ENGLAND MYSTIFIED
INDUSTRIES REVIVAL SCHEME STILL IN THE DARK BANKS BACKED BY STATE Reed. 9.50 a.m. LONDON, Sunday. “What exactly did Mr. J. H. Thomas mean in his speech at Manchester?” is the question asked everywhere. Some say he means a big Government push for a general rationalisation of industry. The “Ohs.ex-ver” asks: What is the cost of rationalising the great Conser-vative-depressed industries like coal, cotton and steel, and does Mr. Thomas realise that modernisation means labour-saving? Yet the policy is right. It means the scrapping of obsolete machinery, factories and workshops, obsolete minds and obsolete business methods.” The “News of the World” understands the vital feature of the proposal is that the Government will guarantee the banks to the extent of from 2 to 21 per cent, on money lent to industries for the purpose of reconstruction. Conferences will be held betw-eeu the banks and industries committees to formulate plans to secure the sanction for loans. A further statement by Mr. Thomas is awaited -with interest.
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Sun (Auckland), Volume III, Issue 869, 13 January 1930, Page 9
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167ENGLAND MYSTIFIED Sun (Auckland), Volume III, Issue 869, 13 January 1930, Page 9
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