Word: chamberlaine
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...Neville Chamberlain, the stooped, hawk-nosed and usually dour Chancellor of the British Exchequer, eased tension by declaring with a smile, "Let us not blame anybody. Let us say that circumstances beyond our control wrecked things." Mr. Chamberlain then warned that Great Britain, until last year a so-called "free trade" country, is still in the stage of "constructing tariff walls," ready to take swift reprisal against states which raise theirs higher against British goods...
...priest Laocoon and his two sons once wrestled with snakes which crushed them for the crime of defying Apollo. Recently the London News Chronicle, which favors cartoons of classic inspiration, printed a Laocoon group (see cut) in which the currency serpents coil around British Chancellor of the Exchequer Neville Chamberlain, James M. Cox, U. S. Delegate and Chairman of the World Conference Monetary Committee, and French Finance Minister Georges Bonnet. Last week, a few hours after the Conference adjourned (see p. 16), Chancellor Chamberlain was able to issue a joint declaration by the Mother Country and all dominions except...
Throughout the Conference, dominion delegates eager for a little "inflationary Roosevelt prosperity" in their own lands have been pressing Chancellor Chamberlain to hitch Empire currencies in multiple harness with the dollar (TIME. July 24). Quietly Mr. Chamberlain took offices across the way from the World Conference, placed himself at the disposal of dominion delegates and proceeded to argue them down. The final session lasted 90 minutes, ended in an Empire Declaration pledging the Mother Country, Australia, Canada, India, New Zealand and South Africa to strive for: 1) A further rise in Empire wholesale prices to be stimulated by Empire Government...
...loophole, in case the Empire countries should eventually desire to embark on Rooseveltian finance, Chancellor Chamberlain, who continued to keep sterling steady against the French franc and other European gold standard currencies last week, inserted in the declaration that "the United Kingdom Government has no commitments to other countries regarding the future management of sterling and retains complete freedom of action in this respect...
...their own money lower. Technically the rise of the dollar and the fall of sterling was supposed to have resulted from the fact that U. S. holders of the 5½% British bonds sold sterling short last week at the current market rate of $4.85, knowing that through Mr. Chamberlain's bond conversion they would be able to cover at $3.85. Short sales of course depressed the pound, buoyed the dollar...