* * * * The American Trade Treaty Mr. Runciman
is releasing his impressions of America with judicious economy. On Wednesday he gave one rationed selection to a National Liberal Club luncheon 'audience and another to the American group at the House of Commons. He spoke cryptically of our fiscal • policy and that of the Utlited States running on parallel lines (parallel lines never meet) and added that " the time is rapidly coming " when we should be able to say to the United States that its policy of peace and free trade was a sound one and that the best thing the world could have was a free exchange of commodities and services. If that time has not come yet we shall at least be gratified to know that it is coming rapidly. What Mr. Runciman presumably meant was that a trade agreement with the United States was at last about to materialise. It is to be hoped it is. The impression prevails in America, rightly or wrongly, that the difficulties have mainly come from this side ; the sooner that idea is dispelled the better. . It may be that Mr. Runciman felt it necessary to wait till the Anglo- Canadian trade agreement was out of the way. That is now the case, for the agreement was signed on Tuesday. The detailed provisions are not known, but there is under- stood to be better treatment for British steel and textiles. Tariff movements today are at any rate in the fight direction. * * * *
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