THIS MODERN AGE.

Hauraki Plains Gazette, Volume XXXVIII, Issue 5209, 28 November 1927, Page 1

THIS MODERN AGE.

WORLD-WIDE SELFISHNESS. “ DRIFTING TO A CRISIS.” LONDON, November 2. Sir George Paish, addressing the annual conference of the eiasteirn legion of the National Savings Committee at Cambridge, said that all nations had come into a period of. selfishness, the result of wihich was that the world was drifting into a great financial crisis, and. was gertJing into debt in a way that could not, be exaggerated.

The modern world had been opened up by the savings of our fathers, and the thrift of oui- mothers, but their great heritage had been neglected by spending too much op ourselves. The great trades were in depression, and if one could have the power to spread capital in the world it would return as purchasing power for our goods The situation in Europe, continued Sir George, was exceedingly grave, as almost everyone was in debt, and the struggle for markets was due to people being unable to meet their obligations, so that they were selling at any price.

A population of forty-three millions could not be maintained in these islands unless all kinds of services wqre rendered to the world by supplying capital. Immediately this stopped, our credit went down. Great Britain for the moment was ceasing to be the world’s bankers, and America was taking our place, because we were suffering from lack of capital, he concluded This reaction was shown in the million unemployed, which was entirely brought about bv spending too much money on ourselves. The provision of two (hundred millions of savings annually meant infinitely more than that if it was put into capital account.