The Recovery of Sterling Yesterday sterling touched the! highest point it has reached since the post-war slump, being quoted at 480 in relation' to the U. 8. dollar, This is just slightly above tone per cent. below parity, and so striking is the position in comparison with a year ago even, that people are beginning to ask themselves whether it can possibly be maintained, That resolves itself into a further question, whether exchange is being artificially "pegged" or whether this is a genuine level brought about by the soundness of Britain's financial position. When the question of bringing the pound back to. parity was brought finitely before the public a fortnight ago we declined to believe men of the standing of the Governor of the Bank of England would consider for a moment any artificial stimulus towards. its recovery such as "pegging"—a very proper and useful method in an emergency such as war but at any other time fatal. Then there was the information to hand that Great Britain was no longer lending her surplus cash to foreign nations, as she is in the habit of doing, but apparently conserving it for a definite purpose, as it now tra pires for the' rehabilitation of sterling. If this is actually how it is being utilized, the answer to the question above mentioned is that there should be no great fears of any relapse in the pound's value, granted always that a consistent policy is pursued accompanied by stability in government. What has happened in there past days is a striking commentary on the respective value of two particular sets fof political opinion. The Labour Government proposed lending 40 millions of British money to Russia fon the most doubtful security, whereas the Conservative Govern: ment uses what it has to restore lly undertook an advance called for by his superiors. The list of sacrifices of reputation in warfare Jeould be prolonged indefinitely, and we believe that history will include Kuropatkin's name in it.
Text read from the printed page and cleaned; old type leaves the occasional error.