853R. J. Shepherd to Harrod, 12 October 1938 [a]

Follows on from 835 R and 849 R. Shepherd forwards a revised draft of the Federation of Master Cotton Spinners' Associations proposed pamphlets on The Trade Recession, [1] and comments: "You will see that part 2 has been radically altered in the light of your criticism of the original draft. We have retained the suggestion that the Exchange Equalisation Account might provide for the forward dealings in foreign exchange because it is the agency which ultimately is responsible for mopping up any excess balance. This does not mean that the Account would supersede the banks and other institutions which now provide this service but rather that, behind these, it would operate as the supreme authority which determined the rates and provided the means to make this effective". He anticipates that the proposal will call forth much criticism, but at the Federation they feel the need to put forward concrete suggestions. Shepherd invites Harrod's to comment upon the revised draft.

  1. 1. "The Trade Recession", by the Federation of Master Cotton Spinners and the Parliamentary Monetary Committee (1938). The drafts do not seem to have survived.
    1. a. From The Federation of Master Cotton Spinners' Associations Ltd., Manchester # , one page TLS, in HP IV-D (Box 35).


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