US Presidency
1931

There might be some decrease in imports into Great Britain, especially in luxuries, but our trade with Great Britain consists largely of raw materials and manufactured goods. If there is stimulation of British exports our exports would be more likely to increase than decrease. I mention that only to indicate that the effect of it is not as far-reaching as some people may think. On the financial side there are no consequential balances of American banks in England. They will always have sufficient of their own capital. So there are no losses there of any consequence at all. All together the action, no doubt necessary on the British side, is not, we feel, going to have any great effect in the United States. The probabilities are that it will considerably improve the situation in England, and we will benefit in the long run.