THE DOLLAR LOAN

Evening Post, Volume CXL, Issue 150, 22 December 1945, Page 8

THE DOLLAR LOAN

BRITAIN'S POSITION

INCREASED EXPORTS NEEDED

Whatever the final outcome, it was certain that Great Britain faced a period of anxiety and economic stress, and that she must increase her exports in order to rebuild her financial structure, said the United Kingdom Manufacturers' and New Zealand Representatives' Association, in comment on the financial agreement between Great Britain and the United States. "Internally Britain has enough reconstruction and building to do to keep her workers busy for many years," said the statement, "but in order to provide food, clothes, and other essentials for these workers, she must export, and to whom should Britain look first, if not to the members of her great Commonwealth of Nations, for their practical help. And by the same argument, from whom should Britain buy if not from those same members of the Empire which buy United Kingdom goods? This is the time when New Zealand should do more than render lip-service to the Mother Country; this is the time when w,e should take all we possibly can from England in exchange for the lamb, butter, cheese, wool, and other primary products we send to Great Britain, who is virtually our only customer. We can thus demonstrate in a practical way our desire to help, and at the same "time do our own country a good stroke of business, for a time must come when Britain cannot afford to allow New Zealand to pile up a large credit of sterling and refuse to take the manufactures of Great Britain in exchange. "The creation of a Large dollar credit in Britain by America must be because America wishes England to use this fund in the purchase of United States goods It is also inferred that the dollar pool formerly controlled by the United Kingdom and made available to the Dominions is to be dispensed with, and that in future each Dominion will have its own dollar sources. It may then be deduced that the United States will require the Dominions to purchase American-made goods in order to utilise the dollars made available. Internath nal trade is the basis of world peace if handled properly and sympathetically, and there is no doubt that difficult decisions lie ahead lor all statesmen of all countries. The United Kingdom Manufacturers' Association appreciates that our Government will have its difficult decisions to make, but urges that first consideration should be given to Great Britain, whose contribution to the war has been proportionately higher than that of any other country, its suffering greater, its sacrifices more varied, and therefore whose return to prosperity is the more deserving."