NEW FINANCE

Grey River Argus, 20 May 1943, Page 4

NEW FINANCE

Not a Relief Measure

(BRITISH ECONOMIST'S VIEWS.

[Aust. & N.Z. Cable Assn.l (Rec. 8.55.) LONDON, May 19. Lord Keynes, in his maiden speech in the House of Lords described "Bancor” and “Unitas” as bajl names for the proposed new international money. He said that the differences between the British and the American proposals had been overstated and it would be possible to combine both schemes, but open discussion by both sides was necessary. The economic structure of the world could not be built in secrecy. There was no foundation whatever for the viewpoint prevalent in America that the object of the British proposals was to 'make the United States the milch cow for’ the world generally and Britain in particular. “The British scheme is not a philanthropic relief scheme whereby rich countries come to the rescue of poor countries,” he said. “It is a highly necessary business mechanism at least as useful to the creditor as to the debtor treasuries. Our two great nations have come before the world in a common purpose with high hopes of a common plan. Here is a field where mere sound thinking may do something useful to ease the burdens of the children of man ”