12 JULY 1930, Page 2

There has been much comment on the fact that among

those associated with the resolution arc two Directors of the Bank of England. We cannot recall a previous instance of members of the Board of the Bank taking part in what was indistinguishable from a political manifesto, and when we reflect upon the unusualness of this procedure we are all the more ready to believe that there was a misunderstanding. In any case, it would be extremely unfair to say that the bankers who joined in the discussion on the fiscal crisis pretended to act in a representative capacity. When all this has been admitted, however, there remains the significance of this new train of thought among many important bankers. We have discussed this subject in our first leading article,

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