NEVER GRAVER.

Auckland Star, Volume LXII, Issue 285, 2 December 1931, Page 7

NEVER GRAVER.

WORLD FINANCE.

Politicians Incapable of Dealing

With Crisis.

BRITISH EXPERT'S \VIEWS.

[United P.A.-Mectric Telegraph-Oopyrigkt)

LONDON, December 1.

In tho course of a speech at the Lyceum Club Sir George Paish, an authority on finance and economics, said: and politicians throughout the world have no comprehension of how to deal with the world financial situation, which never was graven They are as the blind leading the blind.

"I never expected' to see Britain in real danger of bankruptcy, as sho is at present, but I strongly urge every one not to lose faith in the Old Country. We shall have bad Budget deficits in the next few years, but we can meet them if we have faith.

"I am convinced of our ability to emerge from danger through the action of reasonable people, but we must educate the public throughout the world. It is essential to realise certain truths. Moreover, it is not a British, but a world crisis. Every country must do its bit to get the world out of her difficulties. "The French people axe terribly frightened. They are hoarding both notes and gold, yet they are making an effort to maintain confidence in France. The,situation in America also ia appallingly grave."

In a speech as long ago as 1928, Sir George Paish made -what was then characterised as "the startling statement that the world is drifting to a financial breakdown which will begir m , be apparent in 1929, unless immedjUte steps are taken to prevent it happening." Sir Geerge.was on "The Statist.*.' for 3 5 years, during 17 of which he was one of the editors. When the war broke out, Mr. Lloyd George invited him to the

Treasury as adviser , to the Chancellor of the Exchequer and

Treasury on .financial and economic questions, and he helped to find lie solution for the various problems to enable the war to be carried on. > Since the war, he has been trying, to induce the nations to take those measures which will avert general bankruptcy, and restore the world, to, at any rate, its pre-war level of prosperity. For this purpose he has visited nearly every country in Europe as well as the United States on several occasions. . ' , '.