Britain's economy is growing stronger; how soon can it afford convertibility, that final stage of financial confidence when British pounds may be freely exchanged with dollars and other currencies? Within the next year "perhaps," answered Derick Heathcoat-Amory, Minister of State in the Board of Trade last week. Along with convertibility, said Tory Heathcoat-Amory, should come "the total abolition of import restrictions." Just how soon this happy day arrives, he added, depends on 1) Britain's own balance-of-payment situation; 2) whether the U.S. helps by liberalizing its own international trade policy.
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