Experience long ago taught Britain the necessity of presenting a united front to recalcitrant foreign debtors. The instrument shaped for this purpose was the Corporation of Foreign Bondholders, a tough-minded agency which has the active support of the British Government. In the U. S., Congress provided for an analogous agency in a rider to the Securities Act of 1933, but because this smacked of dollar diplomacy President Roosevelt instigated a private agency called the Foreign Bondholders Protective Council now headed by Joshua Reuben Clark Jr., onetime Ambassador to Mexico. Last week the Council...
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