THE COMMERCIAL CONDITIONS ATTACHED TO THE WASHINGTON LOAN AGREEMENT - AN ADDRESS - given by THE RIGHT HON. L. S. AMERY, C.H. - Friday, April 12th, 1946

Sep 21, 2026

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A formal address by the Right Hon. L. S. Amery, C.H., to members of the Economic Reform Club and Institute on Friday, April 12th, 1946, focused on the commercial proposals attached to the Washington Loan. The speech assesses the loan’s accompanying “strings” as out-of-date economic conceptions, contrasts 19th-century laissez-faire assumptions with democratic responsibilities for living standards and employment stability, and critiques the broader American policy. It also discusses the link between policy elements and past economic outcomes, and reviews a related White Paper’s one-sided approach to trade and employment.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages10

Reading Time25 min

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THE COMMERCIAL CONDITIONS ATTACHED TO THE WASHINGTON LOAN AGREEMENT

An Address given by THE RIGHT HON. L. S. AMERY, C.H.

The subject: Commercial Proposals attached to the granting of the Loan

97-84167-23Amery,Leopold Stennett The commercial conditionsattached to the...Winchester [1946] # COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISIONBIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD Reproductions may no be made without permission trom Columbia University Lbranies. RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE: 35mmREDUCTION RATIO: 1/:/ IMAGE PLACEMENT:IA INITIALS: 业 DATE FILMED: 8-a6-97 TRACKING\#: 27074. FILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA. 033 Economic Reform Club and Institute # THE COMMERCIAL CONDITIONSATTACHED TO THEWASHINGTON LOAN AGREEMENT AN ADDRESS given by THE RIGHT HON.L.S.AMERY,C.H. to members of the Economic Reform Club and Institute on FRIDAY,April I2th,I946 The objects of the Club are to provide acentre for the consideration of economicand monctary problems and the further-ance of their solution;and for the studyof questions relating to the benefit of thecommunity. 308己及474 Price: D. PACH ## THE COMMERCIAL CONDITIONSATTACHED TO THEWASHINGTON LOAN AGREEMENT. AN ADDRESS given by the Rr.HoN.L.S.AMERY,C.H,to mcmbersof the Economic Reform Club and Institute at a dinncr held inLondon on Friday,April 12th,1946. In the Chair:Rt.Hon.Lord Sempill,A.F.C. THE subject which I have been invited to raise with you to-nightis that of the Commercial Proposals which,together with theinsisted on attaching as conditions to the granting of the Loan now underdiscussion.May I say that I have no criticism to make of the Loanitself.There is much that we should like to buy from the UnitedStates at this moment for which we cannot find the dollars by our exports.American export interests have an urgent desire to sell which can onlybe satisfied,under present world conditions,if the necessary dollarsare advanced to their customers.What I object to are the strings whichhave been tied to the Loan.Their object is to clamp upon the world,and in particular upon the British Empire,the wholly out-of-dateeconomic conceptions of a hundred years ago.The outlook of Americanindustrial and political leaders to-day is that of the corresponding classin the England of 1846.There is,however,this difference.The laisserfaire policy which we then considered to be in the interests of the worldas well as our own,had at any rate a certain justification in the conditionsof the day.The whole world was stillundeveloped and crying out forthe manufactures and capital equipment wich we were best able tosupply.The governing middle classes were quite content to regardlabour as a mere commodity which under stress of competition wouldnaturally migrate to other industries or other countries or reduce itsstandard of living to whatever point might be necessary to remainemployed at all.Those conditions have changed fundamentally andin these democratic days governments are bound to consider the main-tenance of the standard of living of their people and the stability ofemployment as vital considerations ranking before mere freedom ofinvestment and of buying and slling on the part of their individualcitizens. M5 7 0CT 4l-62943 The American policy is one,I believe,which cannot be carriedthrough in the present-day world.But to whateyer extent it is carriedthrough it is,I think,calculated to be bad for the world,for the UnitedStates themselves in the long run,and most certainly for this countryand for the unity of the British Empire.It was the attempt to revivethat policy after the First World War which led dircctly to the greatdepression of 1931.That depression was directly due to the combinedoperation of the gold standard and of the Most Favoured Nation Clause.It was the withdrawal of gold to America by the cessation of Americaninvestment and travel after the American slump that forced the Europ

FAQs

What is the main issue Amery raises about the Washington Loan?

He objects to the “strings” attached to the Loan, arguing they impose out-of-date economic conditions on the world, particularly the British Empire.

How does the speech contrast past laissez-faire ideas with modern democratic governance?

It argues that governments in democratic days must prioritize maintaining the standard of living and the stability of employment over freedom of individual investment and trade.

What does Amery say about the related White Paper on trade and employment?

He characterizes it as out-of-date and one-sided, claiming it includes general statements but fails to provide real employment proposals.

Sep 21, 2026

Uploaded by Ezra