A matter which cannot be divorced from apy discussion of international monetary arrangements is that of War Debts. Here again there is to be noticed in the official mind a slight distrust of Great Britain's sincerity in the matter. 'There is no danger that America will refuse to enter a. permanent agreement until they are settled. All the change that a permanent currency agreement would entail would be the abandonment by 'America of its right to devalue the @ollar' still further. The only reason. why this right is reserved is that other countries might seek a competltive advantage by depreciating their own currencies still more. An agreement would remove this danger. But Great Britain will not agree to permanent stabilization until certain what her international obligations will be.
Many Americans look upon this as: the paltriest of excuses. They have never accepted the British thesis that war debt payments were partly responsible for the depression and were drag on international trade. The British position, they feel is a hy-critical excuse for to retain their freedom to squeeze some trade advantage by depreciating the pound.
Text read from the printed page and cleaned; old type leaves the occasional error.