EXCHANGE RATE ADJUSTMENTS

Press, Volume LXXXV, Issue 25913, 20 September 1949, Page 5

EXCHANGE RATE ADJUSTMENTS

DENMARK, NORWAY,

INDIA SOME OTHER COUNTRIES STILL UNDECIDED LONDON. September 18. Britain’s devaluation of sterling has been accompanied by corresponding changes in the dollar values of several other currencies. India has announced a change in the par value of the rupee to 23 United States cents to the rupee. Denmark and Norway have devalued their kroner. The new rates are: Norway. 7.14286 kroner to the dollar; and Denmark. 6.90714 kroner to the dollar. The International Monetary Fund has concurred in all these changes. The Danish National Bank announced that it had decided to suspend the quotation of exchange rates tomorrow. Belgium. Switzerland, and Italy will not alter their rate of exchange with the dollar. Sweden is likely to devalue its currency, but France has not definitely decided to do so. A French spokesman said that banks throughout France would open tomorrow. but all foreign holdings would be frozen. The French Prime Minister’s Office announced that consultations were taking place to examine the consequences of the British decision to devalue sterling. Banks and Stock Exchanges in Holland will be closed to-morrow and on Tuesday. The Dutch Government has announced that it is “considering’’ the devaluation of the guilder. Sweden has suspended all payments with foreign countries until further notice. Italian financial authorities believe that the lira is on a good footing because it was devalued and allowed to seek its free market value 18 months ago. Death at 106.— The death has occurred at Brisbane of Mrs Amelia Johnstone, aged 106. She was the mother of 16 children. She is believed bj' her family to have been the oldest woman in Queensland, if not in Ausl< a m was the grandmother of Mr T. Aitkens, a member of the Queensland Parliament. Mrs Johnstonwas born in Dublin.—Brisbane. Sept.