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TWOFOLD POLICY we
go
Official Treasury Statement
LONDON, Saturday.
The British Treasury issued the following
statement at 12.30 a.m. today:
"The British Government after
consultation with the French and
American Governments joins them in
affirming the common desire to foster
those conditions which will safeguard
peace, and best contribute to the re-
storation of order in international
economic relations, and pursue a policy
tending to promote" world prosperity
and improve the standard of
living.
The British Government must, of
course, in its policy towards international
monetary relations, take fully
into account the requirements of the
internal prosperity of Empire countries,
as corresponding considerations
will be taken into account by the
French and American Governments.
It "It welcomes the opportunity to re-
id affirm its purpose to continue the policy
it has recently pursued, the con-
sistant object of which is to maintain
the greatest possible equilibrium in
the system of international exchanges
and to avoid the creation of any disturbance
of them by British monetary
action. The British Government
shares with the French and American
Governments the ' conviction that
the continuation of this twofold policy
will serve the general purpose
which all Governments should pursue.
"The French Government informs
the British Government that, judging
that the desired stability of the principal
currencies cannot be ensured
on a solid basis except after the re-establishment
of a lasting equilibrium
between the various economic
systems, it has decided, with this object,
to propose to its Parliament the
readjustment of its currency.
"The British Government and the
United States Government have well
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DEVALUATION

(Continued from Page 1.)

comes this fission in the hope that
it will establish more soltffpounda

tions for the stability of international

economic relations."

"The British Government and the
French and American Governments
declare that it i is their intention to
continue the use of appropriate available
resources so as to avoid as far
as possible any disturbance of the
basis of the international exchanges
resulting from the proposed readjustment
They will arrange for such
consultation for this purpose as may
prove necessary with the other two

Governments and authorised agencies

' "The British Government and the
French and American Governments
are also convinced that the success
of the policy set forth above is linked
with the development of international
trade." They particularly attach] the
greatest importance "to the action being
taken without delay to rCiax pro-
gressively the present system of
quotas and, exchange controls, with a
view to their abolition.

' shine british Government in common
with the French and American
Governments, ' desires and invites the
co-operation of other, nations to read
-like the policy laid down in the present
declaration. It trusts that no
country will attempt to obtain, any
unreasonable competitive exchange
advantage, and thereby hamper- the
effort to restore, more stable economic
relations which it is the aim of
the three Governments to promote."

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