The resolution which the Credits and Currency Committee of the
Federation of British Industries, under the presidency of Sir Peter Rylands. sent to the Prime Minister on Tuesday, recommending a reconsideration of the report of the Cunliffe Committee—which advised a policy of gradual deflation—has reopened the whole currency question. Sir Peter Rylands in a covering letter explains that no criticism of the Cmiliffe Committee's report is intended, but declares that conditions have so altered since 1918, when that report was issued, that a reconsideration of the whole matter is imperative. He gives four instances of these changes : (1) The decontrol of foreign exchanges ; (2) the unwillingness of any other country to incur the loss of a policy of deflation ; (3) the continued rise. of prices through 1918-19; (4) the already enormous burden of taxation on industry, which would become intolerable if it had to pay back war debts with a pre-war standard of currency.
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