Order a high-quality 18"x24" poster print of this page. Add to Cart

Canberra Times Newspaper Archives Sep 21 1957, Page 1

Low-resolution version. To view a high quality image

Start Free Trial
Canberra Times (Newspaper) - September 21, 1957, Canberra, Australian Capital Territory National Library of Australia 0wi.m for ,10-Dav Liberty 1 not a form of govern it to the u so a Carrej sum everywhere. Rousseau. London Friday tic increase of 2 per Keiit. In the . Bank rate shocked business men and caused chaos 011 Lite Slock Exchange with government stocks ailing As much As 80/ and fortunes being slashed off the value of other shares. Millions of families buying their Homes through Loans from building societies Mil pay higher interest. R nov worker s delay in completing prov o the news brought Oom to people with tank overdrafts and to businessmen depending in Loans to keep their firms running. The government raised lie Bank rate by 2 per cent. I 1 per cent in a drastic defend the Pound move to High financial observers by will hit the pockets of millions of britons and pay Cost some their jobs Bank rate is the key b the interest which Indus tries and individuals must Fay on Money they borrow. It has never risen so High since 1920, when it also stood at 7 per cent. Ingvi team the news chronicle. Editorially summed up one Section of reaction to the love with the comment to May that the tories two years Ife a credit squeeze that failed have at last grasp til Fae nettle. The result May be uproar. It May be failure. They Are paying k Price of their own neglect but action was needed. Of that there can be no Feadow of doubt and if by this action the Pound is wed and inflation throttled the inevitable hardships will be Abund Antly Worth at the other end of the faction scale was the communist daily orders declaration that in the face of working cla33 refusal to tolerate a wage freeze and tory rent and Price increases the tories have decided to bring the work Ere to Heel by ruthless increase in the credit squeeze so As to create in Reuter said to Day that the government s double barrelled aim is to halt current speculation against Sterling in foreign Exchange markets and to Stop the Pound s Domestic value being lowered by higher prices constantly dogging higher wages. By act Sieving stability at Home the government Hopes to inspire Confidence in the Pound abroad. Controls the Chancellor of the exchequer or Peter Thorneycroft reiterated that Britain had no intention of devaluing Sterling. The Exchange rate he said would remain at two Dol Lars 80 cents to the Pound. At the same time or. Thorneycroft announced two further measures to control the nation s spend in 1.substantial increases in investment expenditure planned for the next two yers by nationalised industries local authorities and government depart ments Are now to be held Down to present Levels. This will mean some Ariay Compi Eung projects such As the huge rail Way modernisation and possibly Britain s planned Hain of atomic Power stations to Doug n these remain High priority. 2.there will be a Ceil ing on advances made by Banks keeping the amount t

Search all Canberra, Australian Capital Territory newspaper archives

All newspaper archives for September 21, 1957

Order a high-quality 18"x24" poster print of the page above.