SLUMP DENIED
QUESTIONS IN THE HOUSE OF COMMONS MR CHAMBERLAIN EXPRESSES CONFIDENCE EXCHANGE MANIPULATION NOT FAVOURED (British Official Wireless). RUGBY, June 22. The Prime Minister, Mr Chamberlain, declined to accept the suggestion which was made in the House of Commons at question time today that there was a business slump. He assured the House, however, that the departments concerned had the possibility of a cyclical recession in economic activity, and measures desirable to meet it constantly under review. The Chancellor of the Exchequer, Sir John Simon, was asked whether, in view of the fact that British export trade was being seriously endangered by the fall in the price level of primary commodities —this in turn being largely a result of the adverse developments in the United States—he would consider the desirability of recommending action designed to alter the present sterling-dollar exchange rate and raise the sterling level of commodity prices. The Financial Secretary to the Treasury, Colonel Colville, replied in the negative. He said that the Chancellor did not consider that the action suggested would be likely to achieve th< purpose stated and added that it would be contrary both to the tripartite currency agreement and to the statutory provisions governing the use of the exchange equalisation account.
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Wairarapa Times-Age, 24 June 1938, Page 7
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208SLUMP DENIED Wairarapa Times-Age, 24 June 1938, Page 7
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