The Guardian And Evening Star, with winch is incorporated the West Coast Times TUESDAY, MARCH 29, 1932. THE OLD LAND.

Hokitika Guardian, 29 March 1932, Page 4

The Guardian And Evening Star, with winch is incorporated the West Coast Times TUESDAY, MARCH 29, 1932. THE OLD LAND.

Wiijj.k . deon In our own difficulties

iii..; a young country, wo can take hope mud develop confidence £ll. tlio fact ! that the Old Land is negotiating great difficulties, relatively much greater in amount than our own. The financial year is drawing to a close, and the cable news has given as figures mounting to millions to show the financial buuyancy and solvency of Great Britain at this time of reckoning. It is a surprising feat, and means that there must have been wonderful ana thorough eo-operation to achieve so remarkable a- record. In step with tne marked improvement in the national balance, trade was likewise buoyant. A London message said: “The City has experienced a wave of confidence. Gilt edged securities have been surprisingly buoyant-, and the War Loan, after reaching par, continued to rbe. Large pure bases on foreign account- indicate the strength of sterling.” Here is the real optimistic tone based on a, reviving position which is so much to the credit of Britain. The result indicates confidence in the national leadership and a measure of co-opera-tion undreamt of in other places. Britain. we must remember, is very heavily taxed. The economy axe has been used with effect. But the public confidence has not boom destroyed. Rather I is it that the people have steeled I themselves to the purpose of pulling 'through, and again winning the foremost place in the financial world. There is an object lesson for all to profit by. And while this has been possible in Britain, we read of the ■serious budgetary situation in Franco where n Inigo deficit is in sight. Franco Inis a store of gold, the commodity value of which it is predicted by lUr ,J. M. Kevnos, will ilen'eciato shortly and this fall be considers, will undermine Fra'ir/s croukt-or position by u x( vear. The He fall in Hie bank rate ill. Home is llliotbei' helpful sign of the general solvency and should nsrisl, money remaining cheaper, in maintaining, and perhaps helping, prices for primary products. The trading on l-h ink Sliggo-ls sustained business for IV od sup] lie.:. In shaping | lie emu e for i 111 i 11, II Very hold j course was taken. The I radiii.mal parly svsii i of the Old Hand was ■scrapped. We were told it was a leinpurary :rTion. hid the world is not going to r< iver ipiicklv, and having made sit ■!t a .success of the effort, Britain will not readily go back to Hie old parly bickering system for personal advantage before the country.

When the parties fused, it was evident the fits ion \vn>< for a dear purpose. No doubt it required some sacrifice for Conservative, Libera] and Labour to runic together, hut the need was realised, and it is to the credit of the political leaders of Britain, that the right tiling was done. We were told

that the action was not a moment too soon. Indeed the very urgency which was revealed was no doubt the driving stop for the party sacrifice. And it was well dune. Despite party murmurings and minor disagreements with the new policy which had to be shaped, tile best men of the parties have got together in a very whole hearted manner. The remit is being made dear to tin* world by Britain again standout on the financial horizon as a nation to be trusted by the foreigner. The best tribute to the returning solvency of tin l nation is the trust of the foreigner who. is investing again in British •securities. All this seems to carry a message abroad and to tine ciMi n try in particular. We should adopt the same unity of'action and purpose as Britain and meet the demands as carefully and as I'lioces'-fully as they are being met at Home.