Sir John Simon Attacks “Malignant Pessimism”

Northern Advocate, 29 November 1937, Page 9

Sir John Simon Attacks “Malignant Pessimism ”

|British Official Wireless .l (Received 10 a.m.)

RUGBY, November 27. THE CHANCELLOR OF THE EXCHEQUER, SIR JOHN SIMON, SPEAK- ~ ING AT NOTTINGHAM, REFERRED TO THE “MALIGNANT PESSIMISM" CHARACTERISING SOME OF THE PREVALENT COMMENT ON THE RECENT SETBACK IN THE SECURITY AND COMMODITY MARKETS,' HE DEPRECATED THIS ATTITUDE.

The country was economically strong, and its recent history showed with what firmness it could resist economic shocks and how great was us

recuperative power,

Recovery a Solid Fact. It, in the future, they were called upon to face a trade decline, they were in a far better position to meet it and deal with it than they had bedn in the great collapse of 1931. Recovery from that depression was a solid fact. Industrial activity, the increase in national savings, and the productivity of the revenue were all reassuring signs, Sir John Simon said. Nothing- would contribute more effectively to the ultimate foundations of world peace than the preservation and promotion of a good understanding between Britain and the United States. New Hope. The announcement that the preliminary discussion had gone far enough to justify the opening of negotiations for an Anglo-American trade treaty gave new hope. Referring to rearmament. Sir John Simon said it had reinforced Britain’s & influence and authority in world affairs. Armaments, however necessary, were no substitute for political appeasement, which was the only real basis of peace, and which was the direct object of the Government’s constant endeavours.