Word: cunliff
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...period of inflation; 2) absolute maintenance of the pound on a gold basis once deflation was achieved (TIME, May 4, 1925). Under Governor Norman's aegis a gold reserve of £150,000,000, in the vaults of the Bank of England, was inaugurated, on the advice of the Cunliff Currency Commission that such a reserve was "desirable" (i. e. indispensable in the Commission's opinion) if the gold parity of the pound was to be maintained. The seriousness of the situation, last week, may be judged from the fact that for the first time since the Cunliff Minimum...
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