LOAN CONDITIONS THAT DON'T MAKE SENSE
Roceived Moutiti v, 7 p.m. LOXDOX, August 11. T-lvorv elTnrt would be nuide to persmde i'niletl States to reiease Britain! t'roni the obligalion oi' nondi.scriuunii lion, savs The Kconotnist in an article reiiewing its crit irisms oi .tlu* oondi tiuus of 1 h e ioan agreement. It comni.Miis t li:il i f it is ihe tiisappearance of dotlurs lliat brings on the present erisis, it is the eonditions on which they 'are tent that makes the erisis ko diiiiciilt to solve. It thinks far too iiiiii'h stress is being laid on eonvertibility and not enough on tlu; nondiscriiiiinat !»m rlnuses in the loan whieli it lcelares, are w rong in prinoiple. Lisling ohjeetions to nondiseriniinatien, it says that in its Antericun dfifinit mu it loads the dicu uiit'airlv against British interests. Tlie Iv-ononiist also says that, eoni- j l.int',1 with ihe shortage of a major cur j rency, nondis'eriiiiinat ion is a powerful | Ie iw for throttling intenialional trade! instead of being a lever to increase it.! Xo niure persuasi vo exaniple of the | trulli of this could he given than what j is happening all over the world at the j present tiine. Oue countrv after an-j other, linliitg itself rompelled to cut I donn its dollar spcmlings, is compelled hy Ameriean insistenee on nondiscrini inatioii, to cut down its purchases from all other countries as weil. Because Britain and the Argentine : can neither of them buy from America, j they are compelled to refuse to buy j from each other. > I
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Chronicle (Levin), 12 August 1947, Page 5
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259LOAN CONDITIONS THAT DON'T MAKE SENSE Chronicle (Levin), 12 August 1947, Page 5
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