DISTRACTED WORLD

Evening Star, Issue 21240, 22 October 1932, Page 13

DISTRACTED WORLD

BANKER ON CURRENT PROBLEMS MR MONTAGU NORMAN'S VIEWS Press Association—By Telegraph—Copyright. LONDON, October 20. Mr Montagu Norman (Governor of the Bank of England), speaking at a bankers’ dinner, described the “ frozen ” credits throughout the world as one of the greatest impediments to business. Trade would find a way over and around almost any tariff if it could be financed, but “ freezing ” bankers’ credits rendered trade extremely difficult. British lending used to bo practically indiscriminate, and merely competitive He questioned whether it could continue with the same freedom in future. Britain, when the revival came, would need robust rationalised industry and commerce, offering the same attractions and investments as would be offered abroad.

Referring to the world position, Mr Norman said that vast forces, including herd instinct and the desperation of people who had neither work nor markets caused serious events, uncontrollable by any man or government. It seemed impossible to get united world action. “ The difficulties are so vast, the forces so unlimited and so novel, and precedents are so lacking that I approach the whole subject in ignorance and humility. It is too great for me, but I am willing to do my best. I see light at the end of the tunnel somewhat indistinctly, but we have not yet emerged from our difficulties.”