OFF THE STANDARD

Poverty Bay Herald, Volume LV, Issue 17607, 24 October 1931, Page 16

OFF THE STANDARD

AMAZING CALMNESS GOOD-HUMORED SCENES IN CITY LONDON, Sept. 22. “The nigs! remarkable news to-day is that there is no news.” Thus does the Manchester Guardian sum up in a sentence' the amazing calmness with which Britain has accepted the epoch-making decision to abandon the gold standard. Hour weeks ago everyone's ilesh was made to creep at tin* thought, of the appalling disaster which must overtake all of us if the country were forced to “go off gold.” Now the “disaster,” threat of which brought'into existence the present National Government, has happened, and Britain is awakening as from a bad nightmare to find that what was talked of as a grim catastrophe is being hailed on all sides as the first step towards reestablishment of Britain’s industrial welfare. PUBLIC RELIEVED . Yesterday’s bewilderment at the possible effect of the momentous step has given place to relief that the worst is known. Whatever danger there may have been of panic seems past and the country is settling down to face the new situation with traditional phlegmatic'calm. Pessimistic'predictions of some financiers that the pound sterling would go the way of the mark and franc; lias thus far proved untrue. Housewives who viewed; with alarm the possible sudden tremendous rise in prices ate .reassured • liy Mr. 1 Philip Snowden’s intimate fatherly talk to them in their own houses over the wireless last night. Holders of British securities who may have contemplated unloading their holdings and rushing their money out of the country have been sobered by the Chancellor’s stern warning ami appeal to their sense of patriotism. Everyone, in fact, feels easier this morning except, perhaps, the politicians, who find chaos worse confounded by the events of the last two days. CLERKS DID WORK ON THE STREETS If there was to be a panic you would have looked for it in Thorgmorton street, that narrow lane in the city in which are the entrances to the stock exchanges. But even there, there is no sign of panic. With the exchange closed Throgmorton street is crowded with thousands of brokers, clerks and sightseers—talking, shouting and arguing—but all without any indication that they fear imminent disaster. Their “home” being c.osed, members are doing business in the street. Yesterday being settlement day there was the extraordinary spectacle of jobbers’ clerks carrying their books into the streets and doing their bookkeeping in -the open. The various markets gravitated to different sections of the street and there business went ahead. To find any air of tragedy you would have to look elsewhere, for the huge crowd were in high good humor, prepared to laugh and cheer a member who appeared in plus fours and check cap or to make good-natured fi-“. of an iceman who forced hi,s way through the crowd with a great block of ice on lus shoulder. PUBLIC NOT FEARFUL

A look around the Vest End last night would have convinced any visitor that London, up to the present, is not fearful of any peril lurking in the country’s suspension of the gold standard. Thousands on Monday ..night . were lightheartedly threading their way to theatres and music halls where, in many instances, the “house full” and “standing room only” boards were put up. For other thousands there was titu,Cheaper but equally enlivening entertainment afforded in the floodlighting of London’s famous features which, after a run of three weeks, closes on Saturday. Only a few days ago a powerful theatrical group refused to countenance a movement for reducing wages among the “lower deck” of the theatrical fleet —among scene-shifters, chorus girls and the tike. This group declared that the state of business warranted no such cuts, and so it seemed last night,