Word: thorneycroft
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...economic situation. Prime Minister Harold Macmillan's Conservatives were grim. Behind them was a series of defeats in by-elections; ahead of them, demands from 5,000,000 British workers, led by the railwaymen, for a new round of wage boosts. But Chancellor of the Exchequer Peter Thorneycroft doggedly stood the Tories' ground...
...step in with precious dollars to support the pound, the Bank of England, whose reserves were cut by some $500 million in August and September, was able to sell pounds for dollars and recoup some of its losses. Yet no one knew better than Chancellor of the Exchequer Peter Thorneycroft that the fight to maintain Britain's currency will not be won overnight. Said he: "We recognize that this is a long, stiff haul. Our policy is to halt the increase in the supply of money. In years ahead, it will be harder to earn profits under this policy...
...tentative plan to join the European Free Trade Area, pounced on Diefenbaker's suggestion as opening up a practical alternative, even though Diefenbaker gave no real inkling on how the Canadians proposed to implement the shift. Last week Britain's Chancellor of the Exchequer Peter Thorneycroft suavely handed John Diefenbaker notice to put up or shut up. Britain, said he at a meeting of Commonwealth Finance Ministers at Mont Tremblant, Que., considered that "the most adventurous way" to increase British-Canadian trade would be to wipe out all tariffs...
Caught cold by this counterstroke, Canada's Finance Minister Donald Fleming could only cite the "formidable difficulties" in the way of Thorneycroft's plan. Spokesmen for Canada's automobile, textile and electrical-appliance industries quickly and hotly seconded him. Fleming thereupon hastened to spell out far more specifically than ever before what his government had in mind in making the original proposal for a 15% shift. Canada, he said, would switch all possible government purchasing from the U.S. to the U.K., would send a high-level trade delegation to Britain, and would consider lowering barriers against purchases...
...dollar gap for the first time since 1952. Though down from $600 million in the first quarter of 1957, the second-quarter U.S. surplus of $400 million (exclusive of a special $300 million payment to Venezuela) was still a heavy drain on foreign reserves. But Britain's Thorneycroft suggested a stronger remedy aimed to control U.S. inflation as well as help him at home. Said he: ''By importing more freely, you would both lower prices and at the same time sustain the reserves of the free world outside your shores...