mestic trade and the gain to our export trade resulting from international uniformity. Upon a review of the probable effects of the change upon British trade as a whole, we are satisfied that these results would not be obtained for a very long period, if ever. In our opinion an attempt to make the use of the metric system universal and obligatory in this country would cause great loss and confusion at a particularly inopportune moment for the sake of distant and doubtful advantages, and, so far from assisting in the reëstablishment of British trade after the war, would seriously hamper it. We have also considered proposals for the simplification and decimalization of our existing weights and measures, but we do not think that compulsory legislation for this purpose would be expedient or would be likely to be effective at the present time. We recommend, however, that continued efforts should be made towards the simplification which has already taken place to a considerable extent in the teaching of weights and measures, and that Government Departments and other public authorities and trade organizations should bear constantly in mind the importance of promoting a corresponding simplification in the actual conduct of trade. We refer also to the importance, already widely recognized, of using decimal subdivisions of our basic units, and of replacing, wherever possible, the present hundredweight and ton by the cental of 100 pounds and the "short ton" of 2,000 pounds. CHAPTER XI Coinage The proposals for the introduction of a decimal system of coinage are often closely connected with the question of weights and measures, but the decision must be settled upon somewhat different considerations. The change involves at least the alteration of the pound sterling or of the penny, and the majority of us are convinced that the advantages expected are insufficient to justify the risks which would be involved. We deal with the main proposals placed before us which adopt as a basis either the existing penny or the pound sterling. Amongst the former we have considered a scheme for the introduction of a British dollar of 100 half pennies. This scheme is open to the objections that it would involve the alteration of our existing silver currency and would actually diminish the extent of the uniformity which now prevails in regard to currency in the British Empire. The main considerations, however, by which we are led to reject this scheme, as well as other schemes which are based upon the retention of the penny is that, in our opinion, they all lead in fact to the abandonment of the sovereign as the standard and working unit of international exchange. Any such abandonment, even in name only, would, we think, be fraught with risks which it would be unwise to incur. The proposal now supported by the Institute of Bankers, the Associated Chambers of Commerce, and the Decimal Association, is the decimalization of the sovereign which would consist of 1,000 mils, the mil being worth 4 per cent less than the existing farthing. While it would not promote either the unification of the existing coinage systems of the British Empire or the adoption of an international currency, the proposal offers considerable conveniences in account keeping, especially in the case of banks and large commercial firms. But apart from certain secondary objections, the crux of the question is the alteration of the value of the penny, and, having regard to the magnitude of the disturbance which this change would cause in the lives of the great body of wage earners, retail shopkeepers and their customers, we are satisfied that the introduction of such a change would be inexpedient at a time when the social, industrial, and financial organization of the country will be faced with numerous and exceptional difficulties. APPENDIX C THE COVENANT OF THE LEAGUE OF NATIONS THE HIGH CONTRACTING PARTIES, In order to promote international coöperation and to achieve international peace and security by the acceptance of obligations not to resort to war, by the firm establishment of the understandings of interna- by the maintenance of justice and a scrupulous respect for all treaty obligations in the dealings of organized peoples with one another, Agree to this Covenant of the League of Nations. ARTICLE I The original Members of the League of Nations shall be those of the Signatories which are named in the Annex to this Covenant and also such of those other States named in the Annex as shall accede without reservation to this Covenant. Such accession shall be effected by a Declaration deposited with the Secretariat within two months of the coming into force of the Covenant. Notice thereof shall be sent to all other Members of the League. Any fully self-governing State, Dominion or Colony not named in the Annex may become a Member of the League if its admission is agreed to by two-thirds of the Assembly, provided that it shall give effective guarantees of its sincere intention to observe its international obligations, and shall accept such regula tions as may be prescribed by the League in regard to its military, naval and air forces and armaments. Any Member of the League may, after two years' notice of its intention so to do, withdraw from the League, provided that all its international obligations and all its obligations under this Covenant shall have been fulfilled at the time of its withdrawal. ARTICLE 2 The action of the League under this Covenant shall be effected through the instrumentality of an Assembly and of a Council, with a permanent Secretariat. ARTICLE 3 The Assembly shall consist of Representatives of the Members of the League. The Assembly shall meet at stated intervals and from time to time as occasion may require at the Seat of the League or at such other place as may be decided upon. The Assembly may deal at its meetings with any matter within the sphere of action of the League or affecting the peace of the world. At meetings of the Assembly each Member of the League shall have one vote, and may have not more than three Representatives. ARTICLE 4 The Council shall consist of Representatives of the Principal Allied and Associated Powers, together with Representatives of four other Members of the League. These four Members of the League shall be selected by the Assembly from time to time in its discretion. Until the appointment of the Representatives of the four Members of the League first selected by the Assembly, Representatives of Belgium, Brazil, Spain and Greece shall be members of the Council. With the approval of the majority of the Assembly, the Council may name additional Members of the League whose Repre sentatives shall always be members of the Council; the Council with like approval may increase the number of Members of the League to be selected by the Assembly for representation on the Council. The Council shall meet from time to time as occasion may require, and at least once a year, at the Seat of the League, or at such other place as may be decided upon. The Council may deal at its meetings with any matter within the sphere of action of the League or affecting the peace of the world. Any Member of the League not represented on the Council shall be invited to send a Representative to sit as a member at any meeting of the Council during the consideration of matters specially affecting the interests of that Member of the League. At meetings of the Council, each Member of the League represented on the Council shall have one vote, and may have not more than one Representative. ARTICLE 5 Except where otherwise expressly provided in this Covenant or by the terms of the present Treaty, decisions at any meeting of the Assembly or of the Council shall require the agreement of all the Members of the League represented at the meeting. All matters of procedure at meetings of the Assembly or of the Council, including the appointment of Committees to investigate particular matters, shall be regulated by the Assembly or by the Council and may be decided by a majority of the Members of the League represented at the meeting. The first meeting of the Assembly and the first meeting of the Council shall be summoned by the President of the United States of America. ARTICLE 6 The permanent Secretariat shall be established at the Seat of the League. The Secretariat shall comprise a Secretary General and such secretaries and staff as may be required. |