FINANCE REPORT

Dominion, Volume 24, Issue 226, 20 June 1931, Page 7

FINANCE REPORT

Again a Forecast of Critical Contents

BANKERS UNDER FIRE By Talegraph—Press Amu,—-Copyright (Rec. June 19, 8 pan.) London, June 19. Despite an official denial of statements contained in the “Dally Herald’s” forecast of the MacMillan report on British banking and finance, the “Evening Standard’s” financial correspondent agrees that the report will seriously question the Bank of England’s financial policy. He says: “The committee is jus’.lfled In raising the issue that the bank’s policy has been a major Influence in our loss of exports, growing unemployment, and loss of Industrial capital. “Some committeemen hold that the bank has failed to keep In touch with Industrial requirements and has followed too rigidly pre-war conceptions. “The automatic working of the gold standard restricted credit when its release would have led to an Improvement in trade, Injured the export trade by embargoes on foreign loans, and meant the maintenance of unnecessarily high money rates.” After the publication of the “Daily Herald” , forecast, Lord MacMillan, chairman of the committee, In an official statement, declared that the “Dally Herald’s” forecast was entirely unauthorised and a complete travesty of the contents of the report. The committee hopes to present the report next week.