LITTLE GOOD IN IT.

Auckland Star, Volume LXV, Issue 227, 25 September 1934, Page 11

LITTLE GOOD IN IT.

BRITISH CRITIC ON N.R.A.

CABINET MINISTER'S COMMENTS. LONDON, August 21. In a searching appraisal of world economic conditions to-day, Walter Runciman, president of the British Board of Trade, discussed President Roosevelt's recovery programme and found nothing much good to say about it. "America k passing through the pains of recovery," he said. "But, unfortunately, America is not yet even experiencing the joys of convalescence." By contrast with the American failure to reach even convalescence, Runciman told his Scottish hearers that Britain had long since passed that stage. Hβ pointed out recent increases and extensions in British industry and commerce. He told his listeners that they could rejoice in the fact that the Government had managed the financial affairs of the nation so well that it had been able to reduce the income tax by sixpence in the pound (2} per cent). Runciman also said "the Ottawa agreement has done 6omething for the prosperity of the Dominions, and Britain to-day is being repaid by the increased purchase in Canada of anthracite coal from South Wales." Runciman further said the Government had cheapened capital for the use of industry. "Unemployment insurance under the late Government and until two years ago was rapidly losing more and more money and getting deeper into debt," he asserted. "The debt increase was a serious menace to the exchequer. But the National Government has succeeded in reducing this debt, and laying a foundation for a new unemployment insurance Act which is one of the greatest steps in social reform ever undertaken by a British Government." Praising the present British Government's policy in promoting industry, Runciman said 800,000 more persons were employed in British industry now than three years ago. In conclusion, Runciman said the British Government is negotiating with several European Powers to open their ports more generously to South Wales coal, where 100,000 miners are threatening to strike on September 1 unless they get increases in wages. Runciman said England's future lay in regarding future problems from a national and not a party basis.