26 SEPTEMBER 1931, Page 2

So far as the " run " on our gold

was due to any fears of our solvency or stability, we can only blame _the foreigner for not knowing us as well as we know our- selves. We fear that he does still doubt our united determination to pull our finances round again. He has expressed horror, which really is almost decisive, of our holding a general election, by which the present Government might be turned out. We wish that Mr. Henderson and his followers would realize the harm that they do to all, including themselves, by creating disunion before foreign eyes. But we believe that it will be proved that the " run " was quite as much due to fears of difficulties in the countries whence it started. One after another are finding their prospects of balanced budgets receding. Many of their banks are more danger- ously committed than the British banks. For a clear statement, outside our columns, of the position and of how we as a nation should now act, we beg those who did not hear it to read in Tuesday's papers Mr. Snowden's broadcast address. 'While we regret, with no surprise, to learn that the Prime Minister has been ordered a short rest, Mr. Snowden seems to have found a tonic in the frustration of their heroic efforts to save the pound. * * * *