Bevin Taking Charge Of Economic Policy

Northern Advocate, 18 July 1949, Page 5

Bevin Taking Charge Of Economic Policy

LONDON, Sun. (1 p.m.).-—The Foreign Secretary (Mr Ernest Devin) is to take charge of the Government’s economic policy while the Chancellor of the Exchequer (Sir Stafford Cripps) is away for six weeks in a Swiss clinic, says the Daily Mail. The Prime Minister (Mr Attlee), as First Lord of the Treasury, will assume nominal control of that department with the Financial Secretary (Mr Glenvil Hall) and Economic Secretary (Mr Douglas Jay) answering questions in the House of Commons. Mr Bevin will undertake responsibility for policy making in readiness for September’s vital financial talks with the United States Government.

Mr Bevin’s close contact with the Government’s economic problems is bound to mean a change of emphasis, if nothing else. He has always been a member of the Cabinet economic committee, although too busy to give full attention to details.

"They bo!h have bis dollar deficits and already-established bank reserves. •“On the other hand, Ceylon contributed a net surplus of about $35,000,000 (£8,750,000) last year to the sterling area dollar pool.” Mr Jayavvardena said he would press for a fixed price lor *at least three or foul' years for Ceylon’s rubber production.

He believes that the present dollar shortage is an aggravating feature of the dangerous world problem, and that only diplomatic negotiations and ultimate understanding can bring an allround solution. TREATMENT FOR C 111 PI'S Sir Stafford Cripps \yill go into a nursing home in Switzerland immediately the talks with the Commonwealth Finance Ministers end. Sir Stafford will have special treatment for a digestive ailment which recently became worse. This may take about six weeks, but Sir Stafford expects lo be lit again in time for the dollar talks in Washington in September. An official statement said: “Sir Stafford for many years has suffered from a digestive ailment- which at times has necessitated special treatment in a Zurich clinic, the doctors at which arc familiar with the case. “Sir Stafford, however, was anxious to finish the first stage of the present consultations with other Governments to deal with our common economic and financial problems. NO POSTPONEMENT “This stage is now almost complete and, in the opinion of Sir Stafford’s medical advisers, it is essential that treatment should not be postponed longer, so that it may be completed satisfactorily in time to enable him to visit Washington for the discussions there.” The official statement, according to the highest authority, does not conceal any more serious development in the Chancellor’s health. It is confidently expected that the treatment will put him into excellent health by September. Sir Stafford, who is 60. is a vegetarian, teetotaller and non-smoker. He adopted a vegetarian diet on his doctor's recommendation. He used to be a heavy smoker, but gave it up this year on medical advice. CEYLON’S REQUEST Ceylon will ask Britain for the right (o use part of her own surplus dollar earnings to create a central bank reserve immediately after the Commonwealth Finance Ministers’ conference ends tomorrow.

Mr J. R- Jayawardena, Ceylon’s Finance Minister, who arrived today, will conduct the negotiations with the British Treasury. “Unless Ceylon gets the reserve, we cannot see how we could ask our people to cut dollar imports again,” he said. Mr Jayawardena added that the dollar market was almost 100 per cent cheaper for some of Ceylon’s requirements. This meant a lot to an under-de-veloped people seeking the bare necessities of life. “It is easy for countries like India and Australia to restrict their dollararea imports, - ' he said,