911R. J. Shepherd to Harrod, 23 June 1939 [a]

Shepherd sends a copy of the first draft of a pamphlet on "National Defence. The Problem of Finance", [1] which was also circulated to the Parliamentary Monetary Committee, and asks for suggestions and criticisms. [2]

  1. 1. The Federation of Master Cotton Spinners' Associations, Ltd., "National Defence. The Problem of Finance", Draft, July 1939, TD, 20 pages plus title page, copy in HP VI-131. The pamphlet addressed "the practical question of whether, and to what extent, the requirements for national defence should be provided by taxation, by loans or by the expansion of currency and credit".

    2. Harrod approved of the draft (Shepherd to Harrod, 28 July 1939, in HP VI-132-161/19). In the same letter, Shepherd commented that Harrod's proposed memorandum for the Parliamentary Monetary Committee--see note 4 to letter 910 R--would help keeping the Committee on the rails). On 3 August Shepherd sent a second draft of the pamphlet, with alterations suggested by Craven-Ellis and Morgan Webb, and asked for further comments (in HP VI-132-161/21). These were sent on 5 August (Shepherd to Harrod, 10 August 1939, in HP VI-132-161/22. In the same letter, Shepherd accepted the point raised by Harrod in his the article on "Conscription of Wealth", that conscription of men should be accompanied by conscription of profit: Harrod 1939:16 ).

    On Harrod's collaboration with the Federation of Master Cotton Spinners' Associations and the Parliamentary Monetary Committee see note 1 to essay 20 .

    1. a. From the Federation of Master Cotton Spinners' Associations, Manchester # , TLS, one page, in HP VI-132-161/15.


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