BRITISH PRESS COMMENT.

Chronicle (Levin), 16 July 1946, Page 5

BRITISH PRESS COMMENT.

b'cciuvcd .Mondnv, 7 ji.m. EONljoN, July 15. Altcr monlliH of dulsiy 1 ln; lcnin lins bt'cn npprovcd in circ.uinHlnnces which, in niuny ways, inust rcilticc its uncluliicsh, suys the TimcH in tui edi torinl in which it givcs warning that Ihe international trade relat iunsliip emisaged jn tlie Washingl on agreement inu.st not exelude regular jirovision for Britisli nupplies whieh luqierial preferences deniunded. The dollar's juircliasing power is al present falling every hour and tlie loan 's esse.nee is tliut. il is in dollars. Al tlie saine tiine Ihe Ajneriean jieojile ngain ajqienr to be beeoining isolatiouist and tliere is a greater danger tlian ever that popular fetding in America will insist on tlie strict applicat ion of tlie loan conditions as they are generally interpreted. Xevort he.Iess Britain needs dollars as a kiud of cruteh during li.er epn valeseeiiee, to purelia.se neeessifies' in America and eimb.te jier, t o eondnct eonimere.ial and . cqiprlal dealings abroad in a more flexiblo jnaiuier. Nothing could be more ea lculaled t'o'iullaiue tlie Ameriean mood of witlidrawal from internationalism tliay for Britain at ihe iast miiinle to repudiate Ihe international e.oneeptiou of Ihe loan agreement. llowever, experienees b f reeent muntlis underlined tlie fact that. the Enited States had the linal power lo loose or bind projeeted trade arraiigements and must still be prepared for alte.rnat ive eourses in trade witk non-dollar eountries if Ameriean eeonomy i'ailed. The Daily Telegraph said the vote represented a vote of confidenee in the present direclion of Ameriean foreigu policy. Congress, not witliout cause, liad acquired an unenviable reputation for rejecting int ernat u.nal agreements entered into by tlie execulive. Aeeeptanee of the loan will strenglhen Al r. Byrne.s' hands for future international negoliations. The Daily Express is eontinuing its tirm opposition to ihe loan. "All is over now and wliat has 'been achieved? Two pillars of tlie Empire have fallen — the sterling bloc and dollar pool." Lt added l.luit imperial jireference would be eliminaled and Empire markets would topple. Brilain wras threatened willt ecouomie separalion from tlie Em]>i re. Tlie Rnnday Express, which, in common with tlie rest of Lcrd Beaverbrook 's Press, has opposed the loan, sa.vs it now Haddles Britain with tlie liability to pay America £35,000,000 per year from 1951 uutil 2000 and Jias i'orced Britain to jettison two economic devices of immense value — ihe sterling area and the dollar pool — whieh had been great blessings in fostering Ernpird economic unity. The Sunday Express says the loan will facilifate Ameriean incursion into Empire markets.