We have to record that, contrary to certain anticipa- tions,
the Bank Rate was not raised last week. This does not, of course, mean that it is not going to be raised, but at any rate the harm is not yet done. Those who think with us on this subject have, at any rate, one great advantage. Unlike most reformers, they are not trying to get anything done, but only to prevent something being done—always an easier task in this country. We feel that they might usefully concentrate their endeavours in getting a respite from the march back to gold. For twelve months now our financial policy has been in fact, if not in name, as we should wish it always to be. In effect it has been based on a stable price level, and not on any other consideration. No dreadful disaster has occurred as yet, and indeed that gradual increase of confidence which might be expected is beyond doubt taking place. All we ask is that this condition should be allowed to continue a little longer. But if that is done, we cannot conceal our belief that it will become apparent to almost everyone that we have found the true currency policy.
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