Word: snowden
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Dates: during 1930-1939
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Intrinsic Sterling. On international exchange the British pound hovered between $3.85 and $3.95 last week, ceased its wild gyrations of last fortnight. In the House of Commons tight-lipped Chancellor of the Exchequer Philip Snowden was asked at question hour: "What steps does His Majesty's Government propose to take to prevent foreigners from speculating in sterling exchange...
Mere talk if another had uttered them, these Snowden words spread confidence. It was known that the Bank of France, holder of some $125,000,000 in London, was leaving this asset "frozen" and attempting no withdrawals. This policy, French bankers said, had in turn caused the Bank of France to draw gold from Manhattan until the London situation should clear...
Britons with their pound off gold and on a paper basis, thrilled by the million at Philip Snowden's solemn assurance that sterling still has an intrinsic value...
...Snowden, prowling last week in search of an economy that would not touch the poor, found what he wanted in Britain's diplomatic service, pruned the pay of Ambassadors and Ministers...
...Philip Snowden, a final throwing overboard of his last Socialist principles, a break with countless friends...