Despite the absence of a central ruling power, the system works fairly well. In Britain and among the older members of the Commonwealth there is a strong loyalty, almost a reverence, for the idea. The political orators who describe the Commonwealth as "a great force for peace and civilization" are speaking to a responsive audience. Because there is no central power, Americans are prone to doubt the strength of the ties that connect the nations. But it may be that today the very absence of such a power strengthens the Commonwealth. Strong economic links exist between the United Kingdom and the members of the Commonwealth. As a basis there is the sterling area, in which all the Commonwealth countries except Canada are joined with Burma, Iceland, Iraq, the British Protected States in the Persian Gulf, the Irish Republic, Jordan, and Libya. These countries contain one quarter of the world's population and do one quarter of its trade. Membership in the sterling area or sterling bloc, as it is sometimes called, means that the greater part of the overseas trade of member countries is financed in sterling. The members maintain their foreign reserves largely in the form of sterling and maintain a fixed relationship between their own currencies and sterling. For the most part, they sell their earnings in foreign currency to the United Kingdom Exchange Equalization Account for sterling, and they can purchase for sterling such foreign currency as they need. The members also sell gold in the London market for sterling, and the United Kingdom's purchases of gold are held in the Exchange Equalization Account. The gold and dollars in this account constitute the central gold and dollar reserves of the sterling area. The sterling area thus is an important means of maintaining Britain's position as the banker of the Commonwealth and as the center of financial transactions. It is also one of the chief markets for British exports, taking roughly half of Britain's export total. Of the Commonwealth countries, Australia is by far the biggest buyer. In 1955 Australia bought from Britain goods valued at £286,400,000, or about $801,920,000--just under 10 per cent of Britain's total export trade. Four of the five next biggest buyers of British goods were also Commonwealth nations: South Africa, third; Canada, fourth; New Zealand, fifth; India, sixth. The United States was the second-largest purchaser, taking 6.6 per cent of Britain's total exports. Britain, of course, buys extensively within the Commonwealth. In the same year she imported goods valued at £1,888,200,000, or about $5,286,960,000, from the Commonwealth and the Irish Republic. This amounted to over half of Britain's total imports. There are numerous irritations and imperfections in the conduct of this great world trading concern. The Australians and New Zealanders, for instance, complain often that British capital shies from investment in their countries.