FOREIGN EXCHANGE: Hobbled & Leaking

In the "free" markets of the world, the British pound, which was devalued to $2.80 last September, was being unofficially devalued still further. The pound was selling for $2.47 in New York City, was off 6% from its pegged price in Paris, 11% in Brussels.

Sir Stafford Cripps, who thought the British government had devalued the pound to rock bottom, brushed off the cheap pounds as insignificant. But exporters estimated that $60 million a year are being lost by Britain by use of the cheap pounds to pay for British exports. Britain...

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