ABSTRACT
ENDEAVOURS to reconstruct an international monetary system after the break-down of the gold standard in September 1931 could have had a reasonable hope of success only if an understanding were reached between the two leading powers of the world economy, England and the United States. In May 1932 the British Government sounded the Government of the United States as to their views on a proposal for an economic conference. The answer was favourable, with the reservation that War debts should not be included in the discussions. Action had, however, to be postponed as the summer was occupied by the Lausanne Conference; and when the autumn set in it was found that the American elections made a further postponement necessary. According to the monthly letter of the National City Bank (June 1933), the American Government ‘continued to lend its sympathy to the venture, and in October 1932 appointed two distinguished American economists to serve as representatives from this country’ on the Preparatory Commission of Experts.
