ABSTRACT
The return of the pound to the gold standard was only one, although one of the two most important, of the stabilizations of currencies which took place generally during the years 1924-1925, and which, taken all together, constituted in effect the creation of a new equilibrium in international finance. The actual procedure of stabilizing a currency is simple, if the resources are there. The way in which a government acquires the control of gold or foreign currency sufficient to enable it to stabilize an inflated currency is generally that of a foreign loan. The return to gold is not universal: there are still depreciated currencies which have not been stabilized at all, of which the most prominent at the moment of writing is the French franc.
