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Auckland Star, Volume LII, Issue 72, 26 March 1921, Page 13

The monthly revlerw of Barclay's Bank, Ltd.. London", for January, tinder the beading "Unsound Currency," states that all overseas trade is suffering severely from the instability of the internal and external value of moneys of the different countries. This results in it being impossible to estimate with any decree of accuracy what tbe future value of a "iven currency will be. and in consec'ience the investment of capital becomes a wild gamble. This, it is pointed out. means that the restoration of productive activity—the world's greatest need—is thereby delayed and obstructed. It would be impossible for some countries to return to pre-war gold parities, lor others it would be only practicable if wages were scaled down, and other similar adjustments made. In Great Britain, the review states, the return may be achieved with comparative ease, but fn certain other countries the enormous amount of deflation necessary will make the process a lengthy one. The fact remain-, that at the root of the troubles affecting international trade, is unsound currency, and that any assistance given in the shape of credit*, eta, can only permanently -be useful as fax * s t directly, or indirectly, assists in stabii'E'ng currency.