"PANIC MONGERS."

Auckland Star, Volume LXX, Issue 23, 28 January 1939, Page 9

"PANIC MONGERS."

OUTSPOKEN COMMENT.

People Who Are Doing The Greatest Harm. " A PUBLIC NUISANCE." United Press Association.—Copyright. LONDON, January 27. Outspoken comment on what he described as "these timid panic mongers," who were doing the greatest harm because they were undermining public confidence and creating a fatal feeling of the inevitability of war, when there was no such inevitability at all, was voiced hy the Home Secretary, Sir Samuel Hoare, in a speech at Swansea.

Worst of all, they are showing cowardice in the face of a potential enemy. These men, whether they are Stock Exchange gamblers or simply foolish, nerveless, backboneless people, are a public nuisance," he added.

Describing them as '"jitter-bugs," Sir Samuel vehemently denounced gamblers on the Stock Exchanges of the world, and manipulators of foreign exchange.

"The Times," in a leader commending Sir Samuel Hoare's speech, says: "The tone of the speech might be adopted more often in these days by British Ministers. Admittedly Europe is passing through a time of stress, but prophets of disasters, who see the nations arraying themselves in rival camps as in 1914, have ignored at least one new and potent factor—the passionate desire of the peoples of Europe for peace, Which Sir Samuel Hoare is entitled to claim as one of the two incontrovertible facts standing out from an obscure background of fears and guesses. No Potential Conqueror. "The other fact is the invincibility of the British Empire—which is not the same thing as invulnerability. War might bring unparalleled havoc and loss before final ' victory could be achieved, but it is certain there exists no potentially hostile Power capable of conquering the British Empire." The speech will be welcomed at a time when the London Stock Exchange is repeatedly experiencing falls, largely owing to rumours which the City editor of "The Times" characterises as ludicrous enough to suggest that they are mostly originated with an ulterior motive by interested sources. Dangerous Rumours. The "Financial Times" instances among the dangerous and unwarranted rumours throughout Europe the report that Herr Hitler on Saturday will not only demand colonies, but the return of the whole amount that Germany paid in reparations, amounting to £2,000,000,000.

"The Times" City editor attributes much of the stock-selling in London to necessity owing to continental operators financing speculation in American stocks on too thin a margin. He adds that an appreciable bear position recently developed, and slightly favourable news may produce a moderate rally.