The Macmillan Commission was appointed on November 5, 1929, exactly a fortnight after the sensational collapse in the United States had commenced to develop. The Macmillan Report was regarded as demonstrating that whoever was to blame, Britain had nothing with which to reproach herself. The prevalent impression was that the Macmillan Report had recommended that nothing could go really wrong so long as Britain adhered to that effective safeguard against all monetary ills-the gold standard. Movements of gold have ceased of late to have what used to be considered their "normal" effect on the domestic credit policy of certain countries, notably France and the United States. A short space of time to settle down after the exciting events of the summer of 1931 being allowed, the task of pruning the dead wood out of the Macmillan Report was entrusted to the Imperial Conference at Ottawa, due to meet in the summer of 1932.