27 OCTOBER 1923, Page 13

heartily, and I think that there are two steps, neither

of them impracticable or dangerous, which ought to be pressed on the Government as immediately urgent : (1) The present Treasury Minute limiting the fiduciary issue of currency notes to the actual maximum of the preceding year should be amended before the end of this year. (2) A definite statement should be made, bindinf, both the Treasury and the Bank of England, that these authorities attach more importance to the main- tenance and stability of the price level than to the improve- ment of the dollar exchange, and that their policy will be deliberately directed to the former object rather than to the