation is plan

ned to continue the The Ministers fully agreed presided at the opentag of an that no permanent solution to emergency United Jewish Appeal side the framework of the pre-

conference. He replaced Mr. sent Council. the problem could be found in

Henry Morgenthau, the General

Joint Problem emergency stops.

Chairman, who is ill

attempt

A more fundamental would have to be made by ali concerned to expand the Sterling Area's dollar earnings and In-

from cicase investments

North

from

talks out-

of

The setting up of the commlitee is expected by the British dele gation, to give greater confidence in sterling than exists at present. However, the majority of the U.S. delegation consider that real confidence in sterling can not be revived until there has been revaluation of sterling stong with other Western European cur- rencies.

tem problems--United Press.

that it

Rothenberg said that the n- The press conference was al- was noted that high tariffs

ber of inmigrants .bo Israel tended by Sir Stafford and Mr. are clearly Inconsistent

needing nid was now three times Snyder, the U.S. Secretary

The delegation is aware that with the position of cre-

that of 1948.

State, Mr. Dean Acheson, the

this could not happen until after ditor countries. The Unit-

Mr. Eliahu Elath, the Israell Brish Foreign Secretary, Mr. the general election in Britain. ed States

re-affirmed Is America to the rest of the world.

Ambassador to the United States, Ernest Bevin, the Canadian The continuing committes is polley of trying to nego Britain agreed that it will be

be said that his Government 18 Minister of Finance, Mr. Douglas expected to do particularly valu~ tiate further trade agree assumed that extraordinary utd Id ments through which ad- North America will end deeply concerned with the pur-Abbott, and the ECA Adminis-able work in dealing with long-

by pose of the emergency conference, trator, Mr. Paul Hoffman. ditional cuts in

in 1s

its tariff the middle of 1952, that the Ster. He said: "The people in Israc1 rates can be made.

lig Aren will pay its way by have done their share. You have Liberalisation of intra- 1952, and that she will provide done yours in the past. The great European trade and pay-an incentive to exporters to the question which Israel now ad- ments: Britain put for-1 dollar aren, and reduce produc-dresses to you is 'Will American ward in the conference ation costs.

Jewry continue

full plan for facilitating trade

The United States and Canada hare?"--Reuler. among Western European agreed that Sterling Arcu ex

porters will be given an oppor- tunity to remain in United States and Cunalium `markets and that dimculties in entering those markets will be reduced.- Reuter,

It is prudent to insure rather than to take a chance it will never happen to you.

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BRITISH TIMBER

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Now York, Boptember 12. Solution of Britain timber shor- tage depends on the Washington dollar talks, Lord Robinson, chairman of the British Forestry Commission, sald here. before leaving for Britain after the U.N. | Natural Resources oconference at

Lake Success..

Because of the dollar shortage, he said England is importing woll under half of the timber imported before the war-Associated Press

MOST IMPORTANT| TALKS ÎN WORLD

New York, September 12. The three-power financial talks in Washington are the most im parlant of any going on anywhere in the world, Dr. D. U. Stikker, the Netherlands Foreign Minis terwald today when he arrived In the Queen Mary essayN

He described, the.. the form centru spolitie economicallyboldthe fewer sent troübles an Associ

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