TRADE CURBS IN EUROPE

Press, Volume XCI, Issue 27556, 13 January 1955, Page 9

TRADE CURBS IN EUROPE

Steps To Ease Restrictions

(NJS. Press Association—Copyright) (Rec. 8 p.m.) LONDON, January 11. The Chancellor of the Exchequer, Mr R. A. Butler, left London by air for Paris tonight to attend the sessions on Thursday and Friday of the Ministerial Council of the Organisation for European Economic Co-operation (O.EJE.C.)> at which new steps to ease restrictions on European trade are expected to be taken. Before leaving, Mr Butler had talks with the United States Foreign Aid Administrator, Mr Harold Stassen, who will lead the American delegation to the Paris discussions.

Mr Stassen, who arrived from Washington this morning, was to leave for Paris later tonight.

The council will recommend members of the 17-nation organisation to raise the percentage of quota-free imports which they admit from other European countries from the present minimum level of 76 per cent, of the total to at least 90 per cent. The council, under Mr Butler’s chairmanship, will also study a report by experts on the possible effects on Europe’s trade and financial policies if its main currencies—including sterling—become convertible.

The council is also expected to extend the life of the European Payments Union, the clearing house for debts among European countries, for a year beyond June 30, 1955, when it is due to expire. Wps + Germany is urging that convertibility be restored without delay, but O.E.E.C. officials said there was no nossibility of its return by this week’s meetings, which is only to examine it's nossible consequences. The most that can be expected, they said, was agreement in principle about ■the “Euronean Monetary Fund,” which in the system of convertible currencies would replace the European Payments Union and provide a source of credit to aid countries with balance of payments difficulties.