Increased Rate Only Means of Restoring Exchanges London, Oct. 1.
That the increased Bank rate would intensify the Government's Aiffculties was a point emphasized by Sir Oswald Mosley, the Chaneellor of the Duchy of Lancaster, in a speech at Have to-day.
He declared that the Bank of England, with its present power, could deprive two men of work for every one the Government provided with employment. The' Labour Party's policy in connection with hose matters was, ko stated, now supported by some of the leading. organizations in the City. He be-Heved: it possible to control er without endangering the financial stability of the country.
Oct. 8, Mr, Philip Snowden, the Eh cellor of the Exchequer, addressing the Labour Conference at Brighton today, defended the Bank of Eng-Jand's increase in the bank ra the only means available to restore the unfavourable exchanges and to Fogulate the basis of credit.
Ho announced that he was establishing a committee to inquire into the relations between industry and finance, The committee, he said, would have wide terms of reference and be able to investigate all aspects of banking, finance and credit policies.
Mr. Snowden emphasized that the Treasury was not responsible for the rise in the Bank Rate, The responsibility for the rise, he said, rested with the Bank of England, Referring to the gold standard he said that everyone admitted that] now the gold standard was univer-fanily established it-most be maintain fed "until man's wisdom devised some better substitute for it"
Call Money at 12 per cent.
Reviewing world financial conditions, Mr. Snowden alluded to, the perfect orgy of speculation in New York" during the past year where call money was as high as 12 per wont, attracting money from Britain, while Germany, which had practic ly been rebuilt during the past! lécade, had also absorbed foreign money at a high interest, Mr. Snowden hoped that the International Bank under the Young Plan would-be able to devise some use of gold. must see if something can be done within our own control, said' that the establishment of the Committee of Inquiry did snot imply a. reflection on British financial institutions which were for their soundness. and probity.
yinment throughout the world
Alluding to the Harry case, the Chancellor foreshadowed an amendment strengthening company law the light of investigations made: by the Board of Trade and the
Text read from the printed page and cleaned; old type leaves the occasional error.