Weakness Of Sterling

Press, Volume CV, Issue 31007, 12 March 1966, Page 15

Weakness Of Sterling

(N.Z. Press Assn. —Copyright) LONDON, March 11. “The Times,” in an editorial, has outlined what it said were the full reasons for the present weakness of sterling on wor 1 d markets. ,

Three London newspapers paid tribute to the editorial and reprinted it. In the editorial yesterday “The Times” said: “The economists and financial technicians have their own learned and to themselves no doubt lucid reasons why the £ is weak in the markets of the world. “For the ordinary newspaper reader they can be stated much more simply.

“The £ is weak—- “ Because Britain is living beyond her means. “Because neither the Labour Government nor the Bank of England nor the British

people overcame the crisis a year ago. The foreign bankers did so. “Because Britain is still so heavily in debt abroad.

“Because Government spending abroad goes on rising.

“Because no government has the courage to face the British people with the truths.

“Because the world see Mr George Brown’s union—the largest in the country—defying the systems on which the Government’s economic policy rests. “Because the ‘trial’ by workers in Oxfordshire of some of their fellows who refused to join them in an unofficial strike is regarded as symptomatic.

“Because full employment has led unions to overuse their powers and employers to underuse their labour. “Because British industry has continually lost its share of world markets," “The Times" said. “Because whenever the mildest deflation begins to work it is discontinued before it can even half finish its job. “Because extra leisure is put before extra effort by too many people in all classes. “Because too many hours are turned into gambling hours. “Because money is regarded by too many people of all classes as something to be got or won rather than earned.

“Because under present conditions the trade unions are responsible to no one. and no government has been prepared to bring them under reasonable control. “Because the world knows that the trade unions know this. “Because the Labour Government is showing that it has learnt nothing—it has committed itself, if returned, to proceed with the irrelevance of nationalising steel.

“Because if a Conservative Government is returned after so short a spell of opposition, the workers are likely to re-

sume their class warfare. “Because Britain, never having been defeated, still refuses to see she is up against it.

“Because the world fears that devalution will ultimately be chosen as an alternative to deflation, and the world knows this will not solve Britain’s long-term problem. “Because while France, Germany and Italy have had their ‘economic miracles,’ Britain as yet has not shown the willingness or the capacity to make the effort to achieve her own ‘miracle’,” “The Times” said.

“Because in all too many cases Britain loves the old instead of the new, seeks reasons not to do things rather than to do them. “Because the change from privilege to talent has been too slow in all too many board rooms.

“Because in the last analysis economics is a matter of human nature and not of formulae. No country can be saved if its people will not save themselves.

“Because for 20 years leadership has been lacking, soft words have been substituted for hard facts. Exhortation has never been followed by deeds, rights have come before responsibilities. The national philosophy has been all take and no give. “Because the world knows that however slow the descent, the abyss is still at the end of the road ”