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The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
Britain faces a sharp decline in gold and dollar reserves, dropping $279 million last month to $1,965 million, threatening the pound's value. Chancellor Harold MacMillan announced emergency measures, including a request to the US and Canada to waive interest on postwar loans totaling $104 million due this month.
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Pound in Peril
LONDON, (A-P) A sharp slump in gold and dollar reserves jeopardizing the value of the pound was disclosed yesterday in a British appeal to the United States and Canada to waive interest on postwar dollar loans due this month.
Chancellor of the Exchequer Harold MacMillan told the House of Commons the reserves—shared by all sterling area countries—fell $279 million last month.
The slump brought reserves to $1,965 million—well below the two billion dollar mark which most economists consider the essential minimum for the safety of the pound.
MacMillan announced a series of emergency actions designed to "maintain the rate for the pound sterling at its present parity" of $2.80.
Capping the measures was a formal request to the U.S. to waive the interest now due on its postwar loan to Britain.
Parliament was told President Eisenhower is putting the British request for waiver of payment before Congress.
Interest is due in the amounts of $81.8 million to the U.S. and $22.2 million to Canada.
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Foreign News Details
Primary Location
London
Event Date
Yesterday
Key Persons
Outcome
reserves fell $279 million last month to $1,965 million; request to waive $81.8 million interest to us and $22.2 million to canada on postwar loans.
Event Details
A sharp slump in gold and dollar reserves, shared by sterling area countries, fell $279 million last month to $1,965 million, below the essential $2 billion minimum. Chancellor Harold MacMillan disclosed this in the House of Commons and announced emergency actions to maintain the pound at $2.80 parity, including a formal request to the US and Canada to waive interest due this month on postwar loans. President Eisenhower is presenting the US waiver request to Congress.