NEW CABINET’S RECEPTION

Greymouth Evening Star, 7 November 1931, Page 7

NEW CABINET’S RECEPTION

PRESS GENERALLY APPROVE EXPERIENCE & ABILITY [OFFICIAL WIRELESS.] RUGBY, November G. The impression of Mr MacDonald's new Cabinet, as expressed in to-day’s press comment, is that it constitutes a strong well balanced team, calculated to work harmoniously together. It maintains a national character, and that it is specially well equipped to attack successfully the economic and financial problems both domestic and international, which confront It. While this national team is comprised of men of wide experience, the Prime Minister has evidently striven to give a chance to younger men, and his endeavour in this respect has been facilitated by the action of Sir Austen Chamberlain, Lord Reading, Lord Cecil and Lord Amulree, three members of the previous Administration standing aside. The new Cabinet consists of •twenty members, and thus reverts to the customary size, for it was found that the Cabinet of ten, which existed before, the dissolution was insufficiently large to staff all the committees which- have to be set up. The last Labour Government had 21 Cabinet Ministers.

The lesser Ministerial appointments will be issued after the Prime Minister has returned to London. “The Times” says: The Prime Minister has chosen an experienced team whose acceptance of the ideal national co-operation is beyond doubt, who are broadly agreed upon the nature of tasks to be accomplished, and who have all agreed to approach them with minds unbiased, by the past. The choice may be accepted with general satisfaction by the nation and confidence in the honesty and efficiencv of the British Government by the world at large. The “Morning Post” says: “It is certainly a Government of great abilities, chosen to the sole end of national interest.” The “News-Chronicle” says: “It has the making of an efficient workable combination and is framed with the evident desire to meet the demand for a National Government.” The “Mail” says: “It is one of the strongest Cabinets in modern times and rich in capacity.” The “Herald” (Labour) says: “Conservatives \with eleven out of the twenty Ministers dominate the Cabinet, which is symbolical of their predominance in the Commons.” It thinks it is this which will necessarily determine the Cabinet’s policy. The “Express” thinks there is only one blot upon the picture, 'the. pre.sence in the Cabinet of only eleven Conservatives, which constitutes a marked disparity compared with the party’s representation in the Commons.

The “Manchester Guardian” says: The Cabinet certainly has a national character and corresponds to what in continental phraseology would be called the Right Centre. The “Telegraph” says: “The Prime Minister has shown good judgment in the task of exceptional difficulty, both in regard to the men and in the posts allotted them, and , produced really a National Cabinet.” GOLD AND STERLING. Sir E. Hilton Young, the newlyappointed Minister of Health, in a speech on currency problems, at Sheffield, said the object of the national policy would be to balance the forces that tended to push the pound about, and then fix the value on some standard. Contrary to expectations, the shock of departure from gold, had by no means been absorbed by the rise in prices in sterling countries. It had, in part, been absorbed by the fall in gold countries. This was* a tribute to the credit of sterling, and a warning to gold countries not to presume too far on bullion alone. Before re-establishing it, it would bo necessary to know how gold and sterling were going to share a place in the public confidence, and how much of the world was to be for gold, and how much for sterling. As to the fixed standard to which stabilised currency would be anchored, all that at present certain was there was no gold standard available, and there would be none so long as any of the chief creditor nations adhered to the bullionist fallacy of the middle ages, that gold is wealth.

AN UNWILLING M.P. ’ LONDON, November 6. The “Morning Post” tells a story of a man on holiday in England, who was under a contract to sail to the Dominions to fill a highly-paid permanent post and who decided to become a cahdidate at; the general election merely for the sake of experience, not thinking that there was the least chance of his election. To his horror he was returned by a huge majority. He is now confronted with a dilemmaNot wanting to confess to his constituents that he was not in earnest, he has decided to sacrifice his job and carry on as a member of the House of Commons. FOREIGN ADVTS. BARRED

LONDON, Novembex- 6. As an example of the growing strength of the movement for spending within the Empire, the “Morning Post” announces that it is refraining till further notice from publishing display advertisements of foreign hotels and resorts, and hopes its readers will set the example of wintering in British resorts and cruising in British ships. ELECTION GAMBLESROTHERMERE WINS £lOO,OOO. LONDON, October 29. The election brought fortunes to some and disastex- to other Stock Exchange speculators on the poll majorities, and hundreds of thousands of pounds were inxflßlvedi Lord Rothermere, whose faith in a great national victory never wavered, bought heavily on the eve of the poll, when the best judges considered the quotation for a Government majority of 207 absurdly high. Consequently he was the largest .winner, and is expected to 1 receive £lOO,OOO. Most of the dealings were based on the prospect of a Government ma-

jority of between 150 and 180. Buyers received the difference if their est mate was below the actual majority, and had to pay the difference if the estimates were above. Most dealing were made in £ units, owing to the heavy risks involved, but many city men'traded £5, £lO and even £lOO counters. , . A prominent Australian backed f £lOO his opinion that the Nationalist majority would be at least 200- For excess over that number he was to receive £lOO for every , Nationalist representative elected. Had he not previously “hedged” at 175 excess votes, he would have cleared £30,000 on the basis of the disclosed majority, of 500. Speculators are anxiously awaiting settlement day, November 10. So many sold when the quotation was £lBO that it is doubtful whether they will be able to meet commitments. Some lost as much as £50,000.