The truth is that we are not asking the American
Government for any favours. British opinion supports the proposal for an International. Economic Conference because it itt to our interest that the crisis should be properly examined, and that the right steps should be taken to set Europe at work again. The American experts who have considered the question advocate the Con- ference because it would benefit America to restore Europe to solvency. Whatever Mr. Glass may say, America cannot afford to hold aloof. If the dollar continues to appreciate in terms of European currency, all European orders for American products' except foodstuffs and cotton, will have to be cancelled. Even cotton is being reshipped from Liverpool to America, because it is too dear for Lancashire. On the other hand, European, and especially British, manufacturers will enjoy an advantage in the American market, despite the high tariff. The American producer will thus tend to lose both his export trade and part of his home trade, as the result of the abnormal exchanges. When this is clearly understood, as it soon will be, the American Government may take a more favourable view of the proposed Conference.
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