Cunliffe Committee on Currency and Foreign Exchanges after the War*
My Lords and Sir,
1 We have the honour to present herewith an interim report on certain of the matters referred to us in January last. In this report we attempt to indicate the broad lines on which we think the serious currency difficulties which will confront this country at the end of the war should be dealt with. The difficulties which will arise in connection with the foreign exchanges will be no less grave, but we do not think that any recommendations as to the emergency expedients which may have to be adopted in the period immediately following the conclusion of peace can usefully be made until the end of the war is clearly in sight and a more definite opinion can be formed as to the conditions which will then prevail. We propose also to deal in a later report with questions affecting the constitution and management of the Bank of England, and with the applicability of the recommendations contained in this report to Scotland and Ireland, in regard to which we have not yet taken evidence. We have therefore confined our inquiry for the present to the broad principles upon which the currency should be regulated. We have had the advantage of consultation with the Bank of
* From Cd. 9182, London, HMSO, 1918, pp. 3-7, 11-12, abridged.