The stream of bank closing tinues. The City Bank of Miami Beach did not open to-day, following yesterday's xun on the City Nation al Bank of Miami Malvy, president -of the Finance Committee of the Chamber of] cgnr@qurimall banks in Hartford, except monetary wisdom—favouring fan era of commercial prosperity. The explanation of this anomaly," hho adds, "is that the machinery for handling and distributing the product of labour has proved quite inadequate The gold standard, which was adopted with a view to obtaining stability of price, has failed in its main function."
Viscount D'Abernon emphasizes that gold, to provide stability, must be intelligently and skilfully handled. "This has not been forthcoming in many countries and therefore grave trouble has already occurred and more serious trouble, both economic and political, threatens."
Tu conclusion, Viscount D'Aber-non expresses' the opinion that] there will be no lasting remedy until attention is concentrated on currency and credit. He believes that joint action between the principal] gold using countries of the world would result in an immediate improvement. "Appropriate, decisions by the larger central banks," _he Is, "could modify the world econemic situation within 2 month."—
Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.