Evening star., 1949-09-18
Did the Dollar Talks ReQnv HeIp?
Solution Of Economic
Riddle Not Shown
in Communique
By Herbert Bratter

ACACAlSC, 1C1AC1 al AdA o1ioA al toAh-
ing to his Russian counterpart
used military expression un-
familiar to his civilian interpre-
ter. Il don't understand what
you mean, General" the interpre-
ter interjected. Never mind
what I mean," Marshall snapped.
Tell him what I say"
There are any number of peo-
pie who can tell what the British
American-Canadian dollar con-
ference communique of September
IL says; but few agree on what it
means. This most widely publi-
cized pronouncement is reminis-
cent Of President Truman's IA
nous point four of his Inaugural
ton address; a policy still look
ing for a program.
AS Vilfredo Pareto, the famous
Swiss economist. has shown for
all time with overwhelming docu-
mentation. the public pronounce
mentS of statesmen need to be ex-
amined with the greatest care, for
sometimes they mean the opposite
OF what they say. Somehow the
impression has got abroad that
Britain is suffering a serious eco
nomic crisis. a "hemorrhage" of
gold and dollar reserves, the ex-
haustion of which would bring
economic and political chaos. Yet,
Secretary of State Acheson has
stated that he cannot see it as
a crisis while British Foreign Sec
retary Bevin urges that we not
give too easily "the storm of a
crisis" Yet. somehow. the Amer
ican public has got the idea that
it is crisis.
New Steps Lacking
If this is all of the crisis 1t
really seems to be. then it is hard
to see in the communique the
three governments issued last
week much more than the hope
that. one way or another, the
three governments will find a So
luton for it, sometime. Certainly
the economic measure of the few
definite American steps disclosed
in the communique falls far short
OF the magnitude of Britain's
short ?run economic and financial
difficulties. Such increased stock
piling of critical war materials as
the United States and Canada
can do quickly can not be more
than a step in the right direction.
Making ECA dollars spendable for
"offshore" goods rather than being
tied to specific American goods
and for ship repairs in American
ports Is q very sensible setp, long
overdue, but 1t does not put a
greater number Of dollars In Brit
aims cash box. even though Cana
dian wheatgrowers benefit and
American wheatgrowers squeal.
Chiefly, it benefits Britain by en-
abling that country to buy more
Of what it most wants, instead
OF less-needed goods.
Invites Speculation
Before the recent Washington
talks between Sir Stafford Cripps
and Secretary of the Treasury
Snyder-talks which were con-
tinuation of the conversations the
two had in London in July and
which are now being carried for
ward in the political realm by
Bevin and Acheson-the attitude
Of the United States Treasury
was: We are sympathetic to you
in your troubles; we shall be glad
to hear what steps you plan to
take to save yourselves. When
Canada's Finance Minister Abbott
returned from this summers
emergency economic talks in
London he stated bluntly that
this was "Britain's crisis" It was
in London, after Mr.. Snyder's
visit, that the British and other
commonwealth governments an
nounced their intention to cut
purchases of American goods as a
dollar saving measure. One
might therefore suppose that the
communique issued following the
Washington talks would disclose
some new steps to be taken by
Britain in self-help. If so, one
was disappointed.
In the course of the press con-
ference at which the communique
was published Sir Stafford Cripps
stated that the short-time crisis
had now been solved; that the
dollar drain had been reduced to
manageable proportions. But the