Stranica 2 [2]
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" ulack markets or free markets, the Spanish peseta has shown
remarkable strength in its relation to the dollar. Last
year, you could have in Tangiers from 54 to 56 pesetas for
the dollar. This year, the average value of the peseta is
46 to the dollar, with the official rate of exchange at 39.
If the present trend continues through the summer, so
Bankers argue, it is-mest unlikely that the free rate and
the official rate of the peseta will become identical,
which might easily open the way to a great liberalisation
of the currency policy of the Bank of Spain.
Tis liberalisation is already clearly shown in the
easing of import restrictions by the Bank of Spain. With
a favourable balance, Spain is now able to import more goods
than last year, and uses these possibilities not only for
re-equipping its industry, but also in the field of transport.
Every observer travelling in Spain today, and having known
the country before, will be struck by the fact of the rising
number of lorries on the Spanish roads, as well as by the
fact that "buses are now among the most modern in Europe,
and compare well with the "bus services in America. ‘The
new Spanish State-owmed factory for the building of lorries
and "buses - the Pegaso factory - is beginning to turn out
gome rather modern and good equipment.
This optimistic outlook, and the hope of better things
to come - which is quite general - has gravely depressed the
opposition forces against the régime: forgotten are the
strikes of last year. ‘the underground movement themselves
have, even in their strongest spots, lost considerable
strength. A case in point will show this. Between May 27th
and June lst a huge Eucharistic Congress was held in
Barcelona, at which: Catholics from everywhere in the world
foregathered. Directives had been issued by Moscow that
this should be used for a show of strength on the part of
the Communist underground in the big coastal city. At
the same time, the non-Communist former loyalist groups
had equally invited their atherents to try to make some