" On the contrary, holders of sterling abroad, and indeed
at home, rushed in a panic to buy dollars, francs and lire ; debtors, so far from paying, wait for a better moment. Industry has indeed obtained a breathing space, but how long is that going to last ? . . .
"In face of the gravity of the facts, we hold it probable that the Government and the Bank of England will not sit back passively contemplating the collapse of sterling. . . . England was, and is, a great country, with a mighty tradition and great banking experience, but at the present moment the problem is not only financial and economic but also political. And politically chaos reigns in London. . . . While the house is burning the animated political debate continues : Elections or not ? To-day's dramatic fluctuations of sterling will perhaps call a halt to these party discussions. Some basis of common agreement will be sought and will be found. As at other times in its history, which has not been lacking in great and fearful adventures, the British nation will give yet another proof of its vigour. But up to now the observer of English affairs cannot discern the slightest truce of a directive plan. . . ."—La Stampa (Turin), 27.9.31.
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