Further Clarification Of Confused World Currency Picture

Chronicle (Levin), 21 September 1949, Page 5

Further Clarification Of Confused World Currency Picture

(N.Z.P.A.-

-Qeuter

t Copyright)

Received Wednesday, 9.25 a.m. LONDON, Sept. 20. The world currenscy picture, clouded and confused by Britain's devaluation of sterling, clarified further today. Hplland became the seventeenth nation to slash her money, and several other currencies-hovered uncertainly. In addition to Britain, the countries now in the "devalution bloc" are Australia, New Zealand, South Africa, India, Ceylon, Eire, Canada, France, Iceland-, Egypt, Norway, Denmark, Sweden, Finland, Israel, Burma and Holland.

Pakistan tonight decided not to devalue the rupee. Pakistan is thus the only ComnionwealLh nation not to devalue her currency after the devaluation of the pound sterling. The West German mark is ex•*cted to te devalued soon. Still / or .xicertain are the Chilean peso, Spanish peseto and Portuguese escudo. These were the difficulties facing Britons abroad: — BRUSSElS. — Hundreds of francless tourists again queued outside banks and travel agencies only to learn that the suspension of the currency business was to continue for another 24 hours. PARIS. — Cook's Travel Agency, dealing with queues of tourists, in- j stalled a first aid service. Several women fainted v°sterday during i the two-hour wait to get money. j GENEVA. — ktoSo British tourists j in Switzerland have cashed in j travellers' cheques for which no exchange rate has yet been fixed.