BRITISH EXPERTS’ JOB ON STERLING CONVERSION IS PRAISED
(Rec. 8 a.m.) LONDON, July 16. The reason why there was no run on starling yesterday is l that the Treasury and Bdnk of England experts have done such a good job, says the ‘ Daily Mail’s financial editor. In an amazingly complex exchange situation, says the paper, they worked at the highest pitch for more than 12 months to fashion a workable scheme to comply with the loan agreement with America, and deserve great praise. By agreements with various countries these experts managed to bottle up the floating mass of sterling balances and organise the conversion of sterling “ oh current trading ” in such a ‘way that in practice foreign Governments have already been given any dojlars they wanted in exchange for pounds, and the expected “ July 15 rush ” has been forestalled.
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Evening Star, Issue 26155, 17 July 1947, Page 7
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139BRITISH EXPERTS’ JOB ON STERLING CONVERSION IS PRAISED Evening Star, Issue 26155, 17 July 1947, Page 7
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