SOME ANTICIPATIONS

Evening Post, Volume CXI, Issue 143, 19 June 1931, Page 7

SOME ANTICIPATIONS

"DAILY HERALD" FORECAST

BANK OF ENGLAND UNDER

FIRE

(United Tress Association—By Eloctriu Telograpli—Copyright.) LONDON, 18th June. The lobbyist of the "Daily Herald," tho official Labour journal, says that the report of tho Macmillan Committee on Finance and Commerce, which was appointed in .November, 1929, will bo presented to'the Government this week, Tho writer forecasts that there will be a majority report severely criticising the Bank of England policy during the trade depression.

According to the forecast, the report will suggest that the Bank of England at present could materially improve trade by making credit more easily available and increasing the amount of money now circulating. This policy, the committee considers, should be carried out in co-operation with the Central Eesorvo Bank of America, tho Bank of France, and othor great central banks.

The report does not advocate a wage and salary reduction as a practical remedy for the trade crisis. This is diametrically opposed to tho view expressed by Dr. Spraguc in an address to the Statistical .Society, in which lie declared that the central bankers are of opinion that thoy can do nothing for trade until drastic cuts in wages and salaries are effected. , ,

Tho Teport is likely to create a sensation as the Bank of England's policy will bo openly condemned by the committee which includes some of the greatest financial experts in Britain. , There will be also a number of minority reports, one of which will propose' protection and the establishment of a nationaj investment board to issue both short, and long-term loans to'industry.