27 OCTOBER 1923, Page 2

It is indeed encouraging to see the opinions which we

have expressed confirmed so strongly and clearly by such an authority as Sir Erie Geddes. Out of the heat of the whole involved controversy it is slowly becoming plain that the financial policy of this country has been a disas- trous putting of the currency cart before the industrial horse. It is just beginning to dawn on us that the only object of financial policy is industrial prosperity. The industrial horse is, after all, the animal that is pulling us all along, and he must not be sacrificed on the altar of the pound sterling. * * * *