BANKERS BLUNDER

Hokitika Guardian, 20 June 1931, Page 2

BANKERS BLUNDER

•'* FiiNMNtt OF THE EXPERTS'. (United Prom Amociation—By Electri' . Telegraph.—Copyright.) \ jLOXDON, June 19. \ ; T>:spite the issue of an official denial -"• of the statements contained in the • 1 •“Daily Herald’s” forecast of .the MacP Millan 'Committee’s (Report .on British ; 4’ finance and commerce, .the “’Evening |j Standard’s” financialcorrespondent agrees that the report of the; Coromittee will seriously question the Bank of § England’s financial policy. The correspondent says ;—The Com‘f£ nfittee is justified in raising the issue ■ that the Bank of England's policy has l|f bienjhe major influence in our loss of exports, in our growing unemployment, ijjf and in our loss of industrial capital.” “Some members of the Committee,' H' )(he continues), “hold that the Bank of ■jp! England' has failed to keep in touch •|<f -with the industrial requirements, and p' .has followed too rigidly the pre-war M conception of ap automatic yorking of , ' .the gold standard. They held that the Bank hat" restricted' credit- when the reof credit''would have led to an 'improvement in trade 5 also that it has •injured the' export trade by its em..bargoes on foreign --loans, and by its .of unnecessary high mon~y j*. rates,”