Statement by the President Upon Receiving a Resolution Endorsing the British Loan Agreement.

I AM DELIGHTED to know that this policy has the approval of the Board.

Before the war, the British people were the largest single foreign customer for American goods. They bought our surplus cotton and wheat, tobacco and fruits, and our manufactured products in huge quantities.

During the war, Britain because of lack of dollars was forced to restrict trade mainly to the Empire and to countries tied to the pound sterling. Now that the war is over, we want to do business with Britain and Britain wants to do business with us. With this loan Britain will be able and has agreed to abolish barriers that block our mutual trade.

This agreement is good business--good business for the industries of America, good business for our farmers, and good business for our workers.

Foreign trade is vitally necessary to an expanding American economy. Our system cannot survive in a contracting economy. The British loan agreement is an important step in rebuilding foreign trade and in creating jobs in America.

The alternative to the British loan is trade warfare between nations. peace can be built only on a foundation of world economic cooperation and stability. The British loan is a cornerstone in the world's structure of peace.