Bankers’ Views On Post-War Problems

Northern Advocate, 19 January 1944, Page 4

Bankers’ Views On Post-War Problems

('Rec. 11 a.m.) LONDON, Jan. 18. Views on post-war financial problems are expressed in statements issued by the chairmen of two of the “big five” banks. The Chairman of the Westminster Bank (Mr. R. E. Beckett) said that post-war credit on a large scale was needed to restart trade and commerce. Endeavours were being made to find a token or denominator upon which this edifice could be based, and the idea of making gold the token, either directly or remotely, must be seriously considered. It presented possbilities not apparent in other media, but the rigidity of the gold standard must be avoided. America's status as a creditor nation implied responsibility for securing a trade equilibrium and not remaining passive as hitherto and allowing free entry of gold payments for goods. America should permit easy entrance of foreign goods. Goods and services were a better exchange for exports than gold which passes to sterility forthwith.

“If a peace is established with the appearance of durability, the possibilities for recovery will be more favourable than at any time in the last 25 years,” he said. “We must be ready with new attractive lines of goods and not miss the chance of maintaining export trade at least at pre-war level.”

The chairman of the Midland Bank (Mr. Stanley Christopher) said that economic progress in Britain was dependent on the enterprise and resourcefulness of small business undertakings and individuals. These qualities were too often stultified and misdirected through inadequacy of financial resources.