4. For the purposes of the present paper I am assuming that a satisfactory agreement will be reached with the U.S.A. and that we may look forward to a gradual but fairly rapid restoration of multilateral international trade. In making plans I have had to allow for an interim period during which there exist a seller's market, poverty and the need for reconstruction in former belligerent countries, some currency and exchange regulations, and a considerable volume of State control over purchases and sales.