IMPENDING DANGERS.
« The reasdhs put fdrward for tfiiiiking that the existing conditidns have little remaining stahility can be summarised under the heads of labour shortage and Cxcessive speculation," said the Rt. Hon. Reginald McKenna, chairman of the Midland Bank. "Of these potential evils Shortage of labour is undoubtedly the most immediate. So far as skilled labour is laoking, there must be a tendenby for the price of labour to be bid higher afid for the average level of efficiency to decline. "I do_ not say," he remarked, "that a SpeCulative Mania cOuld iiot develop in this country; we have had it iii the past and we might have it again; biit I do say there is no sign that one is developing, nor do I think oue to be prebable. Cousider the risk of excessive speculation, , I do not wisb to be dogmatib. OU the sttbject, but it seems to me that tbe remedy lies with the banks. They have the poWer, acting togethgr 6U an agreed basis, to place a curb upon speculation by directly restricting ihe qUantity of credit used for that purpose. Genuine business would Uot be affeeted; therg Would still be cheap money and abundance of Credit fdr iegitimate trade, but there would be no easy money for the mere speetilator,"
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https://paperspast.natlib.govt.nz/newspapers/HBHETR19370327.2.17.2
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Hawke's Bay Herald-Tribune, Issue 60, 27 March 1937, Page 4
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215IMPENDING DANGERS. Hawke's Bay Herald-Tribune, Issue 60, 27 March 1937, Page 4
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