THIS MODERN AGE.

Hawera Star, Volume XLVII, 23 November 1927, Page 4

THIS MODERN AGE.

WORLD-WIDE SELFISHNESS. “DRIFTING TO A CRISIS.’’ LONDON. Nov. 2. Sir Coer go Paish, addressing the annual conference of the eastern regi.on of the National Savings Committee at Cambridge, said that all nations had come into a period of selfishness, the result of* which was that the world was drifting into a great financial crisis, and was getting, into debt in a way that could not be exaggerated. The modern world had been opened up b,v the savings of our fathers,, and the thrift of our mothers, but their great heritage had been neglected by spending too much on ourselves. The great trades were in depression, and if one could have the power to spread capital in the world it would return as purchasing power for our goods. The situation in Europe, continued ,?i‘r George, was exceedingly grave, as almost everyone was in debt, and tlie struggle for markets wa,s due' to people being unable to meet their obligations, so- that they weir? .selling at any price. A population of forty-three millions could not be maintained in these islands unless all kinds of .services were rendetied to the world by supplying cap’ta’. Immediately this stopped, our credit went down. Great Britain for the moment was ceasing to be the world’s bankers, and America was taking our place, bt?cau.se we were suffering from a lack of capital. he concluded. The reaction was shown in the million unemployed, which was entirely brought about bv spending tco much mors?y on ourselves. The provision of two hundred millions of savings annually meant infinitely more than that if it was put- into capital account.