Lord D'Abernon's will be one of the most honoured names
when the turbid stream of the post-War period has joined the calm waters of history. There is no Englishman living whose views on finance and on international economic conditions should command more respect. Yet in the contemporary tumult his voice may well be drowned. We are profoundly thankful, therefore, that his speech at the Liverpool Chamber of Commerce, on November 14th, should be now available in pamphlet fOrm in The Economic Crisis : Its Causes and the Cure (Hodder and 'Stoughton, ls.): Lord D'Abemon bids us have done with the many palliatives that are put forward to remedy the trade difficulties of the day. These difficulties, he argues, are only symptoms of a profound disease, world- wide in its incidence, which consists in the collapse of the gold standard. The annual increase of gold nowadays is inadequate in relation to the volume of trade. Intelligent international
action can do a great deal to overcome this fundamental obstacle to the progress of world trade. Tariffs and other such expedients as hamper freedom of circulation are, as Lord D'Abernon says, about as useful as it would be to throw sand into a machhie. "'Fearless scientific diagnosis" of the influence of monetary policy on industry. Ls the.first step ; United. States co-operation in the world question - of indebtedness is the second necessary to avert a world-wide catastrophe. And, meanwhile, " there is no sense in scoring bull's eyes on
the wrong target." - -
Previous page
