A SPECTATOR'S NOTEBOOK A SLIGHTLY ironical sequel to the Moscow Economic
Conference is developing. The British delegation con- cluded (though that is perhaps hardly the right word) a barter agreement with the Chinese People's Republic for the exchange of £3,500,000 worth of goods. They made, however. the somewhat elementary mistake of fixing the 'prices of the textiles which Britain is going to supply without fixing the prices of the products which we are going to get from China in return, thus leaving the Chinese in a very auspicious position. They are now discovering that in order to conduct international 'trade you need something more than a fountain pen, a glass of vodka and a fraternal smile. You need, in fact, just the sort of complex and delicate organisation which British mer- chants built up but are now not allowed to operate in China. If for instance you buy (as on paper the British delegates did) a large quantity of Chinese eggs, you will derive little benefit from the transaction until you have fetched the eggs from China. In order to do this you need not merely ships, but ships equipped with refrigerators; and the owners of these valuable vessels are understandably reluctant to expose them to the hazards, the extortions and the endless delays involved in picking up cargo at a port in Communist China. At the moment the British negotiators tare slightly crestfallen.
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