TRADE AFTER THE WAR
SIR,—I have read with interest the letter from Mr. Clifford Johnston in your issue of July 25th and the suggestion which he makes of a single world-currency worked through a central clearing house as a means towards the revival of international trade after the war. The economic position of the world after the war will be unparalleled in history and will undoubtedly demand great changes in the financial system under which international trade has hitherto been conducted, and we must open our minds to any suggestion which may seem to offer help.
If such a universal currency could be effectively established it might, no doubt, greatly simplify international transactions, but I would like Mr. Clifford Johnston to develop his proposal further. Does he envisage such a currency as one to be used only for the purposes of international trade or as a universal currency to be adopted by all nations in substitution for their existing currencies for all purposes? It will be difficult indeed to effect the latter, though it is conceivable that the state of the world after the war may be such that the U.S.A. and Great Britain jointly will be able to exercise great influence in the adoption of any plan which can be shown to be helpful in restoring international trade.—Yours faithfully,
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