By Dr Catherine Schenk
To enrich present paintings at the British family economic climate within the post-war interval it can be crucial to check exterior monetary coverage. while huge paintings has been performed on Britain's family with Europe and with the US, the complexities of the sterling region have remained imprecise. This quantity makes an important contribution to unravelling the strands of British exterior monetary coverage within the post-war interval.
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Additional info for Britain and the Sterling Area: From Devaluation to Convertibility in the 1950s
A. of sterling liabilities over several years. The Americans at first seemed acquiescent to such a plan. 59 Finally, on 5 May 1950 Acheson spoke to Rowan and rejected the British attempt to link sterling balances with South East Asian development. This first attempt to link sterling balances to development, therefore, ended in failure. Instead, the Columbo Plan was finalised in the Autumn of 1950. India, Pakistan and Ceylon agreed to six-year development plans, part of which were financed by agreed drawings on their sterling balances.
4m of general reserves. The Gold Coast Cocoa Marketing Board did not follow such a formal development programme, instead it periodically provided loans to the colonial government for particular development projects. 7m was invested in British government securities. Altogether, colonial sterling balances represented an increasing proportion of total sterling area balances. About half were held in East and West Africa where marketing boards exaggerated the effects of the raw material boom on sterling THE STERLING BALANCES 25 holdings.
A second possible motive for the colonies’ reluctance to spend their sterling balances while repeatedly complaining of being starved for capital is a more strategic one. It certainly did not make sense to give the UK an excuse to start limiting capital flows (whether official or otherwise) by releasing sterling assets for local investment. g. the Gold Coast, Malaya), so their special claim on the British government and on the London market would be over soon enough. This, of course rests on the assumption that those making the decision to hang on to all of their colony’s sterling assets while maximising their access to the London market were amassing them in trust for the future independent regimes.