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CHAR 18/40 Official: Treasury: Budget 1927-1928: Treasury memoranda and tables, used in the production of the Budget.

  Reference Description Date range  
CHAR 18/40/55-58

Memorandum from WSC to Sir Otto Niemeyer [Controller of Finance, Treasury] marked "Private &Personal To be returned" on subjects including: conversion; the addition of £37 million to the national debt; contrast to the freedom from debt in Germany and France; and WSC's view that the Treasury will be criticised for favouring a 'rentier' class over 'social, moral or manufacturing' interests. He ends by asking Niemeyer to prepare proposals for using forced loans and government bonds as part of taxation to reduce the debt.

Typescript with manuscript amendments by WSC, signed with initials.

6 folios
26 Jan 1927
CHAR 18/40/62

Subjects covered include: economic conditions in the United States; trade; the impact of monetary policy; Bank of England policy and the gold standard; and the financial situation of the Midland Bank.


1 pamphlet ([1], 2-37 [3])
28 Jan 1927
CHAR 18/40/68-74

Memorandum from Sir Otto Niemeyer [Controller of Finance, Treasury] to WSC enclosing newspaper cuttings and an extract from the Cunliffe Committee report as background information about [Reginald] McKenna's Federal Reserve theory and summarising the reasons for his opposition to the proposals.

Typescript signed with initials

7 folios
1918-Feb 1927
CHAR 18/40/75

Letter from John Maynard Keynes [later Lord Keynes] (King's College, Cambridge) to the Chancellor of the Exchequer [WSC] enclosing his annual article on monetary policy [see CHAR 18/40/76-77] and commenting that he has been enjoying WSC's book extracts in the Times [a reference to the serialisation of The World Crisis].

Signed manuscript. Annotated on the back "Mr Hawtrey [Ralph Hawtrey, Director of Financial Enquiries]. Let me have your views. WSC"

1 folio
10 Feb 1927
CHAR 18/40/76-77

Article from "The Nation &Athenaum" on statements by the Chairmen of the banks, particularly [Reginald] McKenna [Chairman, Midland Bank] on monetary policy and observations on the United States, the need for change in the Bank of England's policy and the gold standard.


2 folios
12 Feb 1927
CHAR 18/40/78-86

Memorandum by Ralph Hawtrey [Director of Financial Enquiries] to WSC about John Maynard Keynes' article [CHAR 18/40/76-77] on the views of [Reginald McKenna, Chairman, Midland Bank, see CHAR 18/40/62] covering various subjects including: relations between price levels; Keynes' figures and figures on wages, prices and cost of living; falling prices and credit contraction; economic depression; Keynes' proposal to divert labour and capital away from export.

Typescript signed with initials.

9 folios
18 Feb 1927