CONVERTIBLE STERLING WITHIN A YEAR PREDICTED

Press, Volume XC, Issue 27415, 30 July 1954, Page 11

CONVERTIBLE STERLING WITHIN A YEAR PREDICTED

(Rec. 7 p.m.) LONDON, July 28. The Mniister of State at the Board of Trade (Mr Derek Heathcoat-Amory) today predicted free convertibility within a year.

Mr Heathcoat-Amory said that he i thought one could hope, perhaps; for < the free convertibility of sterling into ] foreign currencies, including dollars, within the next 12 months. “I do underline the ‘perhaps,* ** he < added. “I think that is about as far < as I can go.” He was commenting on a statement : by Mr Carl W. Hayden, president of the American Chamber of Commerce,

in London, that he hoped such full convertibility would be able to take place within that period. “I think it is wrong we should keep one day longer thfen we need the currency restrictions 'which make so difficult the free flow of goods from this side of the Atlantic to the other.” Mr Heathcoat-Amory said at the chamber’s lunch at the Savoy Hotel. Britain could not do everything at

once by relaxing restrictions over the whole field of manufactured and consumer goods, but the Government was looking forward to removing restrictions on dollar imports into this country. “We shall do so on the very first day that our balance of payments permits,’’ Mr* Heathcoat-Amory said.