Word: macmillan
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...they promised to be a far different kind of affair. After Parliament adjourned in May Premier Bennett, rich and pious Anglophile, often mentioned as candidate for a British peerage, was in London at the Economic Conference. There he got a famed Scotsman to head his banking commission: Hugh Pattison MacMillan, Baron of Aberfeldy...
...tyro at financial surveys is Lord MacMillan. Son of a Presbyterian parson, now 60, bald, gaunt, spectacled, with a mouthful of false teeth, he rose to eminence by Scotch frugality and toil through his profession, the law. Famed for his brilliant, resourceful mind, his shrewd humor, he is today Chairman of the Court of the University of London, a Peer, a member of Britain's Privy Council (Supreme HUGH PATTISOX MACMILLAN He repulsed a monstrous suggestion. Court). Heading commissions has been his forte: the Royal Commission on Lunacy and Mental Disorder in 1924, the Home Office Committee on Street...
...Lord MacMillan's most publicized job was as Chairman of the British Treasury Committee on Finance & Industry where he presided over 13 colleagues including Reginald McKenna and John Maynard Keynes. The report issued by that committee is famed among economists. A 300-page volume which cost ?1,050 to prepare, ?580 to publish, and was priced at five shillings the copy, it became a bestseller, the only Blue Book ever published by the British Government which netted a profit. Coming out in 1931 it declared: "Our objectives should be ... first of all to raise prices a long way above...
...muckraking expedition will Lord MacMillan conduct. Last week in Vancouver, when raucous Barrister McGeer implied that the Commission was being paid to entrench the established banking system in Canada, the Scots Lord dropped his tactful manner, declared it "a monstrous suggestion." (The Commission gets no pay, only expenses.) Chief problem before the Commission is whether to recommend establishment of a central bank in Canada. "Nationalization of credit" and other radical experiments are not likely to appeal to its economically cautious members...
...argue that the New Deal should get no credit, that recovery in the U.S. started of its own accord, point to Canada with some reason. Other U.S. businessmen who fearful of inflation, talk of moving to less experimental Canada would do well to wait and watch. As Lord MacMillan and his colleagues last week found in the Canadian Northwest, economic radicalism is not dead in Canada. With or without conservative Premier Bennett in power, a Canadian "new deal" may be successfully agitated, with a national recovery act like NRA to speed things...