ECONOMIC STRENGTH.

Auckland Star, Volume LXVIII, Issue 283, 29 November 1937, Page 4

ECONOMIC STRENGTH.

RECOVERY IN ENGLAND. GREAT RECUPERATIVE POWER. SPEECH BY CHANCELLOR. (British Official Wireless.) RUGBY, November 27. t '\} >e Chancellor of the Exchequer, Sir John Simon, speaking at Nottingham. referred to the "malignant pessimism* characterising some of the prevalent comment on the recent setback in the security and commodity markets He deprecated this attitude. The country •wa* economically strong and its recent history showed with what firmness it could resist economic shocks and. how great wasrits recuperative power. * If in the future they were called upon to face a trade decline, they were in a far better position to meet it and deal with it than they had been in the great collapse of 1031. Recovery from that depression was a solid fact. Industrial activity, the increase in national savings and the productivity of the revenue were ' nil reassuring signs, Sir John Simon said. Vothing would contribute more effectively to the ultimate foundations of | world peace than the preservation and promotion of a good understanding between Britain and the United States. The announcement that the preliminary discussion had gone far enough to justify the opening of negotiations for an AngloAmerican trade treaty gave new hope. Referring to rearmament. Sir John Simon said it had reinforced Britain's influence and authority in world a (Tails. Armaments, however necessary, were no substitute for political appeasement. which was the only real basis of peace and which was the direct object of' the Government's constant endeavours.