Mr. Norman's Caution When the Governor of the Bank of
England, speaking at the Mansion House last week, expressed his inability to see the end of the world-wide depression, his speech caused something of a panic on the -New York stock market and has since agitated -Mr. Borah considerably. To English ears Mr. Montagu Norman's remarks sug- gested -a reasonable confidence that with patience and more' coroperatiori between industry and • finance the present dIfficultici could be overcome. Mr. Norman drew attention to the need for disposing of the frozen credits in Europe and for greater caution in making future oversca investments, and he warned the banks that they must take counsel together before making short-term loans abroad. The Governor has the English preference for saying unambiguously what he thinks. and thus is perhaps misunderstood in America. But his speech, in simply indicating several practical measures, was a useful contribution to the endless debate as to what shall be done_ to restore normal con- ditions of trade.
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