The Labour Party has issued its Report on Currency; Banking
and Credit. It is, on the whole, a moderately worded document, and we think we may trace the influ- ence of the former Labour Chancellor of the Exchequer, Mr. Snowden, who often speaks of the Bank of England as though he were meditating an ode in its honour. The Report suggests that the proposals of the Genoa Conference for the international fixing of the value of gold should be put into effect. We wonder, however, why justice should not have been done to the existing policy of the Bank of England in this direction. The feature of the Bank's work in recent years has been collaboration with the Central Banks of other countries. And when the League of Nations wanted to describe the best kind of Central Bank for a reconstructed Europe it took the Bank of England as a model.
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