RECOVERY OF INDUSTRY.
NECESSITY FOR RECONSTRUCTION. PROBLEM FACING EUROPE. By Telegraph.—Press Assn.—Copyright. Received Jan. 20, 7.25 p.m. London, Jan. 19. Mr. H. H. Asquith, addressing the National Association of Merchants and Manufacturers at the Cannon Street Hotel, said the only hope for commercial and industrial recovery lay in complete release from Government interference. The shrinkage in imports and ex*p<Prts formed a striking commentary on the Government’s superficial methods, which only aggravated the disease. It was now plain that the Peace Conference had entirely neglected to consider economic reconstruction, being over-eager to repaint the map of Europe. Profligate public expenditure had increased Britain’s difficulties. The income tax and the super tax were estimated to yield £400,000,000 in 1922; this was equivalent to a capital levy of the worst kind, repressing commercial enterprise and development. If the present day converts to economy had been converted two years ago hundreds of millions would have been saved, and the unemployed problem would have lost half of its seriousness.
No real economic restoration was possible until reparations and the Allied indebtedness in Europe had been finally discharged. There had been ten European conferences since the signing of the Versailles Treaty, culminating in the Cannes fiasco. What the business world wanted was finality. Among the essential measures were the immediate lowering and ultimate removal of tariff barriers, and the resolute avoidance of entangling engagements which may tie our hands and mortgage the future between separate Powers or groups of Powers. —Aus.-N.Z. Cable Assn.
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Taranaki Daily News, 21 January 1922, Page 5
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247RECOVERY OF INDUSTRY. Taranaki Daily News, 21 January 1922, Page 5
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