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Letter from Lord Boothby to Lord Pethick-Lawrence

1 Eaton Square, [London].—Explains why he considers the amount of international monetary reserves inadequate, and suggests remedies.

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Transcript

1 Eaton Square.
March 20, 1961.

Dear Pethick,

Thank you for your letter.

I am sorry my debate {1} had to be postponed until March 28, but the Government rightly wanted it taken as a separate subject.

My point is that the amount of international monetary reserves are inadequate to support the ever-growing volume of production and trade in the free world; with the result that the two great international currencies, the dollar and sterling, are under alternate but continuous pressure.

After the war it was assumed—by all except Keynes—that we could rely upon increased gold production and continued growth in holdings of dollars and pounds sterling. This has proved a false assumption. The total amount of funds capable of international movement is now very large indeed, compared to our reserves and IMF drawing rights. And it is this vulnerability that has caused us to adopt what has been described as the “Stop-and-go” policy of recent years, with disastrous effects upon our own economic growth and productivity.

The truth is that the price paid at Bretton Woods for fixed exchanges was supposed to be adequate international monetary reserves; and, owing to the rejection of Keynes’s scheme for the creation of international money in the form of “Bancor”, the necessary reserves were not in fact provided. The monetary system of the free world is therefore obsolete.

Various remedies have been propounded, and I shall touch on some of them.

A rise in the price of gold (now pegged at a wholly artificial level) is obviously one. But it would not be permanent; and I think that at present it is politically impossible.

It is, however, not insuperably difficult to devise means of creating more international liquidity and of converting present holdings of national reserve currencies—sterling and dollars—into holdings of reserves with international backing.

The culmination of a radical revision of the international monetary system should, in my view, be the transformation of the International Monetary Fund into an international central bank, the deposits of which would be an international currency on the lines of Keynes’s “Bancor”. This could be achieved in successive stages; but would ultimately require a revision of the Bretton Woods Charter. The main objective is a reorganisation of the international financial system designed to facilitate economic growth, and to remove the constant threat to balances of payment caused by the movement of “hot” money.

I therefore intend to ask for an international economic conference to consider the whole problem. And I am encouraged by the fact that the Radcliffe Committee saw “great merit in the proposal for a transformation of the I.M.F. into an international central bank”; and that President Kennedy said in his Inaugural Address, “We must now, in co-operation with other lending countries, begin to consider ways in which the international monetary institutions—especially the International Monetary Fund—can be strengthened and more effectively utilised, both in furnishing needed increases in reserves, and in providing the flexibility required to support a healthy and growing world economy”.

I do not know how many speakers there will be. But Derick Amory, Robbins and Bob Brand are certainties. Walter Monckton will be there. And I am hoping to persuade Cyril Radcliffe to do his duty!
It should be an interesting debate on a topic which, in my belief, is of major importance—perhaps the most important of all.

Yours ever,
Bob B.

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Letter-head of the House of Lords. At the head have been written ‘File.’ and ‘620’.

{1} A debate on ‘International Liquidity in the Free World’. See Parliamentary Debates (Hansard): House of Lords, vol. ccxxx, pp. 51–107.

Letter from Emmeline Pethick to F. W. Lawrence

20 Somerset Terrace, Duke’s Road, W.C.—Encloses a draft manifesto. Suggests he write a letter to take advantage of the Daily News’s effort to ‘work up’ Merriman and Sauer. Discusses arrangements for going to the theatre and the opera, and refers to Club activities.

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Transcript

20 Somerset Terr. | Dukes Rd W.C.
16. 5. 01 {1}

Dear Mr Lawrence.

I enclose my draft: The point is to be comprehensive—& yet so far as possible, definite: I just send it for what it is worth—without waiting to show it to Mary even.

