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Published online by Cambridge University Press: 26 March 2020
Contrary to general expectations at the beginning of the year, real economic growth in the industrial countries in 1969 was not far below the recent average. Last February we predicted that the rise in their combined national outputs would be 4-4½ per cent. It now looks as though it may have been slightly above the upper limit of this range, owing in effect to the unforeseen rapidity of growth in France and, more especially, West Germany, where the increase appears to have been about 8½ per cent, compared with the official German forecast of 4½ per cent and our own figure of 5½ per cent.
(1) See C. Clark, Too Much Food ?’, Lloyds Bank Review, January 1970.
(1) The main provisions are set out, rather obscurely, as follows in a communiqué issued by the Fund :
South Africa may offer to sell gold to the Fund when the market price of gold falls to $35 per fine ounce or below, in amounts necessary to meet current foreign exchange needs during any such period. Further, South Africa may sell gold to the Fund, regardless of the price in the private market, to the extent that South Africa has a need for foreign exchange over a semi-annual period beyond the need that can be satisfied by the sale of all current new gold production in the private market.
At the same time South Africa intends to sell its current production of gold in an orderly manner in the private market to the full extent of current payments needs.
However, South Africa may offer to sell gold up to $35 mn (£14.5 mn) quarterly beginning 1 January 1970, from the stock of gold it held on 17 March 1968, reduced by sales it made to monetary authorities (including fund-related trans actions) after that date and also by such future sales to monetary authorities as it may make to finance deficits or as a result of fund-related transactions.