AFTER THE WAR

Waikato Times, Volume 127, Issue 21246, 17 October 1940, Page 10

AFTER THE WAR

ECONOMIC STABILITY GREAT STOCKS OF FOOD BRITAIN AND AMERICA (United Press A^.-n.—Eln:\ Tel. Copyright > LONDON, Oct. 15 The elements of post-war economic stability are discussed by the Times, which says: “ Lord Willingdon’s mission to South America will largely be concerned with the disposal of large surpluses of food and other commodities accumulated in those countries, partly as a result of the British blockade. “ It will have to consider how Britain can co-operate in the policy laid down in the resolutions of the PanAmerican conference for the orderly and systematic distribution and sale of these surpluses. “ There is a great opening here for Anglo-American co-operation in the economic field, and that the cooperation need not be confined to the American Continent is shown by the agreement last week over the Australian wool clip. “ Britain and the United States have a common interest in the financial and economic stability of the primary production countries. This will not end with the war. “ The two great democracies must needs get together betimes to create machinery to prevent a recurrence of the catastrophic fluctuations which culminated in the great depression of 1931. These alterations of boom and slump undermined the whole economic structure. Industry, Trade and Finance “ Primary production is the base upon which is built the whole complex structure of industry, trade and finance. When there is no stability at the base the superstructure cannot be prevented from tottering. “ At the end of the war both the British Government and the American will find themselves in control of great quantities of all the main foodstuffs and raw materials. It would surely be a fatal error to dissipate these stocks instead of using them to lay the foundation of a more stable economic structure. “ This work should be taken in hand now, when everyone is animated by a common purpose, and not put off until after the war. “ There should be no more effective reply to Nazi jibes about plutodemocracy than to show, by practical action of this kind, that democracy is capable of reconciling the claims of the individual and national liberty with those of economic security.”