Here now comes in the British pound sterling and the great services it has performed to maintain stability of world prices. The sterling currency, or the money of British administration, by reason of the latter's capacity, integrity and solid virtues, commanded universal confidence. It led the way, therefore, in the break with the tyranny of gold. That having proved effective, and prosperity and trade returning' to Great Britain, it was followed, of a necessity, by the other most powerful medium of exchange—the dollar of the great United States.
In the case of the latter, it gravity ated to the same result by reason of the circumstance of the great world depression. Prices there, in sympathy with those everywhere else, also fell causing an unbearable and unfair burden on the debtor-class. This had to be rectified and because of the danger of competitive depreciation, Sterling and the U. S. dollar were put back to their old pre-War parities, And these two—the most powerful media of exchange—later added to by the franc, vastly expanded the area of stable money and international world trade, "What of the Future" ing now to the third and final m, "What, of the future?" that lies in/the capacity of the triangul group, Britain, America and France, to severally and com-pinedly, when faced with the peril of war. Obviously, if they were to act together, in union, the three would constitute the most "terrifying force" against aggression, and be able to preserve a civilization which has hitherto brought the greatest good to the greatest number, and can confer the stability of permanence and the blessing of a bloodless evolution to all phases of life, economic, financial and otherwise.
The whole system of econom which consists of production, dist bution and consumption, is best served by stability in prices both internal and external, In this respect. gold under the old method of usage, failed. Managed currency, anchored to gold. end managed in such a manner that there is little scope for dishonesty, and moulded so that price level and not gold becomes the real standard of value, is a finer instrument for national and world prosperity than the pre-War gold standard. Later, there will possibly be a return to gold in a form that will be an enormous improvement over the old relationship,
Text read from the printed page and cleaned; old type leaves the occasional error.