Foreign News: No Devaluation Now

Britain's Chancellor of the Exchequer Rab Butler, the doctor who must prescribe for Britain's slight touch of inflation, was in Istanbul last week to reassure the men of international finance, gathered for the tenth annual meeting of the International Monetary Fund. Recently, European bankers have shown an embarrassing lack of confidence in the value of the pound—partly brought on by Britain's faltering financial situation, partly because of rumors that Britain might devalue it. Butler was firm. "We do not contemplate any early move on any—and I repeat any—aspects of the exchange front," he told the Fund's governors. In other words, Britain...

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