Mr. McKenna's Speeches
Post War Banking Policy. By the Rt. Hon. Reginald McKenna. (Heinemann. 7s. 6d.)
THESE are times when books on financial and economic sub- jects are read by others than by banking and economic experts, and one of the merits of this book is that difficult matters connected with banking and finance are dealt with in a manner which can be understood almost by the man in the street. The volume consists of a series of Mr. McKenna's annual speeches to the shareholders of the Midland Bank during the past eight years—in so far as they were concerned with matters of general public interest—together with an address on the subject of Reparations and International Debts delivered in 1922 at the Convention of the American Bankers' Association in New York City. The practical value of this republication of addresses consists in the fact that they contain the views of an expert economist and practical banker upon most of the economic problems following upon the War, views, moreover, Which were expressed just at the moment when the problems were most pressing. Thus in 1920 we have views concerning the dangers of inflation and then a few years lateir the dangers attending a too rapid deflation, while many will read with interest, if not with agreement, Mr. McKenna's attempt to connect the depression and unemployment in certain industries
with monetary policy. The book-is readable and instructive from -cover- to cover. Its weakness perhaps lies in the clever attempt to connect our industrial troubles too exclusively with one particular cause.when the causes are many and com- plex. This is regrettable because it might lead those entirely uninstructed in finance to imagine that all these troubles could be removed by a dose of extra credit and by a skilful manipulation of our banking arrangements. .
A. W. K.
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