Editorial Note
On July 6 Sir Stafford Cripps reported to the House of Commons on the British dollar position, stating the extent of the deterioration and announcing a series of measures designed to check the drain by restricting imports from the dollar area. At the same time he announced that solutions to the sterling-dollar problem would be explored with representatives of the United States and the Commonwealth in the coming weeks. For the text of Cripps’ statement, see Parliamentary Debates, House of Commons, 5th Series, Volume 466, columns 2149–2155.