Hopes Held For Early Convertibility Moves

Press, Volume XC, Issue 27405, 19 July 1954, Page 9

Hopes Held For Early Convertibility Moves

9 p.m.) LONDON, July 17. Jne German Minister for Economic Affairs (Dr. Ludwig Erhardt), who attended convertibility talks in- London, today it was no longer a question of whether convertibility would Materialise; that had become a fact. Br. Erhardt, who spoke before fly; y*. to Berlin, said he was satisfied the talks. , About 100 Finance Ministers ana economic experts from France, DenJhark. West Germany, Italy, SwitzerBritain, Norway, Sweden, Greece, *‘°*Jand, Belgium, Luxembourg, as well as from the United States and Canada, ”*hded the conference, which was by the Organisation for £l i*Jpean Economic Co-operation. considered the impact that Zr’Ption o f currency convertibilty have on world trade and finanSni arrangements, agreeing in pnn- ; ch • on - a “ mov e towards 1 ’ non-dis-'“Juoation against dollar imports. Butler, the British Chanof the Exchequer, who was * air nian of the conference, said there

. had been agreement on many points. : After revealing the agreement in - principle on dollar imports Mr Butler , said it was further agreed that action ■ would be taken within the O.E.E.C. I against such hindrances as State trading operations and artificial aids _ to lt ex^P° s bought, however, that steps against tariffs could best be taken by I countries which were members_with- - in the General Agreement on Tariffs ■ and Trade. Discussing the prospect of convert!- ! bility, Mr Butler said: ‘We agreed that under convertibility we would I want some world trade rules, but we • agreed that the O.E.it.C. code liberal- • isation should be maintained in the t foreseeable future through a period in , which wider world trade rules were - being worked out.” The partners m O.E.E.U. naa saia . further that they would not discriminate against each other in the transi- . tional period which would follow the ; adoption of convertibility by some • countries, he said.