CHANGE IN DOLLAR EXCHANGE RATE
MINISTER REJECTS PROPOSAL TO ARREST PRICE FALL (MITISH OFFICIAL WIRELF.SS.I RUGBY, June 22. A question addressed to the Chancellor of the Exchequer (Sir John Simon) in the House of Commons asked whether, as British export trade was being seriously endangered by a fall in the price level of primary commodities, and this in turn was largely a result of 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 (Mr Euan Wallace) replied in the negative. He said that the Chancellor did not consider the action suggested would be likely to achieve . the purpose stated, and added that it would be contrary both to the Tripartite Currency Agreement and statutory provisions governing the use of the Exchange Equalisation Account.
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Press, Volume LXXIV, Issue 22436, 24 June 1938, Page 11
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150CHANGE IN DOLLAR EXCHANGE RATE Press, Volume LXXIV, Issue 22436, 24 June 1938, Page 11
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