THE COMMONWEALTH: The Edge of the Bed

On the day the nine finance ministers of the British Commonwealth gathered to talk about their troubles under Australia's summer sun, Queen Elizabeth appointed Britain's cool, crisp Chancellor of the Exchequer "Rab" Butler to be a Companion of Honor.* It was one way of dramatizing the fact that Rab Butler was in undisputed charge for Britain at the Sydney conference.

Two years ago, when the Commonwealth ministers rnet in London, Butler's authority was far from assured. He had just taken office. Britain's dollars were bleeding away; the Commonwealth and colonies were earning more dollars than Britain itself. Butler had to...

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