CONQUERING DOLLAR
■ M'KENNA TAKEN TO TASK (Received 28th January, 11 a.m.) LONDON, 27th January. Mr. Gilbert Vyle, president of the Association of Chambers of Commerce, in. a speech criticised Mr. Beginald M'Kenna's recent utterance on the dollar standard. He said: "No doubt New York read Mr. M'Kenna with the greatest acclamation, but as an Englishmaa I read it with dismay and regret. Mr. M'Kenna has harmed British traders. Many men, equally competent, disagree with him." "The,conclusion is forced on us that in a very real sense the world is on. the dollar standard," declared Mr. Eeginald M'Kenna at the Midland Bank meeting. '' America is able to control the world price level, firstly, because she can afford to lose large quantities of her huge gold stocks without the risk of the reserve falling below the legal minimum; secondly, because with her great wealth her central banking system can absorb large quantities, at the same' time depriving it of creditcreating powers. This will continue so long as the existing conditions remain. The United States has shown that while gold may be retained as a medium of international payments, it can be deprived of the function as an ultimate standard of value."
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Evening Post, Volume CV, Issue 23, 28 January 1928, Page 9
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199CONQUERING DOLLAR Evening Post, Volume CV, Issue 23, 28 January 1928, Page 9
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