EASING OF LOAN TERMS

Chronicle (Levin), 7 August 1947, Page 5

EASING OF LOAN TERMS

(N.Z.P.A.-

— Reuter,

United Slates Agrees To Conference

Copyright)

Received Thursday, 10.40 a.m. WASHINGTON, Ang. 6. The United States has agreed to a high-level conference with Britain on the easement of the loan terms, particularly a modiification of the% convertibility j and discrimination clauses of the Anglo-American financial agreements This was announced by the Secretary of State, Mr. George Majtehall, while Mr. Attlee was making his Commons' statement. Mr. Marshall told a press conference that Britain had requested a conference about ten days ago. He did not confirm that the President of the Board of Trade, Sir Stafford Cripps, and the Chancellor of the Exchequer, Mr. Hugh Dalton, would come to Washington to discuss the subject personally with Mr. Marshall and the Secretary of the Treasury, Mr. Snyder. Mr. Marshall, however, stressed that the conference would concentrate solely on the _ question of liberalising the conditions of the loan agreement and would not be concerned with the question of the German occupation costs or other aspects of the British economic crisis. He said Britain had not approached the United States Government on any' other question. Mr. Marshall surprised reporters by expressing the view that he did not think it would be necessary to obtain Congressional assent to any modification of the controversial clauses of the loan, though he admitted he was unable to give an "authoritative" reply on this point. Previously all ofhcials in Washington have insisted that Congress must approve any detailed modification of the financial pact which it ratified last summer.