10 OCTOBER 1931, Page 11

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" Quite apart from sundry psychological factors which play an important role in critical periods like ours, leaving aside also considerations of the foreign political situation and the position at home, 'simply taking into account the above factors (budgetary and economic) it would appear that a reduction of only ten per cent. in the value of the pound re- stabilized (as contemplated by The Economist) is not enough to make the English exchange safe from wild fluctuations that offer a standing opportunity to speculators."—L'Information (Paris), 7.10.31.