THE NATIONS: Hard Hearts, Hard Facts

The British economic crisis, which had been building up ominously for months, was no longer a subject in the sedate preserve of economists and statesmen. Britain was in a worse position than at any time since war's end, and by last week every plain newspaper reader in Britain and the U.S. knew it, and knew more details than he had ever known before. Britain's dollar reserves had dropped almost to $1.2 billion, dangerously below the safe minimum of $2 billion. In short, Britain was teetering on the verge of bankruptcy; since she...

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