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46 Gordon Square, Bloomsbury.—Suggests sources of information on the subject mentioned by Pethick-Lawrence (the provision of free services; see 2/230), and outlines the main argument against providing such services. The subject is unsuitable for the Economic Journal, and Pethick-Lawrence’s proposal is almost certainly unsound.

King’s College, Cambridge.—The contention in Abbati’s book (The Unclaimed Wealth; see 2/237) may have something behind it, but its exposition is muddled.

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Transcript

King’s College, Cambridge
22nd January, 1926.

Dear Pethick Lawrence,

When I looked through Abbati’s book I had the impression that there was something behind the contention which he was trying to sustain. You will find something which I think is not entirely disconnected from Abbati’s point in a little book of D. H. Robertson’s, which will be published shortly. But, on the other hand, I felt that, as expounded by Abbati, it was all a fearful muddle—truth mingled with error—so that it was almost impossible to disentangle how far he was right and how far wrong.

Like so many recent writers on monetary theory, he is, I think, in a position of perceiving for a good reason that the orthodox theory won’t do, yet not clear enough in his head to criticise coherently, or to build up an alternative which will hold water.

Yours sincerely,
J M Keynes

F. W. Pethick Lawrence, Esq., M.P.,
11 Old Square,
Lincoln’s Inn,
W.C.2.

46 Gordon Square, Bloomsbury.—Thanks him for a copy of his article. He disagrees only with the suggestion that the institution of municipal banks would affect the amount of gold which it is rational to keep in the country.

Tilton, Firle, Sussex.—Will be delighted to look through his proofs (proofs of This Gold Crisis; see 2/245).

46 Gordon Square, Bloomsbury.—Declines to write a foreword to his book (This Gold Crisis).

Treasury Chambers.—Thanks him for his congratulations (on his peerage). Is back again at the Treasury, but attitudes are different from what they were in 1918.

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Transcript

21. 6. 42
Treasury Chambers, Great George Street, S.W.1

My dear Pethick Lawrence,

Thank you for your very kind note of congratulation. Much appreciated—as was also your previous note to my wife. Here I am back again in the Treasury like a recurring decimal—but with one great difference. In 1918 most people’s only idea was to get back to pre-1914. No-one to-day feels like that about pre-1939. That will make an enormous difference when we get down to it.

Sincerely yours,
J M Keynes

Treasury Chambers.—The Commons debate (on monetary co-operation after the war) was characterised by isolationism and anti-Americanism, but he has no doubt that the House will eventually change its mind.

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Transcript

Treasury Chambers, Great George Street, S.W.1
16th May, 1944.

My dear Pethick-Lawrence,

It was very comforting to get your letter. I spent seven hours in the cursed Gallery, lacerated in mind and body, and the only moment of satisfaction came when you rose to speak followed by the Chancellor. I thought both these contributions were first-class. For the rest, apart from another brave speech from Spearman, the whole thing was smeared by this unreasoning wave of isolationism and anti-Americanism which is for no {1} obscure reason passing over us just now. Somewhat superficial perhaps but nevertheless to be reckoned with.

However, I do not feel that any real harm was done. The thing will grind along. We shall produce a further version and when at a later date the House is eventually faced with the alternative of turning their back on all this sort of thing and begin to appreciate what that means, I have not the slightest doubt that they will change their minds.

Sincerely yours,
Keynes

The Rt. Hon. F. W. Pethick-Lawrence, M.P.
House of Commons.

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{1} ‘? an’ written above in pencil, probably by Pethick-Lawrence.

Treasury Chambers.—Sends cuttings showing Canada’s current attitude towards Britain. Denies having said that Britain had no intention of borrowing in Canada after the war.

Offers to write an article for the Economic Journal on the economics of war, a hitherto neglected subject.

Is writing a paper on the finances of Europe for the Royal Statistical Society. Asks who to contact for national budget figures. The Treaty of Versailles is gradually being recognised as a foolish thing.

Congratulates him on his forthcoming marriage. Commends his articles on the gold standard. Will raise a question on the subject in the Commons in connection with the Appropriation Bill. Asks why the price of bread has not fallen with the rate of exchange.

Has sent a letter to Henderson for publication (in The Nation; see 2/243), which is likely to provoke controversy. Asks Keynes to maintain his side of the argument in the paper, as he is going to India next week.

Outlines five points which should be borne in mind by supporters of free trade, and refers to the opposition he met when making these points before an audience of free traders recently.

Has returned from India. Encloses a letter summarising his views of the situation in that country (see 6/135), and two others describing the Indian National Congress (wanting) and his meeting with Gandhi, Tagore, and Bose (see 6/133). His wife is recovering from the illness she suffered on board ship. Refers to adverse reactions to his recent pronouncements on the subject of free trade.

The proofs of Pethick-Lawrence’s book (This Gold Crisis) must be returned to the publisher (Gollancz) by Monday.

Queries certain points in Keynes’s article for The Times (see 2/214-15).

Is sorry that he has not yet been able to arrange Keynes’s visit to the House of Commons (to discuss compulsory saving). Will try to do it in the New Year.

Is pleased that he has adopted many of his suggestions (about the White Paper Cmd. 6438; see 2/221), and looks forward to this year’s White Paper.

46 Gordon Square, Bloomsbury.—Is unable to come to he House of Commons (see 2/262), as she and her husband are going to Berlin. Is amused by his reference to the Hammersmith ballet (the ballet by Ashley Dukes in the revue Riverside Nights?) as a ‘parody’.

17A St Edmund’s Passage, Cambridge.—Thanks him for his letter of sympathy on the death of Lord Keynes (see 6/164). She feels utterly alone without him.

179 City Road, E.C.1.—Keynes has agreed to speak at the next dinner (of the all-party group on India). Asks for suggestions as to who should be invited.

46 Gordon Square, W.C.—Invites him to contribute an article to the Economic Journal on the subject of ‘Deflation after the War’.

(Dated ‘21.9.10’, but the year is wrong: Pethick-Lawrence’s article ‘Deflation and Prices after the War’ was published in December 1918.)

Charleston, Firle, Sussex.—Recommends he contact the Economic Section of the League of Nations for information about the budgets of European countries (see 2/228).

46 Gordon Square, Bloomsbury.—Gives details of the German indemnity due to the British Empire under the Spa agreement (see 2/232), and refers to a resolution by American bankers on Inter-Allied debts.

46 Gordon Square, Bloomsbury.—Explains why the price of bread has not fallen with the rate of exchange (see 2/235).

46 Gordon Square, Bloomsbury.—Agrees with all the points in his letter (see 2/241, on the subject of free trade). Suggests he send it to The Nation.

Tilton, Firle, Sussex.—Has only had time to glance through the enclosed (proofs of This Gold Crisis), but finds little to quarrel with. Comments on Pethick-Lawrence’s estimate of the balance of trade.

(London.)—Has never heard of the Monetary Reform League (see 2/248). Thanks him for his broadcast.

(Postmarked in London, W.C.)

46 Gordon Square, Bloomsbury.—Thanks him for a copy of his speech and for Hansard. Is thinking of writing another article for The Times (about the re-armament loan). Points out that Pethick-Lawrence and the Chancellor of the Exchequer (Chamberlain) disagree only about what level of borrowing would be inflationary.