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Abstract

Macmillan Committee. The Committee of Inquiry set up in 1929 as the ‘Committee on Finance and Industry’, under the chairmanship of H. P. (later Lord) Macmillan, KC, to examine the banking and financial system, in its internal and international operations, and to make recommendations on how the system could promote ‘the development of trade and commerce and the employment of labour’. The Committee, whose members included J. M. (later Lord) Keynes and Ernest Bevin, reported in 1931. Its Report (Cmd 3897) is a major document on the structure and operation of the monetary system and of monetary policy, at that time; on the working of the international gold standard, to which the UK returned in 1925; and on the role of monetary factors in the economic depression of the time.