THE ENGLISH POUND
DROP IN GOLD VALUE GOVERNMENT’S DECISION LONDON, August 26. The People’s lobbyist, reports that last week’s drop in the gold value of sterling resulted in the Government’s decision to devalue the pound side by side with the dollar to prevent America capturing Britain’s foreign markets. The exchange equalisation fund will bo used to prevent a too rapid fall, but the Government intends that the pound shall gradually drop further to give exporters a chance of undercutting theiiv rivals in the world markets.
Large quantities of gold are being exported to France. The French, banks’ total holdings are now at the record figure of £1,070,000,000.
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Otago Daily Times, Issue 22352, 28 August 1934, Page 7
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107THE ENGLISH POUND Otago Daily Times, Issue 22352, 28 August 1934, Page 7
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