The twelve months that have passed since I first had the privilege of replying to this toast have not been uneventful in the economic field. The pendulum, which seemed in some ways to have reached the full extent of its travel in one direction in July of last year, has been swinging back; with the result that there are those who, understandably enough, are now beginning to be preoccupied with concern that the pendulum may swing too far in the opposite direction. It is, of course, the objective of economic, fiscal and monetary policy to attempt to ensure that this does not happen-to attempt to assure that the extent of the swings either side of what, at any given time, may seem to be the norm shall not be excessive.
Text of the Governors Mansion House speech 3 Oct 1962