BRITAIN’S CRISIS

Hokitika Guardian, 14 February 1931, Page 5

BRITAIN’S CRISIS

STERLING FALLS. (United Press Association—By Electric Teleg r a p h. —Copy r i gh t.) LONDON, February 12. Beyond causing giltedged securities to drop and the value of sterling a.; New York to weaken Sir Philip Snowden s warning of economy is withoutvisible effect in the city, which welcomes his declaration that extensive schemes ot social reform must wait, 'though the city considers that .Mr Snowden’s pcs imism may have a sn ious eflect in foreign countries. I be “Daily Telegraph's’’ city editor says;—“Air Fnowden’s pessimism might, even make diem insist on a gold clause in their contracts with Britain. The 1 aibonr politicians, however, arc very gloomy and tliev dread the eflect of the speech in the constituencies particularly at the pending by-elect-ions. Mr Snowden’s phase, “The economic crisis will involve a temporary sacrifice for all,” is the. key of Labour’s disguise. The Consultative Cpmmittoe of the Labourites lias summoned a meeting of the Parliamentary Party for Tuesday afternoon, which Mr MacDonald and Air Snowden will attend. The Independent Labour Party Group has also decided to refer the speech to its Council with a view to starting a campaign if wage cuts and reduced doles are attempted. Sir Oswald Mosley described Mr Snowden’s speech ns “putting the nation on a starvation diet,’’ which, h e said was it lie pal icy of tlie old woman In a fright.”