The Guardian And Evening Star, with which is in corporated the West Coast Times TUESDAY, APRIL 5, 1932. THE WORLD’S RECOVERY.

Hokitika Guardian, 5 April 1932, Page 4

The Guardian And Evening Star, with which is in corporated the West Coast Times TUESDAY, APRIL 5, 1932. THE WORLD’S RECOVERY.

Thk Chairman of Directors of the Midland Hard; (London) the Hon. R. McKenna, also an ex-Miurster of the Crown, when speaking lately on Britain’s monetary policy, and advocating a com!aiding standard in lieu of the gold .J .unlaid, concluding his address, •said: “Tiie world can never attain the lewd of prosperity justified by its own productive powers .until this unhappy chapter of post-war history is closed .finally.” “This unhappy chapter” had reference to an earlier remark, ‘'"the necessity of securing a final and satisfactory solution of the problem of reparations and international jvar debts.” On this subject, Air McKenna, believes that in spite of Temporary disappointments and set bucks, there are strong indications Chat the'problem is; steadily becoming Better and more widely understood,. Yet, we have to remember. that wiijh all the burden of Britain’s war debt, borne cheerfully in part fcp- the benefit, of other natuiDw, the country has emerged with a balanced budget. The leasim offered by Great Britain in this matter is an example to the whol<s world, and suggests that wliat has been done, can be done. Britain did not achieve her great results by any form of magic. There is only one way and Britain took it. She saved and taxed to the Utmost of the people’s capacity, and the people realising what was in hand, responded in a remarkable manner. Granted that it would he an immense relief to the world, if reparations and war debts were cancelled, hut who is going to bear the brunt of this great sacrifice. •Britain has gone' a long way in writing down war debts following the policy enunciated at the outset when it was realised how great the burden of the war debt 011 the world, was. But T.ord Balfour’s far seeing advice was not followed. and the would is paying the penalty for the omjssion now. What Britain has done it would he difficult for many countries to d'o, and because of that Mr McKenna 'advocates a world settlements of war debts. It is difficult to arrive at a policy that will meet the approval of all the debtor nations and the United States in particular is definitely opposed at this juncture to a. revision of the > war debts. The States, iiowever, is drifting into a difficult financial position, and may be glad before long to do something which will restore to it a share of the world trade, now prohibited largely by a high tariff wall. Britain has shown the way towards recovery, and had courage to depart, from the gold standard, and face the difficulties of an adverse exchange. Australia likewise is off the gold standard, and facing an adverse exchange is pulling through and would do so more rapidly but for llio erratic legislation of the New South Wales Labour Government. New Zealand, likewise, is facing the djd' uii siliiHion ho'dly, and if the same courage were displayed here as in I’l-i(.a i 11 , (lie achievement of a balanc’d budge! would be "i sight. W ifh (dice, ’xn rubes in mind I Iff' ultimate world recovery can he visualised, and with unit v of acl ion bv Ibe mi|io"s. 1 |,o idlmiaic goal can lie gained in due