The people's voice. [volume] (Helena, Mont.) 1939-1969, 1946-07-05
British Student

CONTINUED from Page Three)
ing its current accounts with other
countries. Criticism, in short, has been
directed not so much at the financial
terms of the loan as at the conditions
attached to it. Actually, in the opinion
of this writer, the breathing-spell
granted to Britain is very short.
The nature of the criticism may be
summarized under two headings - un-
willingness to face unpleasant facts,
and a genuine anxiety about Americas
ability and preparedness to accept the
responsibilities of the position as the
worlds leading creditor and industrial
powerhouse. good deal of criticism
against the loan arises from lack
of knowledge about Britain's present
position. Certain readers in America
are under the impression that England
can maintain it's standard of living and
flow of raw materials without Ameri-
can aid; others simply cannot adjust
themselves to the change in Britain's
to recognize it. The change is quite
unpleasant, for the short time of six
years. Britain has lost it's position as
the worlds leading creditor and ship
ping country a position which that
conferred upon it, great power and
influence in the world. Unwillingness
to recognize these facts serves little
purpose. With nearly three time Brit
aims population, and five times Brit
aims capacity to produce wealth, the
United States towers over the rest
of the world.
The criticism of those who are gen |
timely anxious about Americas pre-
paredness to shoulder its new respon-
sibility as the worlds leading creditor
and producer has more substance.
During the long period when Brit
ain was the prominent member in a
system of multi-lateral trade and ex
change, the prosperity of the world
grew steadily. Britain took the part
of providing capital for the develop
ment of other countries. And it opened
its doors to their produce. In plain
words, especially for the benefit of
Messrs. Wheeler and LaFollette, Brit
ain made the system work by enabling
other countries to pay interest on Brit
ish investments in the form of goods
and services. {
Is America Prepared To Accept
Responsibility?
Many observers hold that the United !,
States is not ready to accept the full
implications of its immensely power
full position The country, they con !,
tend, is still behaving as though it :.
were still a debtor. Foreign trade is .
by many Americans, mainly :.
IS a means of employing the countries y
surplus productive capacity, that is, y
hey think in terms of exports, rather
han in terms of imports. Obviously, ).
he new multi-lateral system of trade Is
and exchange cannot work unless =
America is willing to make it work by y
opening its doors to imports, but there
S still no definite indications to sug-
rest that America is ready to shoulder =
is responsibilities as a leading mem :,
,er of a system and as the worlds :
eading creditor. Again, some observ- I.
rs hold that America is not ready to
ldopt a policy designed to prevent
occurrence of mass unemployment. the
isease of the machine age. True, the
for consideration of the In
irrational Conference on trade and 1
Employment prepared by the secre I
airy of of state, contains this SEN
ence:
"The attainment of approximate full 4
v
by the major industrial !
nd trading nations, and its mainten- J
nee on a reasonably assured basis,
re essential to the expansion of in
trade on which the full
rosperity of these and other nations
epend" I
There are as yet no indications that 4
lis statement is likely to be trans (
ted into policy. In consequence,
lere is a genuine and justified anx-
ty that by linking the British econ
ny to multi-lateral system, inevi-
bly, dominated by the United States, !
ritain will be exposed to the full !
asst of any future economic depres-
on in America. The anxiety is all the I
eater because the prevention of re-
Irring mass employment is one OF
ritain's. peace aims.
Doubts Not Without Substance
The doubts raised about Americas 1
adiness to accept the responsible I
IS of its position as the worlds lead. J
g creditor and producer cannot be
ushed aside as sheer pessimism.
ne doubts do not lack substance. The
ceptance by the British government J
the conditions attached to the pro-
sed line of credit therefore. amounts
an act of faith in the United States.
Finally, this writer wishes to inform
majors Wheeler and LaFollette that
itain's preoccupation with larger eg.
rts will be no luxury. The need to
vote large proportion of her skill
/ energy to supplying foreign mark.
will restrict production for her -