BANKER’S DINNER

Hokitika Guardian, 21 October 1932, Page 6

BANKER’S DINNER

FROZEN CREDITS. i United Erjsu Association —By Eleetrx Telegraph—Copyright.) Received this ua.v at AU p.m.. LONDON, October 20. •Mr Montagu _\orman speaking at the Bankers’ dinner desenoed frozen credits throughout the world as one of the greatest impediments to 'business. Trade would find its way over ■and round almost any tariff, if it coulo (oe financed, but the freezing of Bankers’ credits rendered trade extremely difficult. British lending u-ed t 0 be practically indiscriminate and merely competitive. He questioned whether it could continue with the same freedom in the future. Britain, when a revival came, would need robust, rationalised industry. Commerce w>.s offering tli 6 same attractions and investments as would be offered aoroac.. Referring to the world position, Mr Norman said that vast forces, including the field instinct of desperation in people having neither work nor markets had caused serious events, uncontrolable by any man or government. It seemed impossible to get united world action. The difficulties are so vast, and 1 forces so unlimited, so novel, and precedents so lacking that I approach tho whole subject in ignorance and humility. It is too great for rne. I 'am willing to do my best. I see a light at the end of the tunnel somewhat indistinctly, but we have not yet emerged from the difficulties.