STERLING RATE

Grey River Argus, 10 February 1938, Page 7

STERLING RATE

RISE QUESTIONED. RUGBY, February 8. Sir J. Simon (Chancellor of the Exchequer), answering a House of Commons question, said that a recent rise in . the exchange value of sterling was not the result of the policy of controlling the exchange equalisation account. He also gave a negative answer to a question as to whether, in view of more intense competition the British producer would have to meet in the Home and oversea markets, as a result of over-valua-tion of sterling, the future policy of the account would be directed to preventing the sterling rate rising above the level at which it stood when the tripartite agreement was concluded. Mr ’ Oliver Stanley told a questioner that currency stability and world commodity prices would not be taken into consideration in the tn°de negotiations,