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 the ghost," and he had certainly done his best for that purpose. But then came the General Election with the Labour Party putting a levy on capital into a prominent place in its programme, and so the sensitive nerves of foreign holders of sterling had another uncomfortable shock. It may be very tiresome that British financial prestige should be thus affected by mistaken apprehensions, but the fact being so, it is evidently necessary for prominent people who discuss our monetary policy to do so with most careful caution and in terms that cannot be misunderstood, unless they believe that financial prestige is an overrated asset that is less important than the objects that they hope to secure.

As it was there has been a good deal of loose talking, quite enough to make the apprehensive foreigner believe that though Mr. Baldwin has effectively laid the inflation ghost as far as he and his Government can control its appearances, there is nevertheless an important body of opinion in this country which would welcome its return, re-embodied in a live and full-blooded doctrine. On October 20, Mr. St. Loe Strachey published in the Spectator, which under his editorship has maintained its great name as a thoughtful and independent leader of English educated opinion, an article