Gloom Prophecies May Be Discounted Dread Alternative

Northern Advocate, 16 July 1938, Page 7

Gloom Prophecies May Be Discounted Dread Alternative

(Received 2 p.m.) RUGBY. July 15. rpHE HOUSE OF COMMONS REA’S THE FINANCE BILL FOR A THIRD TIME. SIR JOHN SIMON, CHANCELLOR OF THE EXCHEQUER, WOUND UP THE DEBATE AND REVIEWED THE GENERAL FINANCIAL POSITION. Referring to the fact that the co . rse of world trade had been unfavourable since he presented the Budget, Sir John .Simon, .said that, taking the best estimates they could on eve ry ground, thy must not exaggerate their disappointment. There were, he thought an abundance of reasons for concluding that the present situation had no resemblance to. the situation before the great depression. Conditions in countries which produce primary commodities were very different, and much improved from what they then were.

“In Britain we have secured a far better and far surer share of the home market than we have ever done since 1931. We are now much less dependent than we were on fluctuations in foreign trade and are entirely free from obligations of pursuing a deflationary policy.” On the whole, his advisers took the view that there was reason for discounting gloomy prophecies for the future. Repulsion And Resentment.

“It is not with any pride or exultation that I have to present to the House of Commons a £1,000,000,000 Budget We can take our pride in the courage and resolution with which our fellow countrymen' shoulder the burden. “We can get some satisfaction and justification in the knowledge that it is not we who set the pace. We can get some comfort from the knowledge that this country can endure it at least as well as the rest of the world. “But I must say that my overwhelming feeling is one of repulsion and . resentment _ that humanity is really engaged in mortgaging so immense a part' of its resources in preparation for a possible Armageddon when so much might be done with those resources if only a solution of of the difficulties could be found.

“This country has got resources in character, courage and history which will see us thrbugh. Let there be no mistake. If we do not succeed, and the world does not suceed in finding some way in which we can prevent the folly of this ever-increasing expenditure on armament, then, ineed, the future we are preparing for our children is one at which we may shudder.”