GOOD RESULTS

Dominion, Volume 26, Issue 112, 4 February 1933, Page 11

GOOD RESULTS

Cheap Credit Facilities BRITISH POLICY Financial Secretary’s Review Official Wireless. Rugby, Feb. 2. The Financial Secretary to the Treasury, Major L. Hore-Belisha, referring in a speech at Devonport to the Government’s policy of providing cheap credit, said that the first result was a saving of £38,000.000 per annum in respect of interest on the National Debt. In 1932, he proceeded, £75,900,000 was raised by borrowers in the United Kingdom for industrial purposes, compared with £32,900,000 in previous years.

The significance of these figures lay in the fact tliat it was only by new capital issues for new plant, machinery, and factories, that unemployment could be solved.

There had been no decline in 1932 in the production of goods which were sold in shops and the consumption of these goods had remained steady. He claimed that the policy of providing cheap money had created conditions in which it was possible for industry to raise money which it could spend remuneratively. The Bank of England, he added, had recovered nearly £7,000,000 of the gold paid to America last month, and there was now more gold in the Bank of England than there was ten months ago.

What- stood in the way of prosperity was the international complication of war debts. The year 1933 should see a diminution of these obstacles just as 1932 had seen the beginning of domestic, agricultural, and industrial reconstruction.