RESTORATION 
109 
latter part of 1923 and January, 1924, the pound and 
gold gradually approximated, until early in 1925 98} 
per cent. was reached. 
Inducement to shrink no longer from the final 
plunge was then furnished by the decision of South 
Africa to adopt the report of Professor Kemmerer and 
Mr. Vissering and return to the gold standard on 
July 1. It was not to be expect-1 that London could 
view with equani~"  '" >=n~~* of continuing on 
a paper stand: 2 Dominion with a 
mint of its own ~koning in gold 
sovereigns. 
Accordingly Mr. Cire; , as Chancellor of the 
Exchequer, announ- ' = is Budget speech at the 
end of April that the “-ea~-~ would henceforth allow 
the Bank of I'~~!-~ ~~~  fresdom to export coin 
and bullion. Ac -=darstcod that the Bank 
was willing to e=>. . =2r-scary, this at once de- 
stroyed the basis on hich *1e paper standard rested 
(as explained on pp. 53, 54) and restored the gold 
standard. The pound once more became identical in 
value with a sovereign which could be freely exported. 
The subsequent legislation of 1925 (for which see the 
Appendix, p. +.) made no practical difference. 
It is sometimes questioned whether if the Cunliffe 
Committee had foreseen the subsequent depression 
and unemployment, th» would have made the 
recommendation they ci. They must answer for 
themselves. Yer -- own uri, I find in a memoran- 
dum advocatin;, . needy return to the pre-war 
gold standard wich. .. circulated to some friends at 
the end of ~~7q the f llowing, ‘It is not contended 
that arester. ..vn« ° Dound toits former gold value, 
or even a am «» continued depreciation, can 
be alall. | “..o semi temporary stringency in 
the mone; merket . id ol her inconveniences. But 
these inconveniences must ~~ ~~garl 7 in the same 
i