he Keynes and White Plans
Now that the full details have been divulged of what had already been fairly widely discussed as the Keynes and the White Plans for regulating international currency after the war, one cannot help eeling that in this important field considerable progress has been nude. In essentials Lord Keynes and Mr. Harry White, representing the most advanced thought in the British and American Treasuries, are fairly close together. Both think in terms of a new international currency today with regulatory powers, and both have n mind the inauguration of a world -currency unit tied to gold. At first sight the Keynes proposals seem to imply the elimination of the London foreign exchange market, at least in the form which One 'knew it in pre-war days. Under the White Plan the various financial centres would conduct exchange dealings subject to overriding control in the matter of transfers of short-term money, &c.,
by the international authority. If the cessation of speculative dealings is part of the price to be paid for a chance of reasonable stability in our post-war currency affairs, no private interesti must be allowed to stand in the way. Nor should old-fashioned ideas of financial sovereignty be permitted to hinder the co-operation on which the success of any rational international Qurrency scheme depends. The Keynes Plan, with its provision for a limited Board of Control and an Assembly of all members, meeting annually, might well serve as a nucleus round which some larger international organisation might be built, or alternatively as a pattern for such an organisation.
