INTERNATIONAL CURRENCY

Greymouth Evening Star, 21 May 1943, Page 5

INTERNATIONAL CURRENCY

LORD KEYNES’S VIEWS

LONDON, May 13. Lord Keynes, in his maiden speech in the House of Lords, described bancor and unites as bad names for the proposed new international money. He said that .as differences between the British and American proposals had been overstated. It would be possible to combine both schemes, • but open discussion by both sides was > necessary. The economic structure of the world could not be built in secrecy. There was no foundation

whatever for the viewpoint prevalent in America that the object of the British propoals was to make the United States the milch cow for the world generally and Britain in particular. “The British scheme is not a philanthropic relief scheme by which the rich countries come to the rescue of the poor countries,” he added. “It Ls a highly necessary business mechanism, ~at least as useful to- creditor as to debtor treasuries. Our two great' nations come before the world in a common purpose, with high hopes of .a common plan. Here'is r a field,where I mere sound thinking 'may do something useful to ease the burdens of ’the children of man.”