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GV TRAFALGAR SQUARE PAN TO CANADA HOUSE
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SV CANADIAN FLAG
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SV PRIME MINISTER INTERVIEWED SOF; "PRIME MINISTER WHATS THE ???
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TRANSCRIPT: REPORTER: "PRIME MINISTER WHAT'S THE PURPOSE OF YOUR TALKS WITH MR WILSON?"



PEARSON: "I HOPE TO EXCHANGE VIEWS WITH HIM ON MATTERS OF CURRENT INTEREST. OF COURSE I'M NOT HERE REALLY FOR THAT PURPOSE, I'M HERE TO GET A DEGREE FROM THE UNIVERSITY AND GET THE FREEDOM OF THE CITY OF LONDON. BUT NATURALLY I'M ANXIOUS TO SEE MR. WILSON WHEN I'M HERE AND I WILL BE SEEING HIM TWICE."



REPORTER: "WHAT'S YOUR FEELING ABOUT DEVALUATION - YOUR GENERAL FEELING?"



PEARSON: "MY FEELING IS THAT WE SHOULD ALL HOPE AND DO WHAT WE CAN TO MAKE SURE THAT IT IS A SUCCESS -- THAT THE POUND IS STABILISED AND THAT THE OPERATION HELPS NOT ONLY THE UNITED KINGDOM BUT INTERNATIONAL TRADE GENERALLY. IT'S TO OUR INTEREST -- TO ALL OF OUR INTERESTS -- TO KEEP THE POUND STRONG AND STABLE AND KEEP THEM, HELP KEEP, BRITAIN ECONOMICALLY STRONG AND I HOPE IT WORKS OUT."



REPORTER: "HOW IS CANADA SUPPORTING BRITAIN IN THIS?"



PEARSON: "WELL AS A MEMBER OF THE INTERNATIONAL MONETARY FUND AND IN OTHER WAYS WE HAVE PARTICIPATED IN THE MOVE MADE TO SUPPORT THE NEW VALUATION. WE HAVE TAKEN OUR PAST IN THOSE MOVES."



REPORTER: "CAN YOU BE SPECIFIC ABOUT THIS?"



PEARSON: "NO I CAN'T. IT'S SOMETHING ROUND THE 100 MILLION (DOLLARS) IN TOTAL, BUT THE EXACT FIGURE HASN'T BEEN GIVEN OUT YET BECAUSE THE TOTAL AMOUNT I THINK HAS TO BE MADE REPUBLIC."



REPORTER: "THE 100 MILLION BEING THE CANADIAN....."



PEARSON: "WELL THAT WOULD BE ROUGHLY -- IT MAY BE A LITTLE MORE, IT MAY BE A LITTLE LESS, I DON'T KNOW."



REPORTER: WHAT ABOUT THE EFFECT ON ANGLO-CANADIAN TRADE? IT'S PREDICTED HERE THAT BREAD PRICES WILL GO UP AND THIS COULD CONCEIVABLY CUT CANADIAN WHEAT SALES.



PEARSON: "I HOPE IT WILL NOT DO THAT. THEY WILL REQUIRE TO IMPORT WHEAT AND THE DEVALUATION WILL EFFECT ALL IMPORTS OF WHEAT FROM COUNTRIES THAT HAVE NOT DEVALUED AND THAT ARE SELLING WHEAT -- OUR COMPETITORS. CANADIAN WHEAT IS OF COURSE VERY STRONG, HARD WHEAT. YOU'LL HAVE TO HAVE IT. IT WILL, I HOPE, NOT EFFECT OUR EXPORTS TOO MUCH. IT WILL TO SOME EXTENT. IT'LL MAKE THE COMPETITION KEENER. ON THE OTHER HAND IT SHOULD -- IT'S NATURALLY INTENDED TO INCREASE EXPORTS TO CANADA. SO WE ASSUME THAT THE U.K. EXPORTER WILL WANT TO TAKE FULL ADVANTAGE OF THIS AND THAT WILL INCREASE COMPETITION AT HOME BY OUT PRODUCERS."




Initials



Script is copyright Reuters Limited. All rights reserved

Background: CANADIAN PRIME MINISTER LESTER PEARSON ARRIVED IN BRITAIN TODAY (TUESDAY) FOR A BRIEF VISIT DURING WHICH HE WILL RECEIVE AN HONORARY DEGREE AND RECEIVE THE FREEDOM OF THE CITY OF LONDON. AT A PRESS CONFERENCE AT CANADA HOUSE HE WISHED BRITAIN WELL IN THE DEVALUATION OF STERLING AND SAID HE WOULD HAVE TWO MEETINGS WITH BRITISH PRIME MINISTER WILSON DURING WHICH HE WOULD DISCUSS DEVALUATION AMONG OTHER WORLD TOPICS.