Devaluation
Sir, — The advice of our friends overseas that we devalue has met with near universal acclaim, yet it is hard to see-any advantage; rather it could be a self-inflicted wound. At present many of our exports are limited by
quotas, or the like (beef, cheese, butter) so devaluation would reduce our return and not sell , one gram more to compensate. Likewise, other items are limited by supply (wool, timber, paper). Indeed, our low prices are already a distinct embarrassment to the governments of Europe, Japan and the United States. With many export prices so buoyant this could be the time to let the dollar go free and find its true level in the market place. Such a “clean” float does not distort as does the rigidity and arbitrariness of devaluation. Let our currency go free, just like those of our customers. — Yours, 6 C " PETER CANNON, Brightwater. March 24, 1979. i
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Press, 27 March 1979, Page 20
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152Devaluation Press, 27 March 1979, Page 20
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