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Rotorua Morning Post, Volume 1, Issue 86, 2 December 1931, Page 5

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(Press Assn.-

"appallingl-y grave" BRITISH ECON OMIST'S VIEW OF ■ i . . WORLD FINANCIAL CONDITIONS FAITH AND EDUCATION

— By Telegraph— Copyright.)

Rec. Dec. 1, 8.0 p.m. london, Monday. "The statesmen and politicians throughout the world have no comprehension, nor .any plan, of how to deal with the world's financial situation, which has never been graver. They are as the blind leading the

blind," said Sir George Paish, Governor of the London School of Economies, speaking at the Lyceum Club. ■ "I have never expected to see Great Britain in real danger of bankruptcy, as she is at present," he continued, "but I strongly urge everyone not to lose faith in the old country. We shall have bad budget . deficits in the next' few. years, but we can meet them if we have faith. I am convinced of our ability to emerge from danger through the action of reasonable pepple, but we must educate the puhlic throughout the world. "It is essential to realise certain principles, including this — that every .bank in the world is insolvent. Moreover, it is not a British, but a world crisis. Every country must do its bit to get the world out of its difficulties. The French people are terribly frightened and are hoarding both gold and notes, yet they are making an effort to maintain confidence in France. The situation in America -is also appallingly grave."