London, Sept. 21.
One of the repercussions, of the Government's decision regarding the gold standard has been a general Provement in commodity prices, Rubber was active, the spot price rising to 24 pence a Ib, against 25/16 on Saturday.
The metal markets and the quotations in other commodities have also improved substantially, Price of futures on the Liverpool "Cotton Bxchange rose halfpenny Ib. At. the ince the sensational just over four pence a Ib, which i is opening, the price being, there fore, {fall on. August 10.
The increases are regarded as natural following the advance in the bank rate—Reuter, cellor of the Exchequer in a bron feast address to the people of Bri explanation of the Government' drastic move in coming temper off the gold standard, Expressing confidence that the common-sense and courage of the British people will carry them through, the Chancellor stated that the country would come out of the crisis "stronger and more Prosperous than before."
Wille Britain was calm on the surface and there was little app ent reaction to. the Government move, there were wide repercussion im the markets of the world. Ten-doneies "to. become. panicky were checked: by the closing. of stock. €x-changes in many financial centres.
London, Sept, 21.
While the Premier, Mr, Ramsay MacDonald, found time to make a speech to-day in connection with the Faraday centenary, the Chan cellor of the Exchequer, Mr, Philip Snowden, took upon himself the task fof delivering to the motion. a mss age on the economic situation, Speaking into a microphone specially installed at No. 11 Downs Ingestreet, the Chancellor told—his listeners to gird themselves for the economic fray with cheerfulness, for sterling would not go the way of the mark and franc.
The British Budget, he declared, was now the most seetrely balanced Budget in the world and there was
tation, and though the value of longer any rik of Internat sterling might fall in terms of for-ign currency, the people of Britain could feel assured that the extent of the fall would be limited, © The result, in all likelihood, would be that they, Would have'to pay a higher price for the things—they bought abroad.
Mr, Snowden then si "Imported foodstuffs and raw materials enter so largely into the articles we consume that we must expect to see over the next few months some rise in the cost of imported rods, but the rise is not ikely to be very large. So far as [the great mass of cerned, that really, worst we people are, con have to fear 'T want to say mesh emphatically," Mr, Snowden added, "that there is not the slightest cause for the least anxiety about the money. you have in banks or savings banks: it is perfectly safe. Avoid panic—panic can spread without reason, with serious consequences.
"The Government has made haustive inquiries to-day and find that we are well stocked in the country with supplies of all the sential of life, and there is not the least danger of a shortage of food or anything else. There is not the sughest justification for any rise in prices at_ present, "The crisis is far more duo to troubles in other countries than in our own. Britain hi financial ind banking system the _strongth and. soundness of which is above suspicion. No one anywhere in the world has the slightest fear that the leading British banks will be unable to meet their obligations fully, but that is not true of all the banks abroad, where bank failures re common occurrences. Foreign auks, fearful of their own posie tion, have been removing the money, hey deposited in London.
"Let us keep cool heads and steady nerves. The man who ate tempts to profiteer commits a particularly contemptible crime" Which will be sharply dealt with, Star" ling is not going to get out of hand. We still have large resources which can be employed to check an exsesive fall. The pound may remain little while below the level to which will recover later, and anyone trying ¢9 sell pounds for foreign our rency will probably find that ho. will lore on the transaction, We anticipate no serious developments but the Government is determined to leave nothing to chance. We are prepared for ever possible contingency. Britain. will emerge from the crisis as she emerged from graver emergencies, namely, stronger and more prosper= ous than before.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.