CONTROL OF MONEY
SIR JOSIAH STAMP’S VIEWS
INTERNATIONAL CO-OPERATION • NEEDED.
Sir Josiah Stamp, a director of the Bank of England, lecturing before the British Association on the scientific control of price- levels, said: —“The problem of to-day is the partly natural and partly artificial rareness of gold. Every time a price level changes, debts change; Britain has a very heavy external debt* which, by this change, is heavier than ever, despite all efforts to pay it off. We owe America more than ever in goods. The serving of all divisions of production and industry has become so deranged that it is difficult to carry on many kinds of business.
“We aim at controlling money in order that the difficulty may not arise; but scientific control can begin only after willingness to co-operate internationally has begun. Nations that imagine imports of goods in exchange for exports are nasty and inconvenient, whereas the import of gold is nice and virtuous, are a peril to civilisation, and ought to be made to live in the eighteenth century in all other respects.”
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Manawatu Standard, Volume L, Issue 255, 23 September 1930, Page 2
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178CONTROL OF MONEY Manawatu Standard, Volume L, Issue 255, 23 September 1930, Page 2
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