Courtesy Reuters

THRICE since the end of hostilities have English exchange difficulties assumed the character of a world crisis. The first came when Lend-Lease was ended and it became clear that the United Kingdom could not maintain even the meager civilian existence of wartime without continued assistance. The United States then extended a large credit, "to assist the United Kingdom to meet transitional postwar deficits in its current balance of payments, to help the United Kingdom to maintain adequate reserves of gold and dollars and to assist the Government of the United Kingdom to assume the obligations of multilateral trade." The second

This article is part of our premium archives.

To continue reading and get full access to our entire archive, you must subscribe.