3 NOVEMBER 1923, page 12

[to The Editor Of The Spectator.] Sin,—you Ask For Approval

of the policy for dealing with unemployment set forth in the Spectator and endorsed by Mr. McKenna. I do not. I believe inflation means ultimate ruin and that as there has been......

[to The Editor Of The Spectator.] Sir,—i Cannot Help Wishing

that you had submitted your article, "Deflation Means Unemployment," to Dr. Walter Leaf of the Westminster Bank, as well as to Mr. Reginald McKenna. Dr. Leaf's article on the......

[to The Editor Of The Spectator.] Sir,—i Agree That The

question of unemployment is of great importance, but I gravely doubt whether the remedies which are proposed are more than palliatives, and I am afraid they may in the long run......

Letters To The Editor.

DEFLATION AND UNEMPLOYMENT. [To the Editor of the Scncr/vron.] Sin,—May I first of all point out that there is a defla- tionary factor at work to which perhaps you have not......