GREAT BRITAIN: No Convertibility Now

Two years ago, Britain's Chancellor of the Exchequer Richard A. Butler said he was planning to free the pound sterling and open the way to convertibility of currency among the Western nations. The Commonwealth ministers agreed. While other countries watched and waited, Britain prospered under a Tory government and convertibility seemed to be coming steadily closer. Just three months ago, there appeared to be only a few hurdles left, and Britain seemed in shape to take them in stride. But last week, as the top fiscal officials of 57 countries of the free world (with one Communist interloper: Czechoslovakia)...

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