U.S. importers of British raw materials and goods cheered the devaluation of the British pound to $2.80 (see INTERNATIONAL). Prices of British goods in the U.S. had been far too high; now they began to tumble. Fergus Motors, a Manhattan importer of British cars, slashed the price of the Austin automobile from $1,595 to $1,275, trimmed all other makes 20%. Rolls-Royce dealers trimmed that $20,000 job to $15,000. Dunhill's also jumped aboard, cut British pipes and cigarette cases 20%. The prices of British wool, rubber, cocoa and other commodities from sterling areas slumped on New York exchanges.

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