N.Z. Banker’s Opinion Of British Outlook Not Hopeful

Grey River Argus, 11 October 1948, Page 8

N.Z. Banker’s Opinion Of British Outlook Not Hopeful

The internal position and outlook of Great Britain were- far from happy and it was impossible to say what course events would take during the next few years, said Mr P. K«. M. Hanna, general manager of the National Bank of New Zealand, who returned from England on the Tamaroa yesterday. Mr Hanna said that when he left London the international situation overshadowed everything and he thought the concern regarding Russia was taking the public mind off Britain's economic position.

While exports had been lifted well above the pre-war level, a great deal more had to be accomplished before the averseas trading position could be balanced. He believed, however, that Britain would eventually work OU', her own salvation. “American aid, under the Marshall Plan, is solving some immediate problems, but unless better progress is made towards economic stability by the time that temporary help comes to an end, a grave and critical situation will arise," he said. Mr Hanna, who is to retire from the bank shortly, will become advisory director in New Zealand.