By Dr Catherine Schenk
To enrich present paintings at the British family financial system within the post-war interval it will be important to ascertain exterior financial coverage. when enormous paintings has been performed on Britain's kinfolk with Europe and with the USA, the complexities of the sterling zone have remained vague. This quantity makes an important contribution to unravelling the strands of British exterior fiscal coverage within the post-war interval.
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Additional resources for Britain and the Sterling Area: From Devaluation to Convertibility in the 1950s
In December 1951, the Finance Minister of Southern Rhodesia suggested that the raw material needs of the sterling area as a whole THE STERLING BALANCES 37 should be identified and an organisation set up to coordinate the development of these raw materials. g. the Commonwealth Development Corporation) while the RSA would contribute their ‘excess’ sterling balances. Canada and the USA would be asked to provide dollars for necessary dollar imports. Any additional development capital, therefore, again depended on American aid.
42 This was reinforced by the large proportion of trade Ceylon had with the sterling area43 and the external capital needs of the Ceylon economy. 44 This strategy was not completely successful since Ceylon’s dollar reserves increased by $8m through 1956 although their net dollar earnings for this year amounted to almost $20m. 45 No THE STERLING BALANCES 33 strict formula for a correct maximum level of these reserves was considered appropriate since they had been accumulated in a variety of circumstances and were used for various purposes.
The marketing boards themselves appear to have been subject to the same cautious spending policy as colonial governments. When the boards were set up, it was established that the profits of their transactions would be allocated primarily for price stabilisation but secondarily for development and research related to improving the production or distribution of their product. 5 per cent for research projects. The remaining 70 per cent of the profits were designated for individual product price stabilisation funds.