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Thus a long and satisfactory step forward has been taken

Which allows Mr. Hoover's proposal to take effect as from July 1st. That it is only one step is plain, for a great deal of important work remains to be done. Therefore we are glad that His Majesty's Government, after consulta- tion, no doubt, with other Power's, has called a Conference to meet in London on July 20th. This rapidity of action is all to the good. That the urgency is great, even furious, is proved by the continued" flight from the mark" which keeps the Reichsbank even now on the edge of disaster. On Tuesday sixty German Banks and large firms undertook a joint guarantee of £25 Millions :to ;strengthen the Gold Discount Bank which is clOely allied to the Reichsbank.

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