New Caledonia
p. 155 · Read in the full issue
Prom a Noumea correspondent It’s the tourist industry here that is
mainly apprehensive over Britain’s
devaluation, and one early worry was, what happens if Australia decides to follow? For the local tourist industry this would hace been catastrophic, for about 80 per cent, of visitors are from Australia and New Zealand.
Now we know that Australia is not going to revalue, and that’s a relief.
New Zealand tourists have been
falling off for many months because of the tight NZ exchange controls, and those who were here during re valuation week suddenly found them selves nearly 15 per cent, poorer if they were using sterling travellers* cheques, as most were. Many were short of money for a few days until the financial situation cleared and they could again cash their cheques.
The French Government an nounced over the “devaluation week end” that the new exchange rate for French Pacific francs would be 215.43534 to the £Stg.