LOAN TO BRITAIN

Greymouth Evening Star, 18 April 1946, Page 8

LOAN TO BRITAIN

AMERICAN SENATE APPROVAL PREDICTED- "■

DEBATE THIS WEEK WASHINGTON, April 16.

Administration leaders, predict that the United States Senate will approve' the British loan, the debate on which', begins to-morrow, by a substantial margin. The latest unofficial Senate polls show 48 sure votes for the lo.an, with 20 ( senators uncertain, but from whose ranks a number of additional' favourable, votes are expected. The Secretary of State (Mr. James Byrnes) stated the British loan did not set a precedent for loans to other nations, because no other potential borrower was similarly situated, in world international commerce. No other country could channel about half the world trade in her own direction through bilateral agreements.

He added that the most important thing about the credit for Britain, and what distinguished it from the ordinary commercial credit, was that the British agreed, in return for the credit, to renounce a bilateral trading system in favour of mutilateralism. '

Administration officials were pleased with the announcement by the Lord President of the Council (Mr. Herbert Harrison), in the House of Commons, that Britain- was not only participating in the preparatory meeting for the international trade, conference, but was also joining, in determined efforts, to secure a clearance of trade barriers by concerted international action while the situation was still fluid. ■ It will be" at this preliminary meeting, that attempts will be made to work out simultaneously with other countries reciprocal lowering of tariffs. The United States, will attempt in negotiations with Britain and Empire countries to reduce Ein,pire preferences.