Gold and Sterling Groups The drawing together of countries whose
monetary system conforms to that of Great Britain has its natural counterpart in the drawing together of the gold bloc countries. Their General Commission which has been meeting in Brussels adopted a protocol reaffirming its belief in stabilizing currencies on the present gold parity, and in the possibility of increasing trade among its members by bilateral agreements. For these coun- tries—France, Italy, Holland, Belgium, Poland and Switzerland—collaboration in the international field means primarily collaboration amongst themselves, that is to say, a planned extension of trade, but in a restricted area. That is exactly what we are doing within our own sphere of influence, which includes the Empire and, in Europe, the sterling bloc. In the one case as in the other the movement is healthy so far as it goes, tending to remove some at least of the barriers. But at the same time it tends to stiffen the barriers between the two blocs, to restrict rather than widen the flow of trade between them... This country, which depends on world trade more than any other, has far the greatest interest in promoting a more satisfactory modus rivendi between the gold and sterling groups.
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