TRADE DEPRESSION
MACMILLAN REPORT BANK OF ENGLAND’S 'POLICY IS IT QUESTIONED? (United Press Association —By Electric Telegraph—Copyright) LONDON, 19th June. Despite the official denial of statements contained in the “Daily Herald’s” forecast of the Macmillan report, 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 justified in raising the issue that the bank’s policy has been a major influence in our loss of exports, unemployment, and loss of industrial capital. Some of the members of the committee hold that the hank failed to keep in touch with industrial requirements and followed too rigidly pre-war conceptions of the automatic working of the gold standard, restricted credit when release would have led to improvement in trade, and injured the export trade by embargoes on foreign loans and the maintenance of unnecessarily high money rates.
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Nelson Evening Mail, Volume LXIV, 20 June 1931, Page 7
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146TRADE DEPRESSION Nelson Evening Mail, Volume LXIV, 20 June 1931, Page 7
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