Statement by the President Following Approval of the Financial Agreement With Great Britain.

THE APPROVAL by the Congress of the Financial Agreement with Great Britain is a major step in carrying out our program for reviving and expanding international trade. The wide discussion of the measure which has taken place on both sides of the Atlantic emphasizes its importance. Full and frank debate is a basic principle of the democratic system, and I believe that the time and care given to the consideration of the Agreement are insurance that our approval rests on full understanding.

The loan serves our immediate and long-range interests by helping to restore world trade. At the same time it enables Great Britain to cooperate in creating a pattern of mutually beneficial economic relations among the nations of the world. It goes far to remove the danger of rival and antagonistic economic blocs. No one should think that this Agreement between the United States and Great Britain is directed against any other country. It is not. The system of trade we seek is open on the same fair terms to all the United Nations.

While considerations of broad self-interest underlie our action, this does not mean that we have forgotten the circumstances which gave rise to Britain's present problems. It is fortunate and gratifying that this action both serves our own interests and helps to solve the problems which Britain faces as the direct consequence of having devoted her human, spiritual, and material resources so fully to the common cause.