The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, APRIL 8, 1926. BRITISH BANKERS.

Hokitika Guardian, 8 April 1926, Page 2

The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, APRIL 8, 1926. BRITISH BANKERS.

The English files of a few weeks ago lately to hand contain statements of the heads of the great hanks .at Home in regard to the prospects of Britis.. trade. They are of a cheerful nature in that they are hopeful of a happy situation providing there- is not any untoward oireumstance arising out of the coal crisis due to appear next month. At the time the brains of Briain are being used to avert serious trouble, and if the problem can he met in a reasonable way, and the communist ie element over-ruled, there is every prospect of a happy outcome. One of the hankers remarked that “our trade is not only holding it.s own hut shows fair promise of considerable improvement, provided always we look the situation in the face and relax no effort.” The Chairman of the Westminster Bank "was just as emphatic. He stated that “we are holding our pre-war proportion of world trade; our own export trade has fallen off in rather less ratio than world trade as a whole.” In much the same tono Mr McKenna, whose reputation as a financier stands very high indeed, said this week at the meeting of the Midland Bank that ‘‘our trade has had to struggle against adverse conditions, hut it.s vitality lias not yet been seriously injured.” The forecasts are very comforting so far as they go, and if industrial war can be avoided nr month, all should he very well. May the coal subsidy terminates automatically and something must take its place. A Commission has offered a palliative, and both sides are now considering the position. A fresh labor struggle would of course destroy all hope of the improvement which the leaders of the hanks believe they see at hand. A great, trade depression in Britain would he disastrous for it would he felt far and wide and here at the Antipodes we could not escape its effect in different ways. The shock would put hack the clock of progress to such an extent, that it would take years to recover. It is to be lioped the outcome of the present serin- ' discussion of the position will lead to a settlement which will lie of advantage all round, and meet a difficulty—the full force and effect of which would he far-reaching were it to materialise. There was another aspect of the hankers’ statements which' i» of interest.

One of the speakers raised the question whether the living generation is spending too much and saving too little. This brings up the subject of taxation at Home. The taxation is very high and precludes much saving, while hoarded wealth receives no mercy from the tax-gatherer when death duties arc oonsideied. But while personal thrift or saving has to give way to taxation, there is the remarkable fact disclosed liy a London newspaper that in the past live years British business men have provided patiently in taxation no less than £750,000.000 (or more than the whole national debt beforo the war) for the reduction of the national indebtedness. It is not surprising to find this result considered “as one of the most wonderful in history.” Britain’s part in solving the financial difficulties which have presented themselves since the war, has won the admiration of the world. We know tlio opinion formed in America of Britain’s financial integrity, for it, too, has been regarded as wonderful and world inspiring by our cousins over the water. The general trend of financial affairs in Britain is such as to inspire the greatest confidence, and to leave the Motherland in the proud position of being the world’s hanker, despite the strain and the stress placed on public and private resources by the aftermath of the war. Great Britain is making good rapidly.