“MONEY BARONS”

Evening Star, Issue 23499, 13 February 1940, Page 11

“MONEY BARONS”

All ENGLISH REPORT “ I have just received a copy of debates on iinance which have taken place in the Parliament of one of the dominions.” writes a commentator in the Loudon ‘ Daily Express,’ obviously referring to Now Zealand. “In that debate there is a big attack, on Mr Montagu Norman and tho so-called ‘ money barons ’ of England. “ One of tho participants said that during the past hundred years ‘ overseas money lenders have advanced us the sum of £150,000,000; but I would remind the honourable gentleman that in the same period we have paid no less than £250,000,000 by way of interest on the sum borrowed, and we still owe the £150,000,000.’ “ Now this kind of statement is all very well, but it is apt to be extremely misleading. After all, a hundred years is a long time. Moreover, tho wealth of the particular dominion, partly as a result of tho money borrowed, has increased at least 20 times what it was at the beginning of the hundred years, “ Also, it must not be forgotten that the money was not borrowed for a period of a hundred years, and there have been many opportunities for repayment and thus being able to get out of the hands of the money lender. “ Borrowers who get into trouble are often entitled to kindly assistance, and tho City of London in its long record has not been unaccommodating to good people who get into difficulties, sometimes through no fault of their own and sometimes through their own carelessness and extravagance.”