A GERMAN VIEW

Hokitika Guardian, 28 April 1932, Page 3

A GERMAN VIEW

OF THE BRITISH NATION

CALM AND MENTAL BALANCE

Dr. Adolf Halfield, the London correspondent ot the “Hamburger Fremdenolatt, wrote recently to iiis.paper: “Tor weeks we have been waiting lor thi\s English inflation, • but it does not corne—and why not:*' Because (states the writer; an Englishman never despairs and is firmly convinced that at the eleventh hour lie twill be able so muddle out of the mire. Tile Engiisuman does not got excited. "Here .in London we have not seen any runs on the banks or on shop., ■ everything is continuing just as usual. In the House of Commons the Cha.ncelloj* of the Exchequer rises and re'sovisiclingly 'states that England today—as ever—is the greatest creditor nation in the world, and everybody goes home- deeply satisfied

“The Government has not."the slightest intention of trying to make out that things are better than thejei-are. “Thus did' the British Govbrmneiit publish the*, daily figures of tonnage sunk by German U boats. England is supremely contemptuous of ’ world public opinion; Great Britain believes in herself. “Thus calm and mental balance are preserved although the people are conscious of a national disaster. The

Bank of England here is not a- financial institution, but a kind of national (shrine, and one has to try and put up with the sovereign no longer being quite a sovereign. "

“The English people seem to be feeling this a kind of disgrace with which the, God of the Puritans lias punished his chosen people. An amazing thing happens. Under the stress of circumstapces each individual feels responsible for the well-being of the community.

“Daily the. Treasury is receiving jewellery and sums of money from unknown people for the amortisation of the National Debt, and several times recently auctions have taken place at Christie’s, the proceeds of which were intended for the national Exchequer.

“U’ndiminished moral force in the minds of the whole people; that is the secret of the Engish in this hour of crisis. Business remains as respectable as ever, no dizzy speculation in paper sterling is seen on the Stock Exchange, and it is not necessary—as in New York or on the Continent—to assist or to carry various concerns.

“No hank would he a party to any deals which might give the. impression that confidence in sterling had wavered, and big shops and small shops, restaurants and public authorities, act in the same way. Even ;to-day I am able to telephone my news to Germany at the same rate as previously. 'This policy may for the moment cost the Government appreciable sums, but in the Jong run pay for itself, for if the State demands that the merchant should not put up his prices, it must ‘ltself set- an example. ... “The miracle is actually . taking place in England. Prices, though they have risen slightly, are »ti 11 below those of 1929 and 1930. Circumstances, of course, are in Enga lid’s favour; the general slump in gold prices and the fact that England gets a large part of her requirements from', other countries also off the gold standard-these conditions, of course. help. The chief help, however, is the absolute refusal of Englishmen of any class to liclieve in the existence of an inflation. "How did our inflation and the crazy dance of figures start in Germany? With mushroom companies and make-believe elegance. England, however, appears to be* going the opposite wav. She is trying to find her way hack to Victorian mattor-of-facc ■simplicity and economy. “Another great clanger from winch England has been able to keep clen r is intellectual inflation, and that fact in these days is one of the greatest assets of all.” -