Britain To Pay Dollars To America Only
(N.Z.P.A.
—Reuter,
Copyright)
° LONDON, August 20. The British Governmeiit has suspended. temporarily many of the arraugeqients etxa'bling sterling to he exchangea into doiiars. This was announced by the Chancellor of the Exchequer, Dr. Dalton, in a broadcast tonight. The Government's action is described as momentous. Authoritative comment was : ' ' Thert may he an interruption in world trade A major hridge hetween the two hemi spheres is for the present hroken. The whole American account area, compris ing the United States, Canada, Centra America, and west coast of Soutl America, is severed from the rest oi the world." ' ' This means, ' ' said Dr. Dalton ' ' that; with the exception of what art caiied American accounts, people whc i receive sterling atj a result of businesi j transactions in this country or dealingt ■ I in foreign exchange will no longer havi j the automatic right, as at present, ti ! change sterling into dollars. We havi j decided with deep regret that it is nt : longer possible to continue the arrange : ment under which the heavy burden oi i the desperate dollars shortage of sc many other countries is simply shiftec on to our shoulders."
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https://paperspast.natlib.govt.nz/newspapers/CHRONL19470823.2.27.1
Bibliographic details
Chronicle (Levin), 23 August 1947, Page 5
Word Count
196Britain To Pay Dollars To America Only Chronicle (Levin), 23 August 1947, Page 5
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