At one point last week, the value of the pound sterling dropped to $2.7866, lowest since July's crisis, when devaluation seemed inevitable. Also last week, the ailing pound required another dose of credit. Yet despite such news, prospects for the pound were actually beginning to look up.
For one thing, Douglas Jay, president of Britain's Board of Trade, reported that the nation's trade gap—the difference between high imports and low exports—was down from $295 million in July to $193 million in August, for the best showing since February. Part of the improvement could be attributed to the resumed shipment of...
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