28 SEPTEMBER 1929, Page 3

Although we hold strongly to the gold standard as a

necessary means of putting the currency virtually beyond such tamperings as would be dictated by political neces- sity, we have no doubt that the severities of this " law of Nature " can be, and ought to be, modified by voluntary international arrangement. The present Governor of the Bank of England has done very much in this direction, but the whole system is capable of further development. Meanwhile, we must repeat our sincere hope that the Government will not be trapped into hasty and irrelevant action because the Hatry crisis and a gold crisis happen to have coincided. The City is facing its adversity with admirable spirit. The confidence of all will indisputably be restored by men who are themselves confident.

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