WORLD OUTLOOK

Manawatu Standard, Volume LII, Issue 2, 2 December 1931, Page 7

WORLD OUTLOOK

GRAVE SITUATION. WARNING TO PEOPLE. SOME ESSENTIAL TRUTHS. (United Press Association—By Electric Telegraph.—Copyright.) LONDON, Nov. 30. Statesmen and politicians throughout the world have no comprehensive plan to deal with the financial situation of the world, which has never been graver; “they are as the blind leading the blind,” said Sir George Paish, in tire course of a speech he delivered at the Lyceum Club. “I never expected to see Britain in real danger of bankruptcy as at present, but I strongly urge everyone not to lose faith in the Old Country. I am convinced of our ability to emerge from the danger through the action of reasonable people, but we must educate the public throughout the world. It is essential to realise certain truths, including this: that every bank in the world is insolvent. Moreover, it is not a British, but a world crisis. Every country must do its bit to get the world out of difficulties. “The French people are terribly frightened, hoarding both notes and gold, yet making an effort to maintain confidence in France. “The situation in America also is appallingly grave.”

Sir George Paish is an eminent British financial authority. He has had a long connection with the Statist dating back to 1881. From 1900 to 1916 he was joint editor. Ho was a member of the Departmental Committee of the Board of Trade on railway accounts and statistics 1906-08; adviser to the Chancellor of the Exchequer and the British Treasury on financial and economic questions, 1914-16; and went on an official mission to the American Government in November, 1914. He is the author of a number of works on financial and economic subjects. His most recent book is entitled, “The Road to Recovery.” wherein he lucidly surveys world conditions country by country.