POST-WAR FINANCES

Greymouth Evening Star, 20 January 1944, Page 6

POST-WAR FINANCES

PROMINENT BANKERS’ VIEWS

LONDON, January 18. Views on post-war financial problems are expressed in statements issued by the Chairmen of two of the

“Big Five” banks. Mr. R. E. Beckett, Chairman of the Westminster Bank, said post-war credit on a large scale would be needed to restart trade and commerce. Endeavours were being made to find a token or denominator upon which this edifice could be based, and the idea of making gold the token, either directly or remotely, must be seriously considered. It presented possibilities not apparent in other media, but the rigidity of the gold standard must be avoided. America’s status as a creditor nation implied responsibility for securing a trade equilibrium and not remaining passive as hitherto, allowing the free entry of gold payments for go'ods. America should permit the easy entrance of foreign goods. Goods services were better exchange for exports than gold—which passed to sterility forthwith. , “When peace is established with the appearance of durability, the possibilities for recovery will, be more favourable than at any time during the last 25 years. We must be ready with new attractive lines of goods, and must not miss the chance of maintaining export trade to at least the prewar level.” . Mr. Stanley Christopherson, Chair- ’ man of the Midland Bank, said the economic progress of Britain was depedent on the enterprise and resourcefulness of small business undertakings and individuals. These qualities were too often stultified and. misdi- ( rected through the inadequacy of financial resources.