THE BANK OF ENGLAND.
THE OLD LADY OF THKEADNEEDLE STREET. / “The trade depression, which at one time was confined to what are regarded as export industries, has spread to other industries which depend on home consumption. For the first time, therefore, since 1921 the crisis is entirely one of home consumption, and it has little or no relation to the international trade position. In short, we are confronted with a real decline in the purchasing power of the public generally, and this decline has affected every industry without distinction, electrical manufacturing not excepted. There can be only one explanation for such a narrowing down of the home demand, and it is to be found undoubtedly in the financial situation, and is toi be attributed to the credit • policy pursued by the Bank of England since the spring of 1928.” —Trade Survey, a quarterly journal prepared by the Economic and Statistical Bepatment of the British Electrical and Allied Manufacturers’ Association.
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Bibliographic details
Putaruru Press, Volume VII, Issue 285, 24 April 1929, Page 2
Word Count
159THE BANK OF ENGLAND. Putaruru Press, Volume VII, Issue 285, 24 April 1929, Page 2
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