EMPIRE’S BEST CUSTOMER

Dominion, Volume 39, Issue 27, 26 October 1945, Page 7

EMPIRE’S BEST CUSTOMER

Britain’s Solvency Vital LONDON. October 24. A report issued on talks in London between 13 British Commonwealth Chambers of Commerce expressed unanimous support of Imperial preference and the desire to increase trade with Britain and trade elsewhere. The report called Britain the best customer of most Commonwealth countries and many other countries and said that her solvency must be the vital concern of the whole world. All nations, the report said, should in their own interests understand the position Britain is placed in as the result of the war. By changing from a creditor to a debtor nation, the report goes on, Britain must export <is half as much again in volume as before the war if she is to meet her obligations and provide what she needs in food and X,l.w materials. The' report says that if the Washington talks should fail Britain, however unwillingly, would have to cut down her imports, and the Lon, don conference delegates feel that would lead to similar restrictions throughout the world. The report added that the solution of Britain’s war indebtedness problem was a prerequisite to the inauguration of the Bretton Woods plan. The conference reviewed Britain’s transition through the war from a creditor position of £4,000,000,000 to debtor on capital overseas account to the extent of £2,000.000.000. In the House of Commons Mr. Hopkin Morris asked Mr. Attlee if he proposed to introduce legislation to repeal the Import Duties Act and the Ottawa Agreements Act. Mr. Attlee said that he was not yet in a position to announce the intention of the Government as to the future of existing tariff legislation.