DEVALUED STERLING

Ashburton Guardian, Volume 70, Issue 28, 12 November 1949, Page 5

DEVALUED STERLING

FUTURE POLICY IN BRITAIN

LONDON, Nov. 10.

The general secretary of the Trade Union Congress (Mr Vincent Tewson) has denied that the Labour - movement is split; over the post-devalua-tion policy.'

Writing in “Labour,’’ the monthly > organ of the congress, Mr Tewson said: “Efforts have been made to manufacture political capital out of the admitted difficulties that the trade unions have to cope with in deciding a policy on the effects of devaluation. These difficulties do not arise from any divergence of view between the Government and the unions on the necessity of devaluation.” Mr Tewson said that the general council of the congress and the special economic committee were studying the? economic situation “with the knowledge that the crisis is greater and more complicated than in 1931.”

He added: “The presenst emergency calls for the exercise of still greater restraint in any action by the unions that will have the effect of increasing the pressure of inflationary tendencies, and thereby frustrating the main purpose of devaluation. It is not so much a question of what must be done, but how it is to be done.”

DOLLARS LOST BY BRITAIN

RESALE OP STERLING WOOL

LONDON, Nov. 11

The “Yorkshire Post” says that Britain is again losing dollars through the resale of sterling wool to dollar markets by non-sterling operators on the Continent. The practice, which was temporarily checked by devaluation, is reported to be reviving as a result of the discount on free sterling abroad. The traffic is not as large as before devaluation, but it still represents'a loss of dollar earnings to Britain. 1