“INTERNATIONAL” LONDON

Nelson Evening Mail, Volume LXVI, 30 November 1933, Page 11

“INTERNATIONAL” LONDON

MR MONTAGUE NORMAN SPEAKS In a recent speech Mr Montagu Noiman, Governor of the Bank ot England, said he agreed with those who discerned more hopeful prospects P Britain, but they must remember that in the City'of London they were largely international. They/ depended on much that came and went overseas, and they could not look east or west without being persuaded that then: were dark clouds hovering ahead. It might be that those clouds with the approach of dawn would drift away. But there they were for the moment and. internationally speaking, so fai as it affected the bankers and merchants of London, they must he taken into account. “Wo here, above all things,” Mr Norman continued, “have progressed slowly, deliberately, carefully, and successfully, by n process which I may call evolution. Uo have perhaps done so more than they have in other countries, hut generally speaking, finance, banking, and merchantiug have progressed slowly and regularly and not by jerks. The process which some generations ago was named the theory of evolution by Darwin, although purely a biological treatise so far as be was concerned, nevertheless is largely analagons to the process which has been adapted in London. It would not be far wrong to say that evolution has been succeeded by revolution. None of us whose businesses lie about the streets rounr the Mansion House can deny that we have seen during this year changes take effect which a short time ago would seem unbelievable. I need not enumerate them The Chancellor of the Exchequer has described the reason for isolation, instability of the exchanges, the great uncertainty which has been seen in certain countries more than others, but generally throughout the world. All those are a menace to us to-day.” AGE OF EXPERIMENTS “We do not see surrounding us those traditions upon which the business with which we have grown up can safely be expected to proceed,’’ continued Mr Norman. “We have been accustomed to proceed by' experience. We have taken a fresh step in whatever business was ours so soon, but not sooner than, the last step was secure. Wo have made changes knowing that those changes were the giving lip of something which would not work in favour of something which would work. That is the result of a long experience. It is oil that that the position of London is based, but experience has given way to experiment. The difference in letters is small; the difference in result is incalculable. Look where we will have seen on all sides this last one experiment succeed another and of none of these experiments can we yet see the end. I am not speaking politically. I am speaking of these matters which vitally affects the business interests of this community—l say vitally affect it, because we are not members of a city and of an island, but members of ail Empire, a continent, and a world. If our business is to proceed as I believe it will again, we need an adjustment of those conditions. Having at home so hopeful and so firm a background, I believe that we may look forward to some gradual improvement elsewhere, hut it will be piecemeal and its course is uncertain. We shall have many difficulties, we shall have much criticism, we shall have many disagreements I doubt not at home and abroad, hut I console myself with this thought that ‘dogs bark hut the caravan passes on.’ ”