BRITISH DEFENCE DEBATE

Evening Star, Issue 22578, 20 February 1937, Page 15

BRITISH DEFENCE DEBATE

LOAN CRITICISED BY LABOUR “ SUBSCRIPTION TO WORLD SUICIDE PACT ” Press Association —By Telegraph—Copyright LONDON, February 18. Sir Thomas Inskip, speaking in the defence debate, said there was no need to embroil the dominions in defence discussions. Mr Alexander: You ask us to pay for their defence. Sir Thomas Inskip: No, we ask this country to pay for the defence of the colonies and dependencies and those parts of the Empire on which we are. depending so much for raw materials. The dominions are conscious of the value of their association with this country and are making their own preparations at their own expense for their own defence. In so far as the dominions’ governments and people have any comments on our foreign policy, let it be expressed by. them, not by members of this House. Sir Stafford Cripps said that the House was witnessing the most magnificent subscription to a world suicide pact yet published in any country.

Mr Attlee said: “ Every sentence in the White Paper contemplates war, not as a distant possibility, but as a certainty. We are all.to live frankly with a gas mask in our hands.” Mr Baldwin, winding up the debate, emphasised the need to examine the causes of the League failure and endeavour to strengthen it to meet future crises and bring back to the League the great Powers that had left it. The resolution was carried by 329 votes to 145. DOMINIONS' EXPENDITURE (British Official Wireless.) RUGBY, February 18. Asked in the House of Commons whether a statement could be made on the proposals of the Government to be laid before the Imperial Conference respecting a greater share in the cost of Imperial defence being borne by the dominions, the Prime Minister (Mr Stanley Baldwin) replied: “ While welcoming the opportunity afforded by the Imperial Conference for discussion of defence and Other problems, I would remind the House that the expenditure of the diminions is entirely the responsibility of the dominions.” STOCK EXCHANGE REACTIONS GILT-EDGED SECURITIES FALL. LONDON, February 18. According to the ‘ Daily Herald ’ the values of the ordinary shares of 19 shipbuilding, aircraft, armament, and steel firms have risen by £4,640,000 to £88,168,000 since February 10, or £128,000 for every hour in which business has been done on the Stock Exchange. The city editor of ‘ The Times,’ commenting on ■pie fall of gilt-edged securities and other high-grade standard investments, points out that the drop has brought more buyers, especially in the 3} per cent, war loan, which held its price well. The market is expected to recover now that Mr Chamberlain has disclosed his plan. Meanwhile the fall in British funds has been sufficiently substantial appreciably to increase the yields. Accordingly all classes of investments are undergoing a downward adjustment. FINANCE WITHOUT RISK SOCIAL SERVICES WILL BE MAINTAINED (British Official Wireless.) RUGBY, February 19. (Received February 20, at noon.) In the course of his reply on the House of Commons debate on the financial resolution preliminary to the Bill empowering the Government to raise the defence loans, the Prime Minister said he believed the country was now in a position when she could finance the undertakings contemplated without risk to what she had done and was doing for the social services and without affecting the standard of life any more than that standard might be affected from time to time by the rise or fall in commodities. The Government contended that it should be temporary expenditure—that was to say, for about a generation. The social services were there, he hoped, for all time. He hoped, indeed, that this and future generations might see them improved. There was enormous elasticity in the financial power of the country. If they worked hard and pulled together and if no unforeseen disaster occurred, there was no reason why their social life should be affected by what the Government was proposing. He quoted a lengthy passage from the Foreign Secretary’s speech on November 20, in which he stated that Britain’s arms would never be used in a war of aggression. That speech, the Prime Minister added, represented the views of the Government. He believed there was no difference in view in any par( of the House as to the relationship of their policy to the principles of the League. The object of all parties was to maintain peace. The Government had not lost hope, and was now devoting every effort to bringing about a pact to take the place of the old Locarno Treaty, with the' old Locarno Powers. It might well be in the immediate future that the most hopeful prospect was that of regional pacts. The Goyernment considered regional, pacts, gg

of the greatest importance. One of the most cogent causes of unrest in Europe the last two or three years was due to a want of equilibrium between obligations and liabilities in this country and its material strength. There was no anti-thesis between collective security and national security. What they wanted to get by collective security was that the forces of order were so overwhelmingly stronger than the forces of disorder that no aggressor could start. That would be done today, but if they were to fulfil their obligations under collective' security they must have power enough to defend themselves. INSURANCE AGAINST WAR CANBERRA, February 20. (Received February 20, at 11 a.m.) Mr Lyons stated that Britain’s new defence policy must be regarded as an insurance against war and a definite contribution to the world’s peace. Australia desired to co-operate with the other parts of the Empire in the system of Imperial defence.