I am sure that we can argue this with our partners in the Community and that they will comprehend that, whereas it is possible for the smaller currencies to join the monetary system in the confidence that the fund will see them through Any Foreseeable Crisis, in London speculating against sterling will have to continue to be carried on the rate and the system will have to make some allowance for that fact if sterling is to remain in it.

As the industry has lurched deeper into this wholly Foreseeable Crisis, the Government have been quick to come up with expressions of sympathy, but noticeably reluctant to take any decisive action.