IMPROVEMENT SEEN IN EUROPE FROM MARSHALL PLAN

Grey River Argus, 5 October 1948, Page 5

IMPROVEMENT SEEN IN EUROPE FROM MARSHALL PLAN

Truman Urges ' Greater Co-operation

(Rec. 9.45). WASHINGTON, Oct. 3. President Truman to-day called for “international collaboration and the acceptance of mutual responsibility of an unnrecedented scale”, in order to bring the Marshall plan to fulfilment.

The President made his appeal in his report to Congress on the first quarter of the European recovery programme, wherein he noted “a substantial improvement” in many of tire sixteen member countries.

He declared: “From this base, through their own efforts, and, with United States aid, the participating nations are pledged to build toward the full realisation of “a healthy economy, independent of any extraordinary outside assistance’, which is the Marshall programme goal”. Describing the United States and Europe as having embarked on “a joint enterprise for economic recovery, as a basis for the creation and maintenance of the conditions necessary to freedom and peace throughout the -world”. The President singled out the increase of industrial efficiency and of output as one of the keys to the ultimate goal. Sir Stafford Cripps reported to a press conference on his talks with Mr. Hoffman, the Marshall Plan Administrator. regarding European currency, pooling arrangements and other E.R.P. aspects.' Aspects affecting Britain had been “satisfactorily concluded,” but he declined to give details. It was presumed, however, that Sir Stafford had reached a settlement of the Anglo-American dispute over the transferability of sterling funds, to. be put into the currency pool, which had been holding up the completion of the work of the office of the European Economic Co-operation on the next 12 months of the Marshall Plan allocations and the self-help scheme. Sir Stafford said he and Mr. Hoffman had agreed to do all they could to build up the O.E.E.C. as a key organisation in developing European co-operation. He said he was very encouraged in the belief that there is a real and useful future for the International Monetary Fund and Bank and supported the fund’s gold policy which had previously been involved in criticism of the gold subsidy used in some countries. Recalling that Britain had had much experience in international banking, Sir Stafford Cripps foresaw the day when she could resume this role in co-operation with the International Bank.