Goods Before Dollars— Britain’s Nescessity

Grey River Argus, 20 August 1949, Page 5

Goods Before Dollars — Britain’s Nescessity

LONDON, August 18. Difficulties in carrying out a 25 per cent, cut in Britain’s dollar import programme are believed in London to be partlv responsible for the probability that the sterling area’s gold and dollar reserves will fall by a further £100,000,000 during the current quarter. A continued drain at this rate would mean that the gold and dollar reserves would be wiped out by June 20 next. A belief was current to-day in unofficial London financial quarters that a New York report, that the sterling'reserves would fall by £lOO,000,000 this quarter would prove to be correct.