MR NASH ARRIVES IN LONDON FOR TALKS

Chronicle (Levin), 14 July 1949, Page 7

MR NASH ARRIVES IN LONDON FOR TALKS

LONDON, July 13. Mr Walter Nash arrived at London airport to-day to take part in the Commonwealth Finance Minisfters' conference. He said he did not believe in borrowing dollars. The solution was for America to buy more from the sterling area. Mr Nash said lie would back Britain econoniically as oue of the best investments in tlie world to-day. He told a Press conference that the oiie solution to tlie present crisis would be for America to invest her surplus exports in the sterling area. "If I persoually wanted to back a country that could pav, I could not lind a bettor investment tlian Britain. No country liad' done better with regard to productivity tlian Britain since tlie close of hostilities, and it is productivity that, in the long run, must service the loans.' ; Mr Nash added that, from a longterm point of view, the holding up of iniport licences and the cutting out ot dollar goods cannot solve the Commonwealth problem. " In the long run the best solution would be investment by the United States in the sending out of more goods than she gets, whien would be following Britain 's policy foi mearly lialf a century in invest ing ail her surplus exports."