Timely Topics

Northern Advocate, 29 March 1938, Page 6

Timely Topics

“We cannot (says “The Western Mail”) allow British capital to go abroad to finance the manufacture of' weapons

BRITAIN’S OVERSEAS ; CAPITAL.

which might be used

; against us; 'nor can we lend , money to States ■ which are unable to offer reasonable ! security owing to their self-imposed | impoverishment in preferring t 0 spend | their resources on guns instead of I butter. But discriminating foreign | investment has always been a prolific f source of trade and income to this \ country, and even under the present | restrictions it is still of great value fin reducing the gap created by our I permanent excess of imports , over [exports. As Mr Edwin Fisher, thfc [banker, remarked in 'a speech, some ! days ago: ‘We should aimat main- ? taming our external capital 'and keep ? before us the desirability where possible of providing funds for sound de- [ velopment abroad, which in itself ? would do much to increase world | tr'ade.’ Owing t 0 numerous and i widespread defaults since the war the traditional habit of British capitalists has been considerably we iakened. Credit-worthy borrowers are. not easy to find; confidence has been badly shaken; an(d the risks are much more onerous than in normal times. In such circumstances exceptional' caution is absolutely necessary, but it is of vital importance that past losses should not prove a permanent deterrent to further foreign lending.

li 'H B H.. Mr Neville Chamberlain, Prime Minister of Britain, said in a recent speech: "I must confess that .the spectacle of this vast expenditure upon means of destruction instefad of construction has inspired me with a feeling of revolt against the folly of mankind. The cost is stupendous, and ; the ; thought of the sacrifice that : it must- entail upon us ,and upon those who'-come lifter us, drives the Government always to search for a way out, to seek to find some means of breaking through this senseless competition in rearmament which cor.tinuo2lv cancels out the efforts thUt each nation makes to secure an advantage 1 over the others. We cannot, hope by ourselves to discover a means of escape. It can only be done by frank and full discussion with ethers who share our desire, and by showing our readiness to make our contribution »to the common cause of peace it- others will do the same. All I weuld'say is that the Government has given, and is giving, anxious -Thought to this question, and that insofar as goodwill and an earnest desire to 'succeed can contribute toward success, those qualities will hot be lacking."

MANKIND'S FOLLY.