Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-07-11
Anglo-American Agreement.

.SiHty-Six nations at LONDON remain
GsAc hopelessly at odde on funda-
Hsntal economic issues, but two OF
0aem, comprising the Englsh-speaking
branches of the international family
Areat Britain and the United States
Save discovered an important basis OF
accord.
Notice to that effect was forthcoming
in the House of Commons last night
when Neville Chamberlain, chancellor
OF the exchequer, announced amid
cheers "a virtual unity of purpose
in the present world crisis between the
British and American governments. 1t
concerns what President Roosevelt has
laid down as the primary and all-vital
condition precedent to economic re-
covery-the raising of commodity price
levels. 1T is the declared intention Of
the British government" Mr.. Chamber
lain said, ito pursue by all means in its
power any measures which it thinks will
tend toward raising price levels, which
we believe to be the first essential"
That is a sentiment which embodies
exactly the principle to which President
Roosevelt has irrevocably nailed his
colors and which impelled him week
ago to take so stern stand against
sterilization of currency pending the
arrival of commodity dollar" salts
factory to the American people and nee
essary. above all else. In the admin
istrations view, to restoration OF bust
ness prosperity In this connection MI.
Chamberlain voiced the opinion that
the fall of the dollar in Europe is arti-
Nstal and would in all probability be
REVISED by conditions in the Autumn,
because "the dollar is sound
The chancellor of the exchequer went
even further in identifying John Bulls
economic creed with that OF Uncle sam
ct also agree" he asserted, that this
country should do what we can to help
ourselves and not depend wholly upon
what is done in conjunction with other
countries" Britain has practical ex-
qualification Of how she is evolving her
own salvation in the fact that unem-
ployment figures receded by roundly
10000 in the month Of June, compile
mentine a similar movement IN the
United States.
Before he quit addressing the House
of Commons Mr.. Chamberlain TOOK
occasion to give his version OF the
change in American policy since the
time when President Roosevelt was
comforting at Washington with Euro
pean statesmen about the London Con-
ference. The British government, 1t
was stated, was fully justified in think
ing that currency Sterilization was open
for consideration, but there came q
time when it became impossible Tor the
President to agree to even temporary
sterilization without running the very
serious risk Of checking the price
raising policy to which he had set MS
hand"
While waiting for the Economic Con-
ference either to breathe its last or
prolong its agony by some makeshift
artifce, 1t is immensely agreeable to
find the United States and Great
Britain seeing eye to eye in the I'M
portant direction of price levels. Be-
tween them they represent the mightiest
economic entity in the world, with a
control Of its wealth In raw materials
.L.t a. all t,,,t ohsol,1te
The Anglo American economic en-
tente will not solve all the difficulties
in the situation. but it is development
which will substantially support the
recovery program each country Is now
80 zealously carrying out. If the Lon
don Conference is to continue, even IN
attenuated form, which now seems the
most to be hoped for, President Roose-
velts cardinal policy Of world co-opera-
ton to raise price levels has at least
received a powerful flip.