BRITISH ECONOMY PLAN.

New Zealand Herald, Volume LXVIII, Issue 20992, 1 October 1931, Page 11

BRITISH ECONOMY PLAN.

BILL PASSES COMMONS. NEW FINANCIAL ERA. WORLD FACING CRISIS. By Telegrnph—Press Apsocintion—Copyright. (■Received September 30, 8.45 p.m.) LONDON. Sept. 29. When moving the third reading of the Economy Bill in the House of Commons Sir Arthur Steel-Maitlarid said it was designed to meet an emergency which demanded quick and decisive action. He asked the House to recognise that as the late Government had agreed to nine out of ten of the economies now proposed, it might be a very great benefit to the country, in view of the developments which were bound to come, and which not only Britain, but other countries, had to face. The crisis would confront nearly every country in the world. It was not really a difficulty which could be surmounted and leave the world just as it was before. These difficulties were really the pain which went before the birth of a new state of affairs. Within 10 years from now there would be a regime of international agreement on economies and finance which would surpass anything hitherto contemplated. This question would equal, if not surpass, in importance the question of armaments. Gold would have to be dealt with, as would the international lending of capital,and quite possibly concerted action for preventing undue fluctuations in credit. That kind of action was coming, and would quite intimately affect the welfare of the masses of the people in all the different countries, and would affect intimately employment and the standard of life When this development came Britain would naturally be fitted to play possibly a leading part. He urged that use should be made of the large measure of agreement which existed, so that the country might face the future and gain the thorough influence which it could use in shaping the new era ori which the world had just entered. Sir Stafford Cripps (Labour), in moving the rejection of the bill, said the justification for the bill when it was introduced had vanished when the country went off the gold standard, and the fact that a crisis existed in the world did not necessarily call for hasty and unwise legislation and the granting to Ministers of more emergency powers. Sir Stafford said not a single argument had justified the bill. The Government continued to foster the spirit of panic which had brought the Government into existence, and was rushing through cuts before the country was awake to the significance of what was being done. The Government wanted to go as far as it could in depressing the standard of living. The Opposition refused to be stampeded by catchwords. The bill was read a third time by 297 votes to 242.