Britain To Eliminate Empire Dollar Pool?

Northern Advocate, 1 November 1945, Page 4

Britain To Eliminate Empire Dollar Pool?

NEW YORK, October 31.

The British Government, after studying the proposals for a loan of 4,000.000,000 dollars at 2 per cent, interest, has instructed its financial delegation in Washington to seek a longer credit term at lower rates, says the Washington correspondent of the “Herald-Tribune.” There are indications that the United States is unwilling to make any appreciable further concession.

Both sides are authoritatively believed to have reached agreement on all questions of commercial policy except Empire trade preferences. Even these are understood to have been resolved in a compromise scheduled for early approval. The United States is pelieved to have largely accepted the British cartel proposals. Both nations will correct; flagrant cartel abuses through the international trade organisation, which comes into effect early in 1946. Britain has agreed to eliminate the Empire dollar pool and to urge the Dominions to pare down their bloc sterling accounts, adds the correspondent. The Secretary of Commerce * (Mr Henry Wallace), during the negotiations demanded summary British action relating to the bloc sterling account. He brushed aside a British statement that India, Egypt and the Dominions must be approached with the utmost tact in separate conferences. He called instead for the exertion of immediate pressure to bring them into line with the objectives of the financial talks. Britain and America will attempt to settle most of the tariff problems in subsequent trade conferences.