I see that there is an effort in Daily News to work up Merriman & Sauer even at the 11th hour—This ought to be made the most of. Can you write a letter by way of doing the very first next thing—& can we turn anybody on to the question. Can we get a little bit of “go” into the S. A Conciliation Talk to Percy—will you? I dont think his name ought to be used at the foot of a letter or publicly unless we really want it: because he has so much that is not his to lose: (you will understand just how far I think that this consideration weighs—)

We had a sweet day yesterday “round the billy fire”, Mary & Mac & “Katimole”, & my “Sweetest of All”, whose 7th birthday it was. I came home to the Club & then was too tired to do more than look at your Manifesto.

I am going this afternoon with dear Brother Jack to “Pelleas & Melisande” {2}. The angel never dreams of going anywhere without taking us along too!

By the way, I want to hear “The Walküre”, & you never know to a day or two when it is coming on at Covent Garden. You have simply to watch the papers & make a rush for the tickets. I am taking Emma Rozier (who lost her little sister last Friday). Shall I take a third ticket for you on spec: they cost 10/6. It is the one you want to hear. I daresay somebody else would take it if you couldn’t come.

One thing more. I want the children to have a very happy time at Canning Town on Sat. week (25th). I want them to come to the Residence to tea about 4.30. They love parties & I am consumed with the desire to give them every mortal thing they want. You know they are no trouble to entertain—they are not ordinary children, are they?—so keen, & so gentle. Of course I am writing to Percy, but I want you to be there, if you can possibly manage it.

Yes, I admire Miss Octavia Hill’s work very much—also above & beyond her accomplishment she was a pioneer, & that means the original mind & the heroic temper. I feel that I have heaps to talk to you about, but I may be wrong, it is only a vague impression!

Sincerely yours
Emmeline Pethick

P.S. Mac has just come in, & Mary. They approve of my draft.

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{1} ‘16’ altered from ‘15’.

{2} Mrs Patrick Campbell revived Maeterlinck’s play, with music by Fauré, for five mat-inees at the Royalty Theatre from 13 to 17 May (Monday to Friday). See The Times, 13 May 1901, p. 7.

Letter from F. W. Pethick-Lawrence to Emmeline Pethick-Lawrence

‘The Echo’ Office, 19 St Bride Street, Fleet Street, E.C.—Sends a welcome to await her on her arrival in Egypt.

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Transcript

‘The Echo’ Office, 19 St Bride Street, Fleet Street, E.C.
Oct 26 1904 {1}

So you will expect “a word of welcome from you boy to await you”—thts† what you said last night—Ah but your boy had it in his heart before tht†; you don’t suppose tht† when his Mums goes away, the laddie doesn’t make all preparations: you don’t suppose he doesn’t care do you girlie. Why course he does & a great hug “prevents” e & follows e.

“Mena House”. May it be a sweet place to e, little one, while you are there, and a dear memory afterwards. Here awaits your laddie’s Welcome.

Welcome girlie to Egypt, welcome to all the entrancing wonders of the East, & to the mysteries of ages, to the records of thousands of years of human thought & human toil & human love.

May this land hold for you joys & happiness & full delight till laddie comes himself to you and then just more still.

His heart is in your keeping & his life is just yours you darling.

Kiss Marie & Hetty for me & drink my health to night in the very best.

One more great hug

Boy

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A few words are unconventionally abbreviated.

{1} The first three figures of the year are printed.

† Sic.

Letter from Emmeline Pethick to F. W. Lawrence

20 Somerset Terrace (Duke’s Road, W.C.).—Urges him to see Pelleas et Melisande.

(Dated Thursday.)

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Transcript

20 Somerset Terrace
Thursday evening

Dear Mr Lawrence.

Just a line to tell you that you must see Pelleas & Melisande tomorrow if anyhow possible. It is the last time. And remember the tragedy of life is in what we miss, not in what we suffer.

I am not going to say anything about the play now except this—you must meet it as you meet death, leaving behind all the cold clay that has gathered about the elemental spirit. Cast away criticism, logic, convention, reason—& thought—& look into the world of the spiritual made visible through the senses.

I’ll talk with you afterwards about what are to me key sentences—that doesn’t matter. Whatever else you will do or not do, you will fill your eyes with beauty.

