BRITISH CURRENCY.

Star (Christchurch), Issue 17179, 24 October 1923, Page 8

BRITISH CURRENCY.

CONTROL URGED. By Telegraph—-Press Association—Copyright Australian and N.Z. Cable Association. (Received October 24, 12.30 p.m.) LONDON, October 23. Sir EricGeddes, addressing the British Ko eration cf Industries’ meeting at frla?;go\v, said that whatever Britain did she must now face a period of immense llifficulty, but he believed it might ho wise to remove one burden until more normal time returned, gamely, the sacrifice involved in maintaining a continuous appreciation cf British currency. “We liavo been deflating our currency heavily for several years,” he said. Our taxation is enormous, and there should surely he some connection between the country's financial policy aoul the trade situation. We could not control the inflation of foreign countries’ currency, but we could control ofcr own continuous deflation, which increases the burden of the national debt, dislocates business, and involves a continuous effort to adjust wages costs.” This burden. Sir Eric said, could be' aR eviated by a policy less exclusively directed to the improvement of American exchange and more concentrated on the restoration of stable business conditions. He felt that they were entitled to demand a more careful reexamination 'of the question by the most eminent commission which could ho appointed, including financial and economic experts, and representatives of industry and labour.