NO TRADE REVIVAL

Grey River Argus, 20 August 1931, Page 5

NO TRADE REVIVAL

UNTIL CANCELLATION Of War Debts SAYS BANK OF ENGLAND DIRECTOR. (Aus. & N.Z. Cable Assn.) (Received August 19 at 10.15 p.m.) LONDON, August 19. 1 “I see no prospect of a permanent 1 improvement in trade or unemployment, except through a drastic scaling down, or cancelling, of the Reparations and the war debts,” declared the Hon. Alexander Shaw, Director of the Bank of England, i n a speech delivered at Glasgow, in connection with the launching of the P. and O. liner 4 ‘ Car hage. ’’ He added: 11 Whenever trade and employment seems to revive, the general question of reparations recurs, and down everything rolls to the bottom! No amount of business energy or financial skill will cure the disease which is keeping the British factories and shipyards idle! No jockeying of money values will cure it! Great blocks of certain countries’ production is pledged to be handed over to other countries to pay for past destruction. The mechanism of the foreign exchanges is incapable of carrying such a burden, which has only been saved in recent years by the creditor countries lending the debtor countries the bulk of 4 he funds with which .to pay the reparations and the war debts Wherever the creditor countries grow weary i n the process, the situation of a debtor country like Germany grows desperate. Europe hangs over a pit till an in'ernational conference loads to an agreement, to continue .the lending process. ”