NEW EUROPE.

Taranaki Daily News, 1 December 1921, Page 5

NEW EUROPE.

LEAGUE OF POWERS. BRITAIN AND FINANCE. A DIFFICULT POSITION. By Telegraph.—Press Awn.—Copyright Received Nov. 30, 7.55 p.m. London, Nov. 29. Mr. Winston Churchill, speaking at the Overseas Bankers’ Association, advocated a friendly association between Britain, France and Germany for the rehabilitation of Europe. Nothing less than that combination would adequately meet the present economic situation in Europe. He was delighted regarding reparations and the steady, remorseless march of statesmen towards financial sanity. The nonsensical froth of politicians and financiers about extracting twenty thousand millions from Germany reduced itself to a much more practical statement in our case. He proceeded: “Our financial and industrial position was seriously affected by the war. We were formerly able to purchase from the United States the necessary commodities on favorable terms on security of our investments, but those securities have gone. In addition to that loss there is our debt to the United States, which makes the purchase of raw material in the American market difficult. We must do all we can to revive the consuming power of Europe and Asia and make peace, but if we have only the East and West to rely on our position and outiooic must be black. “But the Dominions have an outlet for our energy which deserves our financial support' * Before giving our money to strangers let us be sure there is not in the Empire a surer means of securing a swift and certain* return. Undoubtedly in the Empire you will find limitless sources of wealth. We must not strain the credit of the money market bevond reason, though in years to come these processes will conduce to greater strengthening of the Empire ”