Mr. Colin F. Campbell, president of the British Bankers'- Association—who presided at the dinner—said that the revaluation of the gold holdings of the Bank of England was a step in the right direction, which brought reality into the Bank Return.
The large sterling profit which had now accrued to the Exchange Equalization Fund was one of the more fortunate effects of our departure from the gold standard but in so far as it was largely the direct outcome of depreciation of sterling in terms of gold together with a very low discount rate, it must be regarded as somewhat fortuitous.
However unlikely it might seem at present, they could visualize circumstances which might result in the operations of the Account resulting less profitably, be added.
Text read from the printed page and cleaned; old type leaves the occasional error.