LOAN TO BRITAIN

Chronicle (Levin), 18 April 1946, Page 5

LOAN TO BRITAIN

Peceived Wednesdav, 7.15 p.m. WASHl N'UTOX, April 1(5. Administralion leatlers predict that Ihe Benate Avill approve the British Joan, ihe debate cm which begins tomorrow, by a substantial margin. Latest unoifieial Benate polls show 4S sure votes for the loan with 20 Xenutors uncoi-taiu but from whose ranks u nmnber of additional favourable votes are expec-ted. Mr. Byrnes stated that the British loaii did not sel a preeedent for loans to other nations because uo other jiotenlial borrouer was similarly situated. Kespecting the world international commerce, he said uo other coimtry could channel about half of the world 's trade in Uer own direction through bilateral agreements. He added that the most important tliing about the credit and wlxat distinguished it from ordinary connnercial credit, was the iaet that the British agreed in return for the credit to renounce a bilateral tiading system in favour of multilaterulism. Administration ofHciuls were pleased with A1 r. Morrison \s announcenieni in the Conuuons that Britain was not only participating in the preparatorv meeting for the international trade confercnce but was also joining in .determined cll'orts to secure a clearance of trade barriers by conCerted international itction while the situation was >till fluid. It will be at this preliminarv iueeting that attempts will be made to work out siniultaneously with other countries, a reciprocal lowering of tarifls. The United States will attcmpt in negotiations witli Britain and J.iupire countries, to reduce Empire pici'erences.