FINANCE & INDUSTRY.
REPORT OF THE McMILLAN COMMITTEE. DIAGNOSIS OF ECONOMIC DIFFICULTIES. NEED OF GREATER CONTROL OVER PRICES. United Press Association. —By Biectno Telegraph.—Copyright. RUGBY. July 13. The report of the McMillan Committee on finance and industry, was published to-day. It states that ■ the economic difficulties of the post- * war decade are primarily due not to the wanton misbehaviour of monetary factors, but to unusually large and rapid changes in nonmonetary phenomena, such as technical changes in manufacture, the embarrassment of Budgets, etc. They recommend an attempt to increase the power of deliberate control over the price level. The committee suggest that central banks should adopt the objective of raising price levels to avoid the stabilisation of prices near the present levels which would be disastrous. Regarding measures to meet the present emergency, the committee suggests that the first step necessary is a greater willingness on the part of creditor countries to buy and lend, and that banking systems themselves should pursue a policy of purchasing securities. —(British Official Wireless.)
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Wairarapa Age, 15 July 1931, Page 5
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169FINANCE & INDUSTRY. Wairarapa Age, 15 July 1931, Page 5
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