BRITISH FINANCE

Poverty Bay Herald, Volume LV, Issue 17498, 19 June 1931, Page 7

BRITISH FINANCE

THE MACMILLAN REPORT SENSATIONAL POKECAST DANK or ENGLAND ATTACKED (Elec. Tel. Copyright—United Tress Assn.) LONDON, June 18. The Daily Herald lobbyist says: the report of the .Macmillan committee on ■“Finance and Commerce,” which was appointed in 1929, will lie presented, to Hie Got eminent this week. Tile writer forecasts that there will be a majority report severely criticising ihe Bank of England's policy during the trade depression and suggesting that the bank at present could materially improve trade by making credit more easily available and by increasing the amount of money circulating. This policy should be carried out in co-operation with the Central Reserve Bank of America, the Bank of France, and other great central banks.

The report does not advocate wage and salary reductions as a practical remedy for the trade crisis, which is diametrically opposed to the view expressed by Dr. Sproulo, in an address to the Statistical Society, and in which lie declared that the central hankers are of opinion that they can do nothing for trade until drastic cuts in wages and salaries are affected.

The report is likely to create a sensation. as the Bank of England’s policy will lie onenly condemned by a committee including some of the greatest financial experts in Britain. There will also lie minority reports, one of which will propose protection and the establishment of a national investment board ,to issue both short and long term 1 aiiis to industry.