POSITION OF STERLING

Press, Volume XC, Issue 27472, 5 October 1954, Page 13

POSITION OF STERLING

“OUTLOOK HOPEFUL,” SAYS MR BUTLER LONDON, October 3. Britain’s Chancellor of the Exchequer (Mr R. A. Butler), who arrived back in London today from the international monetary talks inAVashington, said the outlook for sterling was hopeful. Asked about the possibilities of the future lifting of restrictions in Britain, Mr Butler said: “1 do not think this is a time when I can make any promises to anyone, but the British economy is buoyant. We had a very successful conference and sterling is strong, therefore the outlook is hopeful rather than unhopeful.” Mr Butler, who attended the ninth annual conference of the governors of the World Bank and the International Monetary Fund, said the conference had been successful. He found the World Bank—which did so much for the British Commonwealth—was developing its strength, which was a very good thing for the £ sterling. Questioned about convertibility, Mr Butler said that he thought the British policy now had the support of all the major nations of the world. The Americans, by thjeir internal policy, have seen Britain through the effect of a slump. Britain had not suffered so much from the American recession of production and unemployment as in the old days. While in the United States he had also attended an informal conference of the sterling area Finance Ministers, all of whom were present with the exception of those of South Africa and New Zealand. He thought-their talks were of some advantage, because he Relieved they had improved the strength of sterling. Yoshida Arrives in Paris.— The Jap<mese Prime Minister, Mr Shi ger u Yoshida, arrived in Cherbourg today ’n the liner Queen Elizabeth for an =ight-day State visit to France.—Paris, October 4.