[To the Editor of the SPECTATOR.] SIR,—The certain consequence of
the " Bank-Leaf " policy is that prices will not now fall—no, not even with a 10 per cent. Bank Rate, for industrial production will fall in proportion to the rise in the Bank Rate, and prices will thus be main- tained. (Under.; and un-employed productive plants modify pre-War arguments. Then you could not have more goods ; now you can.) We shall have still less money and fewer goods.
Reverse the policy, and we shall have still more money and more goods, up to the limit of the productive power of present industrial plants. " The Bank-Leaf " policy is one of famine and starvation. The Spectator policy is one of abmid- ance and contentment. Henceforth let thy mission be that of the champion cutter of this Gordian knot.—I am, Sir, &c.,
A. HENTHORN STOTT.
P.S.—The brokers are already in, in Lancashire and elsewhere. No time to lose.—A. H. S.
Previous page
