ECONOMICS: Terms for Britain

After twelve weeks of horsetrading, the U.S. this week set out solid terms for a loan to Britain. Washington thought the British, anxious for dollars with which to reconvert their economy to peace, would accept. The terms:

¶ The U.S. would make Britain a 55-year $3,750,000,000 loan at 2%, the interest to be waived in any year in which Britain proved that she could not pay.

¶ Britain would get another $672,000,000 to help wind up Lend-Lease.

¶ Britain would try to reduce her £3 to £4 billion debt to sterling bloc countries.

¶ Britain would promise to back a multilateral trade...