If a contrast were needed to current irresponsible demands in the United States to increase trade restrictions, it would be provided by Britain's recent decision to do the reverse.
By abolishing virtually all import restrictions on trade with the dollar area, the Macmillan government has recorded another major economic advance. The benefits resulting from increased trade and sharpened international cmpetition can now work towards lowering prices. With a favorable trade and dollar balance for the first time in this century, England has been able to lower taxes, stabilize prices, maintain full employment and establish external convertibility of the pound. Last week Britain repaid a quarter of a billion dollar United States loan over five years in advance.
In view of the American trade deficit, both the trade concessions and the loan prepayment are especially opportune. Both were made possible by sound fiscal policies and a progressive attitude towards world trade. If the United States is incapable of these enlightenments, it should at least refrain from extending an anachronistic protectionism.