Within a month, nations with sterling balances ( e . g . pounds which they had earned from buying British exports, and which they were now permitted to sell to Britain in exchange for dollars ) had drawn almost a billion dollars from British dollar reserves, forcing the British government to suspend convertibility and to begin immediate drastic cuts in domestic and overseas expenditure.
12.
The principal topic of the conference was the convertibility and liquidity of Pound sterling into American dollars and British concerns that non-sterling Commonwealth countries were building up sterling balances for the purpose of conversion into American dollars, the future of the Pound sterling area, and the alleviation of Commonwealth trade restrictions and imperial preference, particularly in the light of the surging American economy and the desire of Commonwealth countries such as Australia for American investment in order for economic development to occur against British concerns that American economic dominance threatened Britain's economic position.
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