WORLD SLUMP.

Evening Post, Volume CXIII, Issue 103, 3 May 1932, Page 14

WORLD SLUMP.

— » A PAST FOE EOTARY

HOAD TO FREE DISCUSSION

■ (By Telegraph.—Press Association.) AUCKLAND, 2nd May. That the world will not emerge from the slump except through carefullyplanned co-operation between peoples and nations was the view expressed by Mr. Sydney "YV. Pascall, of London, president of the Eotary International, in an address before tho Auckland Rotary Club, v " One of the chief troubles of the world, said Mr. Pascal], was that its financial organisation was out of correlation with its, commercial and industrial organisation. Last year doubt was thrown •upon the national credit of Britain ■with tho result that Britain was forced off the gold standard. It was an undoubted fact that tho international gold standard had broken down, and another international standard must replace it. At tho same time it would have to be a standard which would not operate so unfairly as during tho past ten years. Finance ought to be the servant, not , the mister, of industry, and instead of prices '-jumbling'down as they had done in the £(**sent crisis, values should bo stabilised tht«*:gh international co-oper-ation. A mom thorough understanding of economics was ."seeded in the business world, Mr. Pascall urged. "Is,our vision any clearer than it U3ed to be?" he asked. "Do we sec what is wrong with our commercial civilisation? Do we study economics as well as our business? We, as businessmen, owe it to ourselves, to the community, and to our workpeople to give a sensible, lead By which we may avoid these recurring, cycles of depression, and in particular this grave slump of to-day. "A MAD WOKLD." ' "■"This- is not an ordinary depression which the world,can emerge from by a normal turn of wheel. We must see that adequate steps are taken to cure .it. "Wo look round and sec a world which is poor because it is 'too rich, which apparently has too much wheat, cotton, wool, sugar, rubber, and 'oil, and too many factories to produce goods. ~ln some parts of the world they are burning and dumping wheat in the sea1, and in other ways trying to restrict production, while other parts of the world are'starving for want of these things. At the same time the nations are'piling up tariffs to prevent those . countries which have goods from'selling'tjiem to those that need them. It is a mad world." |Mr.. Pascall said he was convinced that free discussion of;, the problems relating to economics and finance and even politics was the legitimate function of the Eotary movement.. .It .was the essence of the Rotary spirit to discuss such controversial matters, for members to disagree^, fundamentally and still remain 'friends. Great ultimate good would como ■ of, such debates. - • NOT MERELY PERSONAL. A new concept was needed in trade, said Mr. Pascall. It had'to ,be'realised that trade and commerce were not matters of personal, concern and advantage;, that no nation could prosper in. the long run out of another's' ruin, and *that' any attempt to do so was nothing' but a prelude to its own ruin. It used to be said, "Who takes up the sword 'perishes by the sword," and it would.be said - with equal truthfulness, "Who acts selfishly perishes from selfishness." Only by personal, national and international co-operation could the world arise out of its present impasse; ' . The speaker expressed the hope that New' Zealand woul(} e'mpfoy its tariffs strictly for the, purpose of promoting production and an exchange of wealth and. not, as -was too often the case, for the purpose of restricting trade. Wheii the "great multitude ■ with swords and staves", came and "laid hands on Jesus,".then "ono of them which, were with Jesus stretched out his hand, 'and drew Jiis sword,' and struck a servant of the high priest's, and smote off his ear.» Then said Jesus unto him, Put up again thy sword 'into his place: for all they that take the sword shall perjsh with the sword." (St. Matthew, XXVI., 47-52.) "