Word: tradings
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Dates: during 1940-1949
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...first year of Marshall Plan grants the U.S. had tried to spice its aid with a small inducement to encourage intra-European trade. Some $800 million of the U.S. grants were conditional. To get them, the receiving country had to surrender an equal amount of its own currency to a third nation. Thus Britain, in order to receive ECA dollars, made sterling available to France, enabling France to buy British machinery. Such secondary grants were known as drawing rights...
...Averell Harriman, Belgium's Spaak and some other continental delegates have been seeking to liberalize the arrangement on drawing rights so it would become a greater stimulus to intra-European trade. At one point French Finance Minister Maurice Petsche proposed a compromise, known in OEECese as "40% transferability of drawing rights." Under the Petsche plan, a typical triangular trade situation would have worked out like this...
Britain would give France ?40 million of drawing rights to cover the expected French deficit in trade with Britain. France by efficient production or persuasive salesmanship or by cutting purchases from Britain, might succeed in reducing its expected deficit from ?40 million to ?25 million. Under the old plan this reduction would give France no advantage within the OEEC system. Under the Petsche plan, however, France could transfer 40% of its British drawing rights to another OEEC country, for instance, Belgium. That way, the Belgians would wind up with part of the U.S. dollars originally allocated to Britain. In other...
...favorable trade agreement with...
...favorable trade agreement with Russia...