Gold and U.S. dollars are bouncing back into Britain. Last week Sir Stafford Cripps told a happy House of Commons that his working dollar reserves for the worldwide sterling area were $2.42 billion, compared to $1.34 billion just before sterling was devalued last September. In the second quarter of 1950, Britain had a surplus of $180 million; the same quarter of 1949 ran up a deficit of $632 million. Thanks to $240 million of ECAid and $18 million from Canada, British reserves had climbed $438 million—by far the best quarterly gain since the war.

Britain's own exports earned only about...

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