The Report on Currency of the Committee on Monetary and
Financial Questions was approved by the Heads of the Delegations last Friday. The subject is one on which only the boldest will speak with assurance. The Com- mittee, very naturally and probably wisely, kept in mind the forthcoming World Economic Conference. Excused by a fear of forestalling that Conference, they have refrained from issuing an exciting report. But it is plain and sensible so far as it goes. There is no con- demnation of the gold standard, but equally no desire expressed that anyone should return to it until Great Britain approves of the prospects of its stability and is able to return to it permanently herself. The Report announces that the Empire will support any effort made at the World Economic Conference to raise wholesale prices of commodities till they are in keeping with the level of the costs of production, both gold and sterling prices. It discourages the idea that this can be easily done by some merely monetary policy. The Report makes much of the importance of stable exchanges, and gives its approval to the British policy of the Exchange Equalization Fund. If those who know how that policy is working approve, we must be content.
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