FALL IN STERLING.
NOT SIGN OF WEAKNESS. RUGBY, April 9. The Chancellor of the Exchequer (Sir John Simon) stated in the House of Commons that the recent fall in the unofficial rate for sterling on foreign markets was in no way a sign of financial weakness or difficulties. It was the natural result of the recent regulation providing that exports of tin, rubber and other commodities must be paid for in foreign currencies or sterling obtained from authorised dealers in exchange for foreign currency. The object of the regulation was to ensure that- these exports would contribute directly to British foreign exchange resources. The fall in the quotation was an incidental result of the tightening up of exchange control.
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Manawatu Standard, Volume LX, Issue 114, 12 April 1940, Page 8
Word Count
119FALL IN STERLING. Manawatu Standard, Volume LX, Issue 114, 12 April 1940, Page 8
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