NO CAUSE FOR ALARM

Rotorua Morning Post, Volume 1, Issue 26, 23 September 1931, Page 3

NO CAUSE FOR ALARM

Press Association—

-"Post" Special Service.

OUTLINE OF MAIN EVENTS OF SENSATIONAL WEEK-END HIGHER PRICES OF FOODSTUFFS \ 1 Rec. Sept. 23, 8.15 p.m.

-Copyright.

By Telephone—

bujnduim, Tuesaay. The Chancellor of the Exchequer, Mr Philip Snowden, in a broadcast throughout England, gave a concise resume of the whole of the sensational week-end happenings. The keynote of his talk was on urgent appeal for national steadiness. He said the pound would not go the way of the mark or the franc. The Government was able to avoid inflation. Once that vicious circle started, it might be impossible to check it. The British Budget was now most securely balanced. Mr. Snowden then proceeded to outline the causes of the drain on gold, also the renewed foreign uneasiness, and the over exaggerated fleet reports. He explained that it was not Great Britain's internal troubles, but the troubles of other countries which rendered the gold standard impossible as inquiries revealed that saies of sterling were predominently on foreign account. - He emphatically insisted that there was no cause for the slightest anxiety about the money in British banks which were secure. Though the value of the pound might fall in terms of foreign currency, the nation could be assured that the extent of the fall would be limited. It was likely to result in higher prices on imported foodstuffs but these should not be great. That was really the worst the great mass of the people had to fear while the country was well stocked with essentials. There was not the least danger of a shortage, he concluded. British nationals abroad on pleasure, might render service by returning forthwith and spending their money at home. The "Times" says that in value sterling was less than predicted but I at the end of the day it was inclined to appreciate in terms of dol- , lars and francs. I