ABSTRACT
The City of London made no serious attempt to prevent the Socialists from succeeding the Conservatives in office in accordance with the regular routine in 1929. Of the members of the previous Socialist Cabinet, one alone, Colonel Wedgwood, had indulged in any radical criticisms of the financial system. He was omitted from the new ministry. There returned to the Treasury Mr. Philip Snowden (as he then was) a man hardly balanced in the fanaticism of his devotion to the gold standard or in his utter inability to understand what that standard was.
