Present Year Is One Of Challenge

Chronicle (Levin), 30 January 1948, Page 8

Present Year Is One Of Challenge

Received Thursday, 7 p.m, LONDON, Jan. 29. Another ehairman of one of Britain's big banks has disclaimed Lord Fintithgow's view that 1947 was a year oi solid progress. ile is Alr. Bnpevt Beekett, of the Westminster Bank, who says that las^ year, from Britain's point of view, ean only be described as ''one of great disappointment ' b Re sees 3948 as a year of challenge. Bfi tain, he said, has employed neither the time nor her resources to the best advantage, adding: {flt is time for everyone to realise how ' near we are li vingto the poverty line. Britain's futundeoends solely on the individuai eff'orts." He regrdts that the example of extra hours s6t recently by the miners, has not been followed by all workers.

Twto events in 1947, Mr. Beekett de-c-lares, "clearly demonstrated that we had not sticceeded even in relaying the foundations of our economv". They are: Firstly, the disastrous fuel crisi^ wdiich showed how in internal aifaiis, Britain had failed' to put first things first, Seeondly, the suspension _ of sterling eonvertability after a little more than a month. "So. eollapsed hopes which, not without misgivings, we had entertaineb when eredit was granted, that by tht middle of last year our foreign tradt would have made reai progresfe toward. stablity, " ho added.