FOREIGN TRADE: Tipped Scales

A rumor went through Wall Street last week that Canada and Great Britain would soon revalue their currency upwards. Reason: the trade position of Canada and the sterling area countries has greatly improved in the last year. As a result, the Canadian dollar, selling for 90¢ of the U.S. dollar, would be placed on a par with it; the value of the pound would be increased to around $3 from the current $2.80. The British government denied the rumor; the Canadians were mum.

But there were plenty of solid financial reasons why both countries may revalue their currencies in coming...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!