Word: pounds
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Dates: during 1950-1959
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Varsity Captain Lee won the A.A.U. 123-pound championship in 1951. Last spring he finished third in the A.A.A. meet and fourth in the N.C.A.A. tournament...
...British pound, so weak a few months ago that further devaluation was predicted, has put on a surprising comeback. In London last week, spot sterling hit $2.80, the highest since its brief upsurge last March when Chancellor of the Exchequer Richard ("Rab") Butler tightened Britain's belt another notch with a new Tory budget. Transferable sterling (i.e., pounds bought in the free markets outside the sterling bloc), which sold for $2.40 eleven months ago, was up to $2.70. Some of the sudden demand for pounds stemmed from speculators who had expected further devaluation and had sold sterling short...
Encouraged by the good news, U.S. and British financial circles buzzed with talk that the pound may again be made convertible and freely exchanged for dollars or any other currency. Rab Butler helped fan the talk, told the Houce of Commons that "by degrees" the freeing of the British pound might indeed be a "step in the right direction." By week's end, the talk got another boost: the government announced that convertibility would be one of the chief topics at the opening this week of the Commonwealth Conference...
...Bank. Great Britain was in no hurry to free its pound in view of its disastrous-and economically unsound -attempt to do so in 1947 when Britain's foreign trade was way out of balance...
...other hand, the Tories' deficit for the first six months of 1952 was some ?589,400,000 ($1.6 billion), far more than they had estimated. To keep the benefits of the stronger pound, the Tories will have to find a way to slash spending. Even if the pound continues to rise, British economists guess that convertibility is still months away; that the government should wait until its dollar reserves are boosted from the present $1.7 billion to at least $3 billion. But even at best, pound convertibility would be limited to current accounts, would not affect the $10 billion...