Word: snowden
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...that short-term French credits in London last week almost equalled the gold reserve of the Bank of England, that the Old Lady must be ready to meet any sudden French demand, that she faces moreover two major Empire monetary problems: 1) Chancellor of the Exchequer Rt. Hon. Philip Snowden's reputed intent to convert a huge part of the $48,000,000,000 British 5% War bonds now outstanding, paying off the holders with the proceeds of a loan floated on current "cheap money" at a lower rate of interest; and 2) the imminent need in Australia...
Goaded, Scot MacDonald made his most important public statement in recent months. He revealed that the Labor Cabinet, dominated by Free-Trader Philip Snowden, has decided to refuse the dominion prime ministers' demand that Great Britain lay a tariff on non-Empire foodstuffs, such a tariff being intended to result in larger purchases of foodstuffs by the Mother Country from her dominions. Briefly, momentously the Prime Minister said...
Meanwhile the cabinet, just 24 hours before Conservative Baldwin was scheduled to do the same thing, suddenly came out with a scheme for "guaranteed food purchases from the Dominions through British quota boards." Chancellor of the Exchequer Philip Snowden was credited with thus smartly stealing the enemy's thunder. But nobody seemed to think that even "Phil" himself wholeheartedly approves of this merely expedient scheme...
...were feasible it might solve very prettily the Labor party's problem of how to appease the Dominions and win reciprocal trade concessions from them without embarking on a tariff policy to which so many Laborites are opposed -but in London last week several Dominion representatives called the Snowden scheme a "quack panacea," expressed the belief that it envisions a form of interference with the laws of supply and demand by "meddling quota boards" so complex as to be unworkable...
Greater interest than has been felt in years centred on the government declaration to be read to the Lords and Commons by the King-Emperor in his "Speech from the Throne"-actually written last week by Messrs. MacDonald and Snowden in council. As though for a zero hour, the Empire braced itself for the gorgeous moment next week when King George V and Queen Mary would sally from the robing room of the House of Lords (see cover), when His Majesty would signalize the momentous rebirth of the Mother of Parliaments by the gracious words, "My Lords, pray be seated...