'Tum Forum: or Monsrany Poucy A Ro~ port on' International Monetary Problems by a Group of the Royal Insitute. of International Affairs. Qasord" University "Press, London 'This Report is the second produces by ule Instiute of International Affairs dealing with international monetary' problems. It may alled. that the frst Report dealt with the depression and' attempted provide an introduction thereby to 2 selentifie s.udy of monetary Policies. The present study, as Sovered inthe volume now. under standard Central Hanks would not Feeelve or pay out gold or silver alone. but only quantities of metal composed of gold and silver' in certain Axed, Dorportions. This" theoretically workable asthe. gold. standard, provided it ts universally adopted. But this last proviso makes the whole: subject somewhat academic.
But silver, of course, plays a very small part in the discussions covered by these 213 pages. 'The Group' conclusions on the working of In. ternational monetary policies may he conveniently assessed by refer-fence to its final summary wherein is stated:
Feview, indicates the directions conclusions reached by the students Fegarding policy generally. In. iwo chapters on Uluimate Objectives and ShorwTerm Policy the Group attempt to show not only the ground Which its members have in common, Dut also' the differences of opinion which divide them on certain ma-
{orlal pains. The Report. then proceeds fo more detailed examination all that is involved in the mone. tary problem. The second part of the book analyses and discusses: the relations of a monetary system economic activity, who @ third. part deals with" the inter-relationship of monetary systems in the world. The effect of this arrangement is to set faut the views of the Group on ques-tons ox policy and then to consider the monetary systems, first a5. pre servers of internal economic sabliity, and secondly, as preservers of stability in lnternationaltransae~ tons 'The Group has as chairman sir Charley Addis and' the following fare members; Mr. C. I. C, Bosane there' is no doubt that much of It was unsatisfactory. Tavestments seem une duly to have taken the form of the purchase of fixed-interest Governmental obligations, and many of them Seem to have been made without due Fegard to economic purposes.
specialization ona world basis 4s'to continue, provision wil have %2 made for countries which concen: Ware on. particular' products and Which "consequently are especially Vulnerable" with any change' which ubstantialty alters the demand for heir exports. "The technique will vary the. country is experiencing temporary setback, or #f it ts suffering from. permanent al adjustment. In the former case efforts should be con-Centrated on maintaining the existing position" through short-term and medium-term lending, tin the latter, the writing down of past debts a the provision of fresh capital in order to bulld up mew compensatory: forms quet; Mr. RG, Glenday; Mr, N. Hall; Mr, RF, Harrod; Mr. H. D. Henderson; Major the Rt Hon. J. W. Hills, MP Mr. O.-R. Hobson: "Mr. Tales Menken; F, W. Pethick-Lavrenee; Mr. D. H. Robertson; Commander Stepten King-Hall (Seeretary, Study Groups Dept); Mr. A TK. Grant (Group Secretary), This Sulciently indicates the authority with which this publication is issued.
Naturally the reader in China will Wonder what the Group has had say about silver, and certain passages of the book are worth eating!
The constant pressure in the United slates "onthe Government to do] something for silver has thrown silver {nto the lmellght. As- more. misconceptions centre around "the. question liver than around nimest any ther eaton ing out Of monetary {Bevout of place, although. the matter icy few. general remarks may
fas largely outside the acope Of this "The most common misconception, Is that which looks to And finally it is useful to know that the Group repudiates the notion that there is anything like an automatic currency system. Tt de-lares that all currency systems are managed in one form or, another, Dut the possibility of working any International system will depend on how far it can provide for particular countries' economic security against the impact of change—Ex.
Text read from the printed page and cleaned; old type leaves the occasional error.