Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-09-11
Finance Experts Gather
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World Bank-the Breton Woods
institutions-grapple with this
problem. He defines the problem,
correctly, as one of far-reaching
disequilibrium not only in Brit
aims international trade relations.
but in those of the whole of
Western Europe. Since there is
no visible end to this disequilib-
rum it is surprising that Mr.. Nor
genthau, who headed the United
States delegation to Breton
Woods in 1914 should choose to
ignore the fact that the funds
articles of agreement clearly pro-
hibit dissipation of the funds
resources in a hopeless attempt to
maintain currencies at artif1cially
high values.
Although the present British
difficulties are principally eco
nomic in their manifestations and,
as such, are quite alarming to the
Chancellor of the Exchequer, the
British negotiators in Washington
have been putting their appeal
for American sympathy and aid
mainly on non-economic grounds.
The cue to the British govern
ments appeal to the American
Government was undoubtedly
given by Foreign Secretary Bevin
in his remarks for the newsreel
cameras when the ministerial con-
ference opened on September Z.
Nh. Bevin played the now familiar
tune that the British economic
problem is a heritage of the late
war. The conference. he said,
aims at making one more contri-
button in the solution of the
inevitable aftermath of two World
Wars" We must. he stated. work
away until we are quite sure we
have laid the correct foundations
for the peace of the world. And,
he continued. we must harmonic
all our political, our financial and
economic actions so that at least
when we hand over we can say
we are leaving the world safer for
those who come after"
Burden Will Continue
This is frankly the kind of ap-
peal that underlay lend-lease.
the Anglo American loan agree
ment and the ERP.' What bothers
the American people about Bevin's
lone more contribution" is, how
many more such contributions
will there be, or will there ever
be an end. If the American peo-
pie regard it as important that
there always will be an England
and a British commonwealth, as
seems to be the case, Americans
had better make up their minds
that there is a continuing cost to
be paid. More and more, the cost
rests upon this country.
Canada's Finance Minister Alb
bolt had this in mind in his OPEN
ing statement at the first plenary
session of the tripartite negotia-
tors in Washington the other day,
when he stated that the United
States should adjust" its policies
in a number of directions, includ-
ing "the distribution of the finan-
cial burden of political RESPONSE
bilities in various parts of the
world" This is not a request for
a loan or gift of any specific or
foretellable sum of money. 1t is
a political appeal for a commit
ment to follow a road which leads
farther than we can see, across
the horizon.
What this means is that we shall
not permit the union jack to be
hauled down in Hong Kong or
Singapore and replaced by an
other banner of reoder hue; but
that we shall somewhat strength
en- the staff on which it flies,
wherever it flies. It means that
the American Nation somehow
will see to it that enough dollars
find their way into India and
Pakistan, for instance. to ease
those countries demands on Lon
don. 1t means that, one way or
another, we shall help dispel
Britain's present prospect of
greater Crippsian austerity.
1t is true that Congress has been
very impatient with Europe's fail
ure to come through with the
cooperation promised when Mr..
Bevin grabbed the Marshall Plan