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Wednesday, 21 September 1949

Mr CHIFLEY - What I have said in reply to questions by the honorable member for New England and other honorable gentlemen has been that while sterling continued to bear its then relationship to the dollar, Australia did not propose to alter the relationship of the pound Australian to the pound sterling, but that the position would have to be reconsidered should there be an alteration in the relationship between the English sterling and the American dollar currency. The pound sterling has now been devalued in relation to the American dollar by approximately 30 per cent., but, in turn, there has been a similar devaluation of the Australian pound in relation to the dollar, so that the relative positions of the English pound and the Australian pound have been maintained. Therefore, there is no call for an examination of those contracts between the United Kingdom and Australia.

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