Stock Quotes - page 16
On another occasion, I decided to give Konev, who liked to hunt, a custom-built rifle, with a silver plate on the stock inscribed "To Marshal Konev, from his friend, General Clark." I wasn't sure he would get it if I simply delivered it to his headquarters, so I had an officer take it to him. I didn't even get an acknowledgement from Konev, although I saw him on several official occasions. Finally, about three weeks after I had sent the gun, I walked to lunch with him after the commissioners' meeting. Speaking through an interpreter, I asked if he had received the gun. "Yes". "Ask the marshal whether he liked it." "Yes". "I just wondered," I said. "I hadn't received any acknowledgement."
Mark W. Clark
When credit is expanding, the rising price level and high profits bring about a high rate of interest. When the expansion has reached, the limit permitted by the stock of gold, the rate of interest is put still higher in order to bring about a fall in the price level. When the fall in prices takes effect, a low rate of interest becomes appropriate, and when credit contraction has proceeded so far that a redundant supply of gold has accumulated, the rate of interest is depressed still lower in order to bring about a renewed rise in the price level. Thus a high rate of interest corresponds first with rising, then with falling, prices, and so synchronizes with high prices. A low rate of interest corresponds first with falling, and then with rising, prices, and so synchronizes with low prices.
Ralph George Hawtrey