MEXICAN PESO DEVALUED

Press, Volume LXXXV, Issue 25834, 20 June 1949, Page 3

MEXICAN PESO DEVALUED

jjEW EXCHANGE RATE (N-Z- Press Association—Copyright) 9.30 pm.) WASHINGTON, June 18. Mexico has set a new cheaper par ..jue on her peso with the approval La backing of the International Monetary Fund and the United States government. The fund announced .Vat the new exchange rate is 8.65 Mexican pesos to the United States foliar. The new rate is slightly .heaper than the prevailing free marjet rate of 8.15 to the dollar. Supporting Mexico’s intensification rf her efforts for a sound fiscal policy toe United States Secretary of the Treasury (Mr John Snyder) announced that a new agreement had jeon signed supplementing the 1947 United States-Mexican stabilisation pact. The new peso rate will make Mexican goods cheaper to the owners of dollars and other foreign currencies and at the same time make foreign goods more costiy for Mexicans The International Monetary Fund Mated that it was satisfied that a change in par value was necessary to correct the fundamental disequilibrium in Mexico's financal accounts with other nations.

TEXTILE MILLS FOR SOUTH AFRICA

30 PER CENT. OF WOOL CLIP TO BE USED (Bee. 8.30 p.m.) , JOHANNESBURG, June 18 The chairman of the South African Wool Board <Mr J. H. Moolman) who has just returned from a world'tour laid that textile mills costing nearly £10,000.000 would be established in South Africa soon. Thirty per cent of the Union's wool clip would be processed in South Africa within two years.

VICTORIAN STATE ELECTION

little change likely (Rec. 9.30 p.m.) MELBOURNE, June 18 When the counting of votes in the' Victorian Legislative Council election ceased for the week-end, it appeared that the only change in the state of parties would be the gain of one seat by Labour at the expense of an independent member. The Liberal Government appears to retain a majority frith 18 seats against ’the combined Country Party and Labour strength of

CANADIAN SHIP TO BE WORKED

BRITISH DOCKERS’ DECISION LONDON, June 17. By a five to one majority, dockers voted at a Transport and General Workers’ Union meeting at Southampton to-night to begin unloading the Canadian freighter Seaboard Trader. The ship has been idle since April 29 because of a strike of her crew in support of the Canadian Seamen’s Union dispute with the Seafarers’ International Union.

ROBESON PRAISES RUSSIA

“LOVE IT MORE THAN ANY OTHER COUNTRY ” LONDON, June 17. In an interview published in the Moscow newspaper “Moscow Bolshevik.” the American negro singer, Paul Robeson said that after visiting toe Soviet Union he loved it more than any other country in the world. ’ Robeson said that the world should hot be deceived by references to outstanding American negroes and regard tois as proof that there was no racial toscrimination in the United States. Only a small group of famous negroes was tolerated. All the rest were oppressed, and even the famous were tot free from the threat of lynching. Omy in the Soviet Union, said Robe* ■on. was he allowed to feel like a man.

revolutionary plot IN SALVADOR

®ec. 9.30 p.m.) SAN SALVADOR, June 18. The Salvador Government announced that it had foiled a revolutionary plot planned by “reactionaries and some foreigners.” The Government said plotters intended to kill Government leaders and restore uolonel Osmin Aguirre Salinas to the Presidency.

WAVE OF VIOLENCE IN CALCUTTA

®ec. 9.30 p.m.) NEW DELHI. June 18 „ rw ° persons, one a security officer, yere killed, a Governmnet official was reported missing, and several persons were injured in a wave of violence which swept Calcutta in the last 24 amirs Striking workers forcibly oca factory, the Congress volun°ffice in South Calcutta was ‘"uod, and police and a crowd clashed ® a suburban district.