Mr. Chamberlain's considered reply to the memorial proposing an International
Economic Conference was published on Thurs• day. On behalf of the Government, he agreed to send repre• sentatives to such a Conference if it were summoned by the League of Nations or by a neutral Power and if it were sup- ported by other leading countries. But he made it clear that Great Britain could not make fresh loans for the relief of distress, unless America would co-operate, because any increase of our purchases of foodstuffs in America would send the American exchange down to a still lower level. Mr. Chamberlain said that, in common with America, Canada, and France, we were prepared to make an exception in the cases of Poland and Austria. But he objected on principle to any more loans to foreign Govern. mantis. Each country must cease from issuing new loans or printing new paper money, as the first step towards a restoration of confidence. Commercial credits could then be arranged, presumably by private financiers and banks. If the Conference were held, these plain truths could be impressed on all the European Governments and peoples.