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Hokitika Guardian, 2 September 1926, Page 2

AnoRKSsrNG tile British Bankers’ Association recently, Sir Philip Ounliffc-Lis-ter, President of the Board of Trade, said Britain had been built up through generations on the initiative, of individual men. In recent years events had tended to damp down that initiative—there was the slump that followed the war, tho load of taxation that was still far too high, and the industrial unrest from which, he made hold to say, they might now soon hope to emerge—but lie was ready to assert that that- initiative was beginning to revive. This initiative meant taking risks, without which no real success could result. Whatever might be said in uninslrueted circles outside, lie bad no doubt that the bankers of the country were ready and eager to give every possible encouragement to initiative in business and industry. It was a .supreme fallacy to suggest that the interest of tile bankers was divorced from the interests of industry. They bad now to look forward to, and plan for, the future, and consider means of increasing the trade of the country, and, happily, the signs of revival of trado wore there. Future development could •best result on the linos of the system which had put Britain in the forefront. Whatever might he said for Soeiaism under very favourable and selected conditions, it was the least successful where the conditions were the most complex. If they were to attempt Socialism, had anybody ever envisaged the international complications with which they would he faced? Let them picture the state of affairs in which the British Government’ had to compete for every contract in every corner of the world, for concessions here and concessions there, every success achieved bringing a diplomatic incident to be justified in some foreign Court, and every failure made to he explained away in. the House of Commons? "What foundations they would be, upon which to attempt io role world trade! Private enterprise must offer to the worker more than Socialism could in the industry with which he was identified.