TRADE: Bank of the World

The U.S. and Great Britain were this week deep in all-important economic discussions. Their subject: a precise, elegantly written memorandum by Britain's famed economist, John Maynard Keynes, aimed at the stabilization of postwar exchanges and the promotion of worldwide foreign trade.

The Keynes memorandum, though discussed for months in Washington and London, has been wrapped in secrecy. But this week a fuller statement of the plan came from London, where the proposal may shortly be issued as a White Paper. In that event, the U.S. Treasury may issue a counter-memorandum.

To political...

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