A Famous Banker Looks Ahead

Dominion, Volume 26, Issue 171, 15 April 1933, Page 16

A Famous Banker Looks Ahead

* * P W " 1 HERE is one point which refers to bankers whose business lies fl largely overseas,” says Mr. Montague Norman, Governor of the | Bank of England. "They have, to my knowledge, been generous lenders on short credit overseas. They have done this each for themselves and without any co-operation or any knowledge by one of what the other was doing. "The result has been that in many instances, some of which have come before me, concerns have been able to borrow on short credit sums which, had the various lenders been aware of it, would have been quite out of the question, and which have come as a surprise to all of them, bot'h in this country and abroad. "I wonder whether that cannot be done in future on some basis of general co-operation to the interest of all? “I make this suggestion quite humbly. I believe in the old motto that! ‘united we stand, divided we fall.’ “The vast forces of the world, the herd instinct, the desperation of the people who have neither work nor market, have brought about a series

of event's and a general tendency which appear to me at the present time to be outside the control of any man, of any Government of any country. “I believe that if every country and every Government could get together and act together things would be different. Bub they do not seem to be able to do so. “Therefore, I am driven to the conclusion that we must take for Ihe moment the short view, though we must plan long. For most of us it is ‘one step enough for me.’ “The difficulties are so vast, the forces are so unlimited, precedents are so lacking, that I approach the whole subject in ignorance and in humility. It is too great for me. but I am willing bo do my best. “Some are able already to point out the light at the end of the tunnel. I myself see it somewhat indistinctly. Different direcbions are pointed out to us, all of which I hope w ill lead us to where we wish to go. But I will admit that for the moment the way, to me, is not clear. “We have not yet emerged from the difficulties through which' we have been passing, but I like to think we shall meet here next year and that this will continue to be an annual gathering. Then I believe it to be more than likely we shall see clearer where -we are going and be sensible of the rapid pace at which we have been proceeding.”