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The New Zealand Railways Magazine, Volume 8, Issue 3 (July 1, 1933)

Light Weights in Ring

Light Weights in Ring.

During the last year during which the dollar stood on gold, the pound sterling behaved in a way not unsatisfactory to Britain, helped by an exchange stabilisation fund of many millions. Since the dollar was taken off gold, pound and dollar, brought down to a lower fighting weight, have moved backwards and forwards across the stage watching each other. Those who fear a contest in competitive depreciation of currencies have been hoping for a mutual agreement on the relative values of pound and dollar, as a kick-off for the London Conference. But President Roosevelt has to think of the internal dollar as well as the external dollar. He has two internal factors that the British Government has not yet had to deal with—(1) a big banking crisis, and (2) a whole bundle of emergency powers put into his executive hand by Congress, such powers as, except in wartime, British Parliaments have not been inclined to vote. The very plenitude of his permissive remedies is embarrassing.