Word: callaghans
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Before flying off to Washington, British Chancellor of the Exchequer James Callaghan had dinner in London with Groucho Marx. What did they talk about? Says Groucho: "We discussed the British financial situation." Groucho was not kidding: that topic is foremost in many a European conversation these days. Callaghan made his trip to Washington to counter persistent fears on the Continent that Britain faces a major economic crisis in the fall and to show that, even if that should happen, Britain has a powerful financial ally in the U.S. "They are more sympathetic in the U.S.," said the Chancellor, "than...
...Doubters. Callaghan could use some sympathy. The British Treasury announced last week that Britain's gold and currency reserves fell by $67 million in June, to $2.8 billion, and that it had exchanged pounds for dollars under its $750 million swap agreement with the U.S. In addition, Britain faces a large seasonal payments deficit later in the year, finds her currency reserves drained each time a bit of poor economic news appears; bad May trade figures, for example, cost the British Treasury $140 million in reserves as holders of sterling sold off their pounds in exchange for gold...
...Chancellor is determined not to see any such handwriting. He pointedly avoided any mention of devaluation in Washington and shunned the word crisis to describe the pound's troubles. Callaghan swapped political stories with Lyndon Johnson for 45 minutes, talked about the pound's situation with Treasury Secretary Henry Fowler, weighed in with Washington's moneymen in a round of dinners, luncheons and conferences. He also dined privately in Manhattan with 30 financial and business leaders. "Short of something cataclysmic," he said, "there is no reason why we should be in trouble...
...midweek, Giscard flew off to London to talk about the problem with British Chancellor of the Exchequer James Callaghan. Next week Callaghan will arrive in Washington to discuss the subject with Treasury Secretary Henry Fowler. The signs are unmistakable that most leaders of the West agree with Douglas Dillon that "there is no longer any time to dally" about finding a substitute for dollars and pounds to finance the world's growing business...
Tension at First. Yet his Cabinet appointments have generally worked well. When Wilson named Callaghan as Chancellor of the Exchequer, and then put George Brown in the new post of Minister for Economic Affairs, the immediate result was tension between the two. Callaghan's job, after all, required him to keep a cautious eye on the cash available in the Treasury, and Brown's ministry was necessarily dedicated to expansion. Between them, Callaghan and Brown worked out most of the details of the austerity budget, and Brown has succeeded-on paper at least-in getting a considerable number...