Proceeding, the Chancellor of the Exchequer dealt with a suggestion for attempting stabilizing of values Ibetween the pound and dollar, Het Ihe said, the question we Revel at which stabilization showd be leftected. The stabilization, on a com= mon international standard. of currency. would be very helpful.
"We all hope it may be but we ourselves have made the best con-[tribution in the circumstances by stabilizing sterling in the sterling tarea, and the policy followed th has achieved a very Imeasure of success. Level land those countries linked with st Ing, have remained very stable for three years and the exchange of goods fand trade. showed very. gratifying: Increase at a time when international trade was generally inclined to At present, sterling had on one side the gold bloc and on the other ithe dollar, also on the gold standard. The real -dimiculty was that the dollar and the franc were not {harmonious relationship. In con~ jeequence of this disharmony, the pound, which stood between the two was dear in terms of dollars, but not \s0 dear in francs.
"The present freedom to move in: leither Girection and thus achieve a fairly, stable position for the pound would be lost if they had stabilization. The attempt to stabilize, while Jdisharmony existed, would result in position where they had to, £0 off gold or follow the policy of inflam tion.
Tu the present circumstances, they could not afford the risk involved in Stabilization and thus rob themselves of freedom to move the pound as Fequired. They must wait until Jsuch a change in price level as would bring the dollar and franc into great harmony with one another—a position which, he understood, the United States Administration wished bring about and in which he [wished them all possible success.
Mining Royalties Other questions raised during the Jdebate, to. which the Chancellor of ithe Exchequer referred, was that of the unification of mining royalties.
He believed it would solve a dificult problem and facilitate economic development of coal-mining in Bri= tain, and: its careful investigation was lat present proceeding. In regard to roads development as as measure for absorbing unemployment. he thought quite enough had been spent in proportion to the country's income and ithe poorest members of society in big towns and was satisfied this was the lonly way of solving over-crowding.
The local authorities, who would have no difficulty in raising loans at Imarket rates, were the right people deal with this. The Government's part "was to create conditions which the money borrowed would spent. Last year, in England and Wales "alone, private enterprise, largely because of cheap money con-
Text read from the printed page and cleaned; old type leaves the occasional error.