5 MAY 1925
The Socialist Opposition moved the rejection of the Gold Standard Bill in the House of Commons, on the ground that the Chancellor’s “undue precipitancy” might aggravate trade depression and unemployment. Mr Churchill’s reply to the debate was reassuring. There never had been any such step taken, he said, with more careful and laborious preparation. Every precaution which forethought could suggest had been taken. The only thing that would entail a serious and immediate rise in the Bank rate would be the rejection of the Bill, which would destroy our credit in America. The Opposition amendment was rejected, and the Bill passed second reading.
The British Empire Exhibition Guarantee Bill and the Advocates’ Fund (Widows’ Pensions) Order Confirmation Bill were read a first time in the House of Lords.
The Prime Minister, speaking at the Pilgrims’ dinner in London in honour of the United States Ambassador, said he was convinced that events were moving rapidly, both here and in America, towards a better, completer, and more rational understanding of each other’s aims and ideals, and each other’s standards.
The Liberals are to take the field against the Budget proposals. Mr Lloyd George and Sir John Simon will address a public meeting this week.
Sir Samuel Chapman, M.P., speaking at the annual meeting of the Wemyss Unionist Club, Edinburgh, criticised the proposed tax on silk and imported silk.
The Conference on the control of the international trade in arms, munitions, and implements of war was opened at Geneva.
Revolutionary methods have been condemned by the Bengal Provincial Council.