ECONOMY OF BRITAIN

Press, Volume LXXXV, Issue 25932, 12 October 1949, Page 3

ECONOMY OF BRITAIN

“ Gravity of Position Not Realised ” VISITING INDUSTRIALIST’S COMMENTS “I feel that the British people do not appreciate the extreme gravity of the economic position that confronts their country, but I have such .great faith in the British people that I believe they will rise to the occasion when they fully realise the position. It seems to be a national charactristic of ours to wait till the last moment,” said Sir Robert Chance in an interview yesterday. Sir Robert Chance, who comes from Carlisle, was a year ago appointed rhe Lord Lieutenant of the. County of Cumberland. He is a former Mayor of Carlisle, being the fourth generation of his family to hold the office. His grandlather and father were members of Parliament, but Sir Robert Chance has not entered this field. Sir Robert Chance, who is on a business trip to Australia and New Zealand. is the chairman of directors of Ferguson Bros., of Carlisle, makers of cotton and rayon fabrics. Commenting on economic conditions in the United Kingdom. Sir Robert

Chance said that on surface appearances—good wages and employment and relatively minor shortages—“everything was fair in the garden.” As a result people did not appreciate the seriousness of their country’s position. The Chancellor of the Exchequer (Sir Stafford Cripps) had certainly emphasised it. but he did not think that the Prime Minister and other members of the Government had made it sufficiently plain. Only One Step The devaluation of sterling was but one step in meeting the position, continued Sir Robert Chance. A reduction in expenditure seemed to be necessary and that would involve a cut in dollar imports. “Everybody will have to work harder so as to give more efficient production.” he said. Sir Robert Chance said he was glad to pay a tribute to the very helpful co-operative attitude to industry of the British trade unions. - The reason was possibly that trade union leaders realised the crisis that he country was facing It was difficult to foresee the effects of the devaluation of sterling in Britain, said Sir Robert Chance, and it would be months probably before some repercussions were seen. It was likely that production costs would go up, he continued. In his own industry, fabrics made from raw cotton xmjorted from America were going up in price by 10 per cent. Sir Robert Chance said he knew very well the Primate of New Zealand (Archbishop West-Watson), who. after his consecration as Lord nishop Suffragan of Barrow-in-Furness in 1909 was Canon Resident of Carlisle until 1921.