FROZEN CREDITS

Rotorua Morning Post, Volume 2, Issue 360, 22 October 1932, Page 5

FROZEN CREDITS

(Press Assn.-

HAMPERING TRADE EMINENT BANKER DECLARES PROBLEM TOO BIG FOR HIM CONTROL IMPOSSIBLE

-By Telegra.ph— Copyrlght)

London, Oetoher 20. Mr. Montagu Norman, Governor of the Banlcof England, speaking at the bankers' dinner, deserihed frozen eredits throughout the world as one of the greatest impediments- to business. Trade would find a way over and arouhd almost any tariff if it could he financed, but the freezing of bankers' eredits rendered trade extreniely diflaeult. British lending used to be practically indiseriminate and merely eompetitive. He questioned whether it could eontinue with the same freedom in future. Britain when the revival came would need a rohust nationalised industry and commerce offering the same attractions and investments as would be ofrered ahroad. Referring to the world position, Mr. Norman said the vast forcas, including herd instinct and desperation of people having neither work nor markets, caused serious events which could not be controlled by any man or Government. It seemed impossible to get united world action. Mr. Norman concluded: — "The diffieulties are so vast, the forces so unlimited and so novel, and

precedents so lacking that I approach the whole subject in ignorance and humility; it is too great for me. I am willing to do my best. I see light at the end of the tunnel somewhat indistinctly, but we have not yet emerged from our diffieulties."