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    "label": "Report, Central Intelligence Agency, United Kingdom, Situation Report 25",
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    "title": "Report, Central Intelligence Agency, United Kingdom, Situation Report 25",
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            "logicalDate": "1949-12-07",
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    "seq": 61,
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    "ocrText": "58\nincome. The rise and decline of Britain's\nexpenditure abroad on such responsibilities as\nannual balances of payments are shown in\noccupation troops, etc.; the amount in 1947\nthe following table: ($ millions).\nwas $944 million, having advanced to this fig-\nPeriod\nMerchandise Trade\nInvisibles\nBalance\n(balance)\n(Service & Investment\nIncome)\n(-)\n(+)\n1870-74\n244.8\n488.0\n243.2\n1875-80\n482.8\n498.0\n15.2\n1881-85\n414.0\n533.6\n119.6\n1886-90\n373.2\n656.8\n283.6\n1891-99\n595.2\n719.2\n124.0\n1900-04\n747.6\n832.8\n85.2\n1905-09\n622.0\n1060.0\n438.0\n1910\n636.0\n1248.0\n612.0\n1913\n632.0\n1356.0\n724.0\n1938\n1208.0\n928.0\n280.0 (deficit)\n1946\n816.0\n-704.0 (deficit)\n-1520.0 (deficit)\n1947\n1764.0\n-756.0 (deficit)\n-2520.0\n(deficit)\n1948\n872.0\n392.0\n480.0\n(deficit)\n(-) =deficit\n* Provisional\nAt the conclusion of World War II and the\nure from $724 million in 1946 as contrasted\ntermination of Lend-Lease the United King-\nwith $64 million in 1938.\ndom faced a crisis in its balance-of-payments\nThe efforts of the US and Canada to help\nposition. The acute postwar food shortage\nBritain meet the immediate postwar crisis by\nwas much intensified in 1947 by the failure of\nmeans of loans aggregating $5. billions were\nthe European crops which forced world prices\nonly partially successful and were achieved\nto unprecedented levels. As the world's great-\nonly at the price of the premature exhaustion\nest food importing country the United King-\nof the loan. The United Kingdom's deficit on\ndom was the chief sufferer and by mid-1947\ncurrent account for 1947 was £630 million, an\nthe average f.o.b. price of imports was about\nequivalent of $2,520 million. Assisted by ECA\n30 percent higher than at mid-1945. This\naid and due to the great efforts and self-\nuniversal food shortage, outside of the Ameri-\ndenial of the British people themselves in hold-\ncan continent and particularly in Europe, in-\ning down imports and expanding exports a\ntensified the world shortage of dollars and the\nremarkable recovery in the balance of pay-\ndifficulty of husbanding dollar reserves. Also\nments for 1948 was achieved. The adverse\nthe expansion of British production and ex-\nbalance for 1948 as a whole was £120 million,\nports, which had been most encouraging in\nand for the last six months a small surplus of\n1946, was sharply checked by the fuel shortage\n£30 million was developed. Even so the\nbrought on by the winter of 1946-47, which was\nUnited Kingdom cannot yet pay for its pur-\nthe worst within living memory. To meet\nchases from the Western Hemisphere by earn-\nthese accumulated emergencies, the United\nings from there, either by means of direct ex-\nKingdom, had, in addition to a reduced earn-\nports or through triangular trade. The\ning capacity in visible exports, a greatly di-\ndollar deficit, while encouraging as compared\nminished income from overseas investments\nwith the £655 million of 1947, was still large\nand such invisible exports as shipping and\nat £186 million for the first half and £125\nbanking services. An additional postwar\nmillion for the second half of 1948. This\nstrain was the large increase in governmental\ndeficit was met in part by ECA aid which\nSECRET"
}