Prime Ministers Agree On Need For Normal Trade

Greymouth Evening Star, 14 October 1948, Page 7

Prime Ministers Agree On Need For Normal Trade

(Rec 10.10 a.m.) LONDON, October 13

A communique from No 10 Downing Street said: “The general discussion of common economic problems was continued at the Prime Ministers’ meetings in the morning and in the afternoon. Special consideration was given to the longterm aspects of the world balance of trade and need of the Commonwealth countries for capital goods. 'The Australian Associated Press, says the dollar deficit was among the subjects discussed at the afternoon meeting. Figures-given by the. Chancellor of the Exchequer, Sir Stafford Cripps, showed that the export of capital to Commonwealth countries between 1938 and 1948 alone had risen by 63 per cent. Sir Stafford’s statement on exports is.believed to have answered, questions raised by some Commonwealth delegates anxious about the effect on exports to their countries of the proposed economic links with Western Europe. . ' There was a general discussion on schemes for increasing sources of food production within the Commonwealth and the need for an expansion of the eastern Commonwealth market as a priority commitment. All delegates agreed that one of the Commonwealth’s first aims should be an early return to multilateral, normal, world trade, including increased trading in.the sterling

areas between the Commonwealth co A,iritriGs» In discussing means to bring about increased trade there was a general desire to redress the dollar balances by extending -exports to the dollar areas, rather than cutting down imports from them. In this discussion particular emphasis was placed on the importance of the Canadian dollar market. , . It is understood that the Dominion delegates made clear statements on their attitude to the question of Western European recovery. Western Europe also figured largely in the talks as -the principal sources of capital goods. Other subjects mentioned . were* food, migration and manpower. .. There will be no further plenary sessions this week, but individual Prime Ministers will .probably have private exchanges cf views on mutual problems. ■ The programme for next week will probably be: October 18j the status of High Commissioners and the methods of consultation between the Commonwealth countries;. October. .19, continuation of the foreign af-j fairs discussion, with particular ■*®”l ference to Western Europe; October! 2Q, defence.