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This newspaper page contains 11 articles. Subscribers can read the full text of each article.
Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Sep 20, 1949
Page
1
The British government under Sir Stafford Cripps devalues the pound to 2.00 dollars, down from 4.3, with Australia and New Zealand matching the move. Global markets react as European stock exchanges close amid the sweeping currency realignment.
The article discusses Britain’s exchange rate policy and its impact on consumers and production. It cites warnings from officials about rising unemployment and social costs if the dollar strengthens and outlines arguments for maintaining a flexible rate to protect living standards.
Fragmented OCR passage references the International Monetary Fund, Governor Coombs and the Australian Bank, noting consultations and a revived policy. It hints at gold price increases and bank actions but lacks concrete details or clear events.
The Canberra studio broadcast reports kept secrecy on discussions between Mr Chifley and Dr Coombe as Australia contemplates currency devaluation. Government officials warn of price rises and trade shifts, with potential impact on tobacco, oil, wool, Automative imports, and farm machinery while Canada and the United States could see altered demand.
Reuters and AP dispatches describe South Africa’s mining sector facing ore grade issues and potential price shifts. A British price move on Rand gold futures and a government wheat price freeze are noted as influencing market conditions and inflation estimates.
The piece discusses New Zealands devaluation and its expected modest impact on NB prices and mining. It notes UK benefits from disruption and predicts limited immediate public reaction. It also reports Hungary's National Bank setting a new exchange rate of 26.00 Forint per unit and 48.08 forinta.
A fragmented wire review notes government actions and bank suspensions on foreign exchange, with the Swedish and Danish responses shaping devaluation fears. Talks in Tokyo and London hint at broader trade implications while European currencies wobble and sterling area figures weigh on Britain.
A fragmentary report notes a strong rise at wool sales with Camiracus and MM/Caleerrata consignments showing firmer bids. Last week's figures peaked around 740d for 18 bales, while broader demand nudged prices up though some skin wool declined.
Report from Sydney indicates a sharp surge in gold shares amid devaluation hopes. Turnovers were high. many issues doubled, with Electrolytic Zinc and other miners rallying as investors piled into gold prospects and related stocks.
Fraser replaces Shakespeare as Labour gains seat with 161 majority. Voter tallies show Fraser elected while Shakespeare, Hurley, Davie and others receive varying preferences. totals summarized with Fraser securing the decisive majority amid distributed preferences across candidates.
A garbled list shows candidates including L. P. Crisp and Holt, Rowe, Davie, Hurley, and others. Names appear with numbers and scattered notes on preferences, district roles, and vote tallies. The fragmented text hints at a local election or board slate with multiple candidates and district references.
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