1 DECEMBER 1928, Page 18


[To the Editor of the SPECTATOR.] '

Sin,—In a most timely and instructive article with the above title (Spectator, November 10th) Mr. A. W. Kiddy has expressed an opinion which is of outstanding importance to the whole productive industry of the country, and to this momentoug problem of unemployment. Mr. Kiddy, after informing us that it may be some time yet before a fiduCiary limit can be

fixed with preciiion,. continues as follows': " Nevertheless"; I think that this latitude which has been arianged, should relieve traders and others from all apprehension that any undue check will ever be imparted to trade_through an 'insufficiency of

credit or currency . . ." .

May I suggest that if this, opinion (admittedly only an opinion) could only be established as a fact, or as a definite promise to the country based upon an authoritative statement froin the Treasury and the Bank of England, its effect for good would be more beneficial to trade and more " far- reaching " than many of the political palliatives of party politics over which there is so much controversy and argument.

At the moment this " apprehension " (in regard to future currency and credit) is a very real one, for it is founded upon actual and repeated experiences of the past ; and the assurance that a definite change of policy had been decided upon would do much to relieve the existing uncertainty and suspicion.

Let us hope, at least, that we may hear more of this from Mr. Kiddy and that, in the cause of " education " which has been advocated by Sir Josiah Stamp, we may have further details and reasons for this very hopeful and optimistic expression of opinion.—I am, Sir, &c., V. C. VICKERS. Carlton Club, Pall Mall.