WORLD FINANCE.

Taranaki Daily News, 26 January 1920, Page 6

WORLD FINANCE.

DUTIES OF THE NATIONS. BRITAIN'S POSITION. By Telegraph.—Press Assn.—Copyright. London, Jan. 23. Mr. Chamberlain, speaking at Birmingham, referring to the, world's financial situation, said the first thing European nations must do was to set their own houses in order and stop borrowing from one another or from their own people to meet current expenses. He believed the national debt had reached its maximum and, once we had turned the corner, which he believed would be in the next financial year, it would be our business to consider the funding of the large existing floating debts, thus removing from commercial and financial centres the cloud of anxiety which at present rested on them.

There were some favorable signs in the situation. Trade was very prosperous and the adverse trade balance was being rapidly reduced. It did not exceed 150 million sterling for the past year. He would be disappointed if the new year closed without the deficit being converted into a balance in our favor by at least 150 millions. He expressed the opinion that, in a few years, we should be able to look back on our present trials and difficulties as a historical curiosity.