DEVALUATION’S EFFECTS
BRITISH TRADE WITH DOLLAR AREA “SUBSTANTIAL SIGNS OF CHANGE FOR BETTER ” LONDON, October 12. The Chancellor of the Exchequer (Sir Stafford Cripps) said to-day that since the devaluation of sterling, there had been substantial signs of a change for the better in orders for British goods from the dollar area. At a press conference, the Chancellor said it was impossible yet to form anything like a complete picture of the effect of devaluation on the export trade. It would be some months before the figures of actual shipments, industry by industry, could show how much advantage had been taken of the new situation. He said that Britain’s industrial production, excluding building, during the first half of 1949, was 36 per cent, higher than the 1938 level. Compared with 1946, the average production in the last 12 months had shown an increase of a little more than 25 per cent.
Asked whether an impressive increase in production might induce workers to ask for higher wages. Sir Stafford Cripps said he was sure they had more common sense than to ask for increases at this moment.
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Press, Volume LXXXV, Issue 25934, 14 October 1949, Page 7
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186DEVALUATION’S EFFECTS Press, Volume LXXXV, Issue 25934, 14 October 1949, Page 7
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