242 THE CURRENCY REPORT

do not work. If the machine is to be set moving, it
can only be dope by close co-operation between the
Bank of England and the other banks which have
grown by amalgamation into institutions the size
of which seem likely to make the task of central
control more difficult than ever. On this important
point the Committee is curiously silent. But it
recommends the adoption of a suggestion made by a
Committee of Bankers, who proposed that banks
should in future be required " to publish a monthly
statement showing the average of their weekly
balance-sheets during the month." (Will this
requisition appl^\u the Bank of England ?) This is
a welcome suggestion as far as it goes, but unless
something is dcoet., co-operative action to make the
Mnk rate more automatic in its influence on the
actions of the other banks, the difficulty of making it
effective seems likely to be considerable.

Getting the currency right is a most important
matter for the future of our financial position.
Another is the question of our debt to foreigners.
Most of this debt we owe to America, and we only
owe it because we had to finance our Allies, We
surely ought to be able to arrange with America that
anything that we have to do in giving our Allies time
before asking for repayment they also should do for
us—within limits, say, up to thirty years. In view
of all that they have made and we have lost by this
war waged for the cause of all mankind, this would
seem to be a^ reasonable concession on America's
part.