THE CURRENCY.
The "Statist," in discussing the currency, says that for the United Kingdom there is an incentive for deflation operative in the ease of no other country in the world. "Formerly we were indisputably the premier financial centre of the world; now, as a result of the great change necessitated by the war, the United States is in a position to dispute our supremacy in this regard. Our pre-war position was primarily due to our world-wide reputation for financial stability, and to the fact, that we were ahwiys able to maintain a free gold market. Now the value of our currency is subject to the same influences that render the credit of the devastated countries so unstable, and we have no longer a free gold market. The United States, on the other hand, by a vigorous forcing down of prices has been able to consolidate its currency on a gold basis, and there is everywhere an assurance of a certain and stable value for its note issue. If w T e do not restore a free gold market in London, with specie convertibility of the paper money, we must bo prepared to yield to the United States the position of financial supremacy in tlie world of the future."
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Bibliographic details
Manawatu Times, Volume XLII, Issue 1808, 5 May 1921, Page 4
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209THE CURRENCY. Manawatu Times, Volume XLII, Issue 1808, 5 May 1921, Page 4
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