Set-back For British Pound -N.Y. View
NEW YORK, Sun.—The New York [Times financial writer, Paul Hcffernan, sayr. that financial circles in New York regard New Zealand’s currency revaluation as a setback for the British pound. “Economically.’ he' says, “the drain will be reflected in the higher cost to Britain of her share of New Zealand’s surplus. Psychologically, the effect may be even more far-reaching. “will Australia, which has an export surplus in the sterling area, follow suit?
•Any upward valuation of Dominion pounds against the British pound is bound to compound the sterling area trade problem anew.
“However effective such a move may be in taking more dollars to New Zealano. or Australia, it would not tie to the relief of the British pound, but rather to its embarrassment.”
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Northern Advocate, 23 August 1948, Page 4
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129Set-back For British Pound -N.Y. View Northern Advocate, 23 August 1948, Page 4
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