To the long list of Britain's shortagesfood, steel, coal, dollars, laborexporters last week added another: customers. Britain's life-giving export drive, slowed down by rearmament, is beginning to falter in the face of Japanese and German competition. Commonwealth countries, e.g., Australia, anxious to balance their budgets, have slashed imports, most of which came from Britain. Higher British prices are meeting increasing sales resistance in the U.S. dollar market. Fretted one ruddy-faced British exporter of machinery: "I'll be the happiest man in the world if our exports decline only 20% this year from last."
To hold down British prices, Chancellor of the...
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