Word: pound
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Dates: during 1960-1969
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...satisfied with the way in which Britain has pulled up its socks, economically speaking. Last week London received still another vote of confidence from international moneymen: central bankers from twelve industrial nations-agreed in Basel, Switzerland, to provide Britain with $2 billion in new standby credits for defending the pound...
Promise of Compensation. Britain's hopes for an economic turnaround were further buoyed by its new financing arrangements. Purpose of the ten-year credit package was to stanch flight from the pound by countries in the so-called "sterling area," which consists of all British dependencies and Commonwealth members (except Canada), plus such other countries as Kuwait, Jordan, Libya and Ireland. Because they hold the bulk of their reserves in pounds, most sterling-area members suffered automatic losses when the pound was devalued-and a number of them have lately been selling off large amounts of sterling...
Although final agreement on Britain's new credit package will not be reached until September, the basics are clear. The $2 billion would be used only to finance sales of pounds by those sterling-area countries that are experiencing balance of payments deficits of their own, thus eliminating the need for Britain to continue dipping into its own reserves. Those countries free of deficits, meanwhile, will be asked to hold onto their sterling. In return, Britain will promise to compensate them for all losses incurred in the event of another devaluation of the pound...
Confident that the latest arrangement will be a success, Bank of England Governor Leslie O'Brien said after the Basel meeting: "I don't see any possibility of another devaluation." Similar faith was reflected on the foreign exchange markets, where the pound's price climbed last week from a post-devaluation...
...acres of the Adirondacks. So Marylou and her two secretaries (one in New York and one in Kentucky) spend a lot of time in a welter of lists, files and details. She likes to dash off notes to the help about buying ham at less than $5 a pound: As she says: "Money does not grow on trees." And then there are decisions-decisions like what movies to choose for the Adirondacks this summer and whom to invite for the fishing and whom for the shooting. But it is a lot of fun and not even hard on the children...