WAR FINANCE

Bay of Plenty Beacon, Volume 2, Issue 121, 9 February 1940, Page 3

WAR FINANCE

BRITAIN'S STRENGTH

Commenting on the speeches of the bank chairman delivered at the annual meetings, the London Daily Telegraph stresses the unanimity with which the importance ol' building up Britain's economic strength was emphasised and says: "Our British economic strength will only tell decisively in our favour when it has been fully mobilised for war purposes. Thi<; means two things, first the scaling up of our national income to an absolute maximum by utilising every available unit of capital and labour; secondly, the allocation of the maximum practicable proportion of that enhanced income to the requirements of the war. "While not overlooking the part to be played by taxation and rationing. all the speakers emphasised the vital importance of saving on the part of the public if inflation and its attendant disturbances is to be avoided. Two of them, Mr McKenna, of the Midland Bank, and Sir N. Barclay, of the District Bank, even went so far as to countenance compulsory saving as an ultimate expedient. But the former rightly admitted that public opinion was not ripe for so drastic a departure., The latter left no doubt as to his preference for the voluntary principle."