21 DECEMBER 1945, Page 14

THE PRICE OF THE LOAN

Sm,—There is a statement in Mr. Hugh Gaitskell's article " The Price of the Loan " in your issue of December 14th that must have puzzled many economic ignoramuses besides myself. He writes " there is a widespread belief that American competitive efficiency has increased greatly in rela- tion to that of ourselves and other countries, and from this springs the fear that American exports will swamp the world." How can American exports swamp the world when no country has any dollars with which