Extract from the minutes of a meeting of the Cabinet
'Devaluation of the pound: Matters arising out of '
(GC 5/122) (Item 1) (S11169)

Following consideration of a memorandum dated the 24th September, 1949, submitted by the Minister for Finance,¹ a memorandum dated the 24th September, 1949, submitted by the Minister for Industry and Commerce,² a memorandum dated the 23rd June, 1949,³ and two memoranda dated the 27th September, 1949,⁴ submitted by the Minister for External Affairs and a memorandum dated the 27th September, 1949, submitted by the Minister for Agriculture,⁵ it was decided

1. that the Ministers for Finance, Industry and Commerce, Agriculture and External Affairs should examine independently, and report to the Government on, the question of the probable effects on prices in Irish currency of the devaluation of the pound and, in particular, the probable increases in the cost of (a) imports from the dollar area, (b) imports from non-dollar areas, other than Britain, regard being had to the extent of the devaluation, if any, of the currency of each of such areas, (c) imports from Britain and (d) commodities produced at home;
2. that the Minister for Industry and Commerce should examine, and report to the Government on, the question of the advisability and practicability of imposing a stand still on the prices of (a) all commodities and (b) any particular commodities;
3. that the Minister for Industry and Commerce should prepare, and submit to the Government, proposals in regard to the tourist industry; and
4. that the Attorney General should consider, and furnish an opinion to the Government on, the question whether there is power under existing legislation, and, particularly under section 2 (1) (c) of the Supplies and Services (Temporary Provisions) Act, 1946, to depart from the existing par rate of exchange between Irish currency and sterling.