The second big problem is the substantial overvaluation of the pound sterling.
But if the moral currency of this country stands high to-day, the same unhappily cannot be said of the pound sterling.
We had the announcement made yesterday that the pound sterling is definitely to come on the gold basis.
The pound sterling is now worth 19½ gold marks, but its value has fluctuated during the period over which the payments were spread.
The pound sterling depreciates more than that every couple of months under the present régime.
How can we be accused, in these circumstances, of manoeuvres to undermine the value of the pound sterling as against the dollar?
He said it was vicious to point out that there is a danger to the pound sterling.
No single step can do more to strengthen the pound sterling.
