By Robert Self

This quantity throws very important new mild upon a pivotal interval of transition within the Anglo-American dating and units the level for its both dramatic transformation in the course of and after the second one global War. 

Based upon huge study in formerly unpublished archival fabric on each side of the Atlantic, for the 1st time this ebook deals a close and entire research of the warfare debt challenge from its origins on the finish of the 1st global warfare till its ultimate elimination with the release of Roosevelt's Lend-Lease programme in 1940-41.

This paintings might be of serious curiosity to diplomats and reporters, in addition to to scholars and students of political, diplomatic, monetary and overseas history.

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Additional info for Britain, America and the War Debt Controversy: The Economic Diplomacy of an Unspecial Relationship, 1917-45

Sample text

As a result, although the text of an agreement was ready for signature, Chamberlain announced his conversion to the policy of unilateral cancellation of European and dominion war debts to Britain while informing the United States of the intention to clear their own debt along the lines proposed by Blackett. When the Cabinet discussed the question on 21 May it was thus agreed to suspend further negotiations on the conversion of Britain’s demand obligations – particularly as it was now clear that Washington wanted the bonds to be marketable after five years.

Downloaded by [INFLIBNET Centre] at 06:23 30 August 2012 Origins of the war debt problem 19 $595,386,104. Second, an Act of 25 February 1919 empowered the American Relief Administration (ARA) under the leadership of Herbert Hoover to distribute food and other urgent supplies on credit to various foreign governments. 9 million was spent on child feeding and other charitable services for which no obligations were acquired from foreign governments. Finally, through the ARA, the US Grain Corporation also disposed of a further $56,858,802 worth of flour to relieve hunger in Europe.

Europe should present to America a united front, and that the latter should not be allowed to settle with her debtors individually’. As a result, it was agreed that Britain should Downloaded by [INFLIBNET Centre] at 06:23 30 August 2012 Britain and the war debt settlements 37 publish a ‘very carefully worded’ despatch to its European debtors setting out fully the seriousness of its economic, financial and taxation position and the need for it to exact from its European debtors repayment on the same lines as Washington imposed upon Britain; a choice of language designed to indicate that the American demands represented ‘a wrong policy’.

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