M. van Zeeland in America These events, which open a
new period of currency uncertainty, give added point to the mission M. van Zeeland has fulfilled during the last week in the United States. It will be remembered that, when the Tripartite Agreement was reached last September, the Blum Government declared that its objective could not be attained unless it was followed by agreements and concessions which would liberate inter- national trade. Nearly a year later, such agreements and concessions have not been achieved, except by the signatories of the Oslo agreement ; and this country has contributed signally little towards that object. Nor can M. van Zeeland's visit to America be said to have achieved any immediate result, though in a statement issued from the White House on Wednesday, President Roosevelt described the discussions which have taken place as " most helpful and encouraging." The statement referred to the monetary arrangements in which Belgium and the United States are now joined with others ; and especially pointed to the Belgian-American trade agreement as an example of the effect of enlarged trade in improving employment and standards of life without damaging domestic production. President Roosevelt stressed that it is America's desire, as it is Belgium's, to co-operate in rebuilding world trade and in restricting the armaments race. That is equally the desire of the French Government ; there can be little doubt that what is necessary to give effect to these intentions is a reorientation of the commercial policy of this country.
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