Devaluation Issues finally resolved

A fresh circular of 22nd January 1968 summarised the results of discussions held at the various centres.

According to Monty there had been general acceptance of 7-8% Ringdoc price increases and of 9-10% increases for Plasdoc, Farmdoc and Agdoc, for which a higher proportion of costs were overseas from the UK. This followed Derwent's explanation that paper, printing materials and I.B.M. supplies had already increased in price by 8-10% following devaluation, while salary increases of 7.5% had been given to all staff to retain them against rising living costs. In further blows, Export Rebate had been discontinued and Corporation Tax increased.

All invoices for 1968 would, however, be re-issued in terms of the subscriber's domestic currency at the start of the preceding November, with no adjustments for fluctuations in value during the 12 months. Instead of paying 14.3% extra in pounds, as Derwent had originally proposed, customers from European countries which had not devalued would instead pay less in those currencies, but not 14.3% less. Belgian, Dutch, French, German, Italian and Swedish representatives had agreed to a 7% reduction on Ringdoc and 4% on other services in terms of their pre-devaluation currency rates so long as no-one else paid less. The four Swiss subscribers were expected to follow suit.

U.S and Canadian subscribers would pay 5% less for Ringdoc (the lesser discount due to the higher costs of servicing them transatlantically) while Japanese subscribers would receive the same discount as Europeans in view of no discussion meetings having been held there.

United Kingdom subscribers had agreed to a 7% increase for Ringdoc and 9% for the other services, bringing them into line with other subscribers. However, since most managements had fixed their budgets for the current year, it was agreed not to call for actual payment of the increase before 1969.

Prices for 1969 and onwards would be fixed on 1st November of the preceding year in terms of subscribers' own currency, with everyone invoiced for effectively the same amount at that time.  Actual payment could be made instead, if desired, in pounds sterling at the exchange rate on the day of payment.

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