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 abroad, of a mere mistaken suspicion which made them believe that in order to cure unemployment, this country was going to adopt a policy of inflation.

This misapprehension was caused by some observations made by Sir Montague Barlow, Minister of Labour, in a speech at Nottingham on October 9. As reported by the Daily Telegraph of the following day he said: "I see it was announced in one of the papers yesterday that I was going to inaugurate and press on an immense scheme of inflation of one hundred millions sterling, and so on. Such a scheme has been put forward by no less an authority than the Chairman of Barclay's Bank, bearing the honoured name of Goodenough, and such a scheme is worth consideration, but I cannot myself plead guilty to being its author. All I can pledge you is this—that we are at work," etc. etc. It should at once be noted on the authority of Barclay's Bank's monthly review for November, that "Mr. Goodenough had not at any time made any such suggestion. Mr. Goodenough has been a persistent and steady opponent of inflation since the Armistice."

Commenting on October 17 on the sharp and sudden fall in the dollar value of the pound sterling that had followed the publication of