I have a lovely book for you. More anon.

Yours sincerely.
Emmeline Pethick

Letter from Vijaya Lakshmi Pandit to Lady Pethick-Lawrence

C/o John Day Company, 40 East 49th Street, New York 17.—Congratulates her on her husband’s appointment as Secretary of State for India and on his elevation to the peerage. Many Indians hope that a more enlightened policy will now prevail. Intends to visit England on her return from the United States. Has been in hos-pital and is still convalescing.

Letter from Sir Robert Knox to Lord Pethick-Lawrence

Treasury Chambers.—Encloses particulars of recommendations to be considered by the Political Honours Scrutiny Committee. Recommendations for some honours exceed the number available. Sends good wishes for Pethick-Lawrence’s visit to Pakistan and India.

Letter from Emmeline Pethick to F. W. Lawrence

20 Somerset Terrace, W.C.—Encloses items (copies of a manifesto?) for distribution to friends and relations.

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Transcript

20 Somerset Terrace, W.C.

Dear Mr Lawrence,

I am relying upon your energy & influence to get rid of the enclosed {1} amongst your friends & relations in the West End!

Yours sincerely,
Emmeline Pethick

19 May 1901

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{1} Perhaps copies of a manifesto. See PETH 7/81–2.

Letter from Humayun Kabir to Lord Pethick-Lawrence

2 York Place, New Delhi.—Asks him to contribute an article to a volume to be presented to Maulana Azad on the occasion of his seventieth birthday.

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Transcript

2, York Place,
New Delhi,
22 NOV 1957

Dear Lord Pethick Lawrence

Maulana Abul Kalam Azad, a great national leader of India, will be completing his 70th year in November 1958. It is proposed that on this occasion, an Abhinandan Granth (Birthday Volume) be presented to him as a mark of our appreciation of his services to the nation for nearly fifty years.

Maulana Azad attained eminence as a brilliant writer and theologian in his early youth. The spirit of free enquiry and search for truth which characterised him from those days soon led him into the political movement as he realised that man cannot attain a true and full development except in an atmosphere of freedom. From his early twenties, he has been a fighter for Indian freedom and his contribution to the cause of Indian nationalism has been widely acknowledged. The Indian nation did him the honour of electing him the President of the Indian National Congress when he was 35. Later during the most critical period of the struggle for freedom, he guided the destinies of the Congress for six momentous years and conducted the negotiations with Sir Stafford Cripps, Lord Wavell and the British Cabinet Mission which resulted in the attainment of Indian independence in 1947.

Apart from his contribution to the Indian national struggle, Maulana Azad has also been an outspoken champion of rationalism and progressiveness in all spheres of Indian life. He has sought to approach religious, moral, social, economic and political questions from a detailed and dispassionate point of view and worked for securing justice and fairplay for all sections of the Indian people.

It is proposed that the Abhinandan Granth should include assessments of his contribution to different aspects of Indian life or studies in various fields in which he has taken a keen interest. On behalf of the Committee, I have great pleasure in requesting you to be so kind as to make a contribution either on some aspect of Maulana Azad’s life and personality or in a subject of your special study. The articles should ordinarily be from 2000 to 3000 words and should reach the undersigned by the 31st March 1958 at the latest.

I shall be grateful for a line in reply indicating your consent and the title of the subject on which you would like to write.

Yours sincerely {1}
Humayun Kabir
(HUMAYUN KABIR)

Lord Pethick-Lawrence,
C/o Rashtrapati Bhavan,
NEW DELHI.

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Letter-head of the Maulana Azad 70th Birthday Committee. The letter is typed, except the opening and closing greetings, which are handwritten, and the date, which is stamped. Presumably the same message was sent to other potential contributors to the projected volume. At the foot has been added ‘Ld P will send a short message of tribute.’ (‘Ld P’ is a conjectural reading; what is written is indistinct.)

{1} These two words are indistinct.

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