EFFORTS TO PREVENT WORLD CRISIS.
Eeceived Wednesday, 7 p.m. W AiSlIIN GTON, May 19. The Under-Secretary for Economic Affairs (Mr. William Clayton) has returned from Geneva for consultations. ne will return to Geneva in a fortnight after discussing- the world economic situatioil with the vSecrelary of State (Air. Alarshall) and the Under-Secretary (Mr /.chesonj simultaneously. The State Department is intensively .-.tudying Luropeau and Asiatie linaneial cunditions with the objeci of xjre venting a world monetary crisis. Mr. Clayton has returned from Uurope with an urgent apfd-eeiation of the fact that many coilh.ti'ieS afe tisiflg up doilars so fast that "a famme" of lliein is inunineiit. Sueh a famihe, [mitieularly in . Britain s case, cculd strah'gV'i 'at bii'tii any lohg-tferni benefits ilerivable from an Interualiouai Trade Charter, now being (liscunsecf at Gcne\a. It is stated unofficially in Washiiigton that the distribution of as mucli as 5,000,000,000 doilars annuaUy for the next iive years by loans, grants, lendlease, or some other device, would be necessary to avert chaos in many ureaS, and to re-establish wai torn fccbnomies uid genuine free trade. Among the problems facing the Truman Administration are: (1) Where is the money coming fro'm? and (2) how can Congress be persuaded to act?
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Chronicle (Levin), 21 May 1947, Page 5
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203EFFORTS TO PREVENT WORLD CRISIS. Chronicle (Levin), 21 May 1947, Page 5
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