ELECTORS RESOLVED.

New Zealand Herald, Volume LXVIII, Issue 21007, 19 October 1931, Page 7

ELECTORS RESOLVED.

jfO MOEE LABOUK RULE. •HEAVY LOSSES FORECAST. SOUND FINANCE WANTED. '• WHAT THE BANKERS DID. JABOI'I! CRY REFUTED. ' Bs Te'ecrnph—Preis Association—Copyright. (Received October 13, 715 p.m.) LONDON. Oct. 17. Only one full week remains before the /polling and so far there have been no Eigns of what a former Minister, Mr William' Graham, prophesied would be a "most savage election," but perhaps tho closing days will see some change. At present /"there is much less excitement than usual. Tho electors on this occasion know where they stand, and aro unlikely to be shaken. The fact is that tho bulk of tho nation is determined to have no more Labour rule. JJost of the so-called " intelligentsia " which flocked to Labour in 1928-29 is lost; the educated girl workers are lost; the middle-class persons who for various reasons voted Labour in 1929 arc lost; the bulk of the small shopkeeping class, formerly largely Liberal, is lost; and also even stinic of the older trades unionists. Composition of Labour Party. Indeed, Labour as a force is bereft of its powerful auxiliaries, and is now composed almost wholly of the general body of trades unionists and all the drawers of the dole,- > -The Liberal candidates nominated on ,f"ridav represent all shades between tho extreme points of free trade and protection. The only test will be the votes in Parliament of those who survive the election. ' . Mr. Lloyd George clearly hopes the next Parliament will contain sufficient "T jjberal free traders to enable them, in conjunction with tho Labour members, to defeat tariffs, or at least make their accomplishment most difficult.

Allegation Against Bankers. The Labour Party's campaign is not being managed with conspicuous skill. The Labour cry about a " bankers' ramp " is largely wasted, because it has been effectively answered by Mr. Mac Donald, Mr. Snow den and others, who say the bankers had not interfered. What did happen is explained by Colonel L. H. Hanbury, a director of the ■Bank of England. He says: "We as financiers went to tho Socialist Government and advised it of the enormous withdrawal of gold which was taking f place. " The Cabinet said: What do you suggest? What policy can you offer? • "We replied: That is not our business. ■ You are the Government. You must decide on a policy." What next week will yield no one can guess, but there is a,feeling that tho Rational Government is assured of such a majority as will convince the world that the people of' Britain arc prepared for any measures which are calculated to restore credit and afford proof of a return to that sound finance for which the Conservatives stand. •

TAEIFFS AND TBADE. IMPROVEMENT IN INDUSTRY. MR., LLOYD GEORGE'S SPEECH. British Wireless. RUGBY, Oct. 16. In his broadcast election address Mr. Lloyd George criticised the election as unnecessary. He insisted that tariffs were no remedy, and cited Germany, which, he said, was experiencing her worst trade depression, and the United States, where he said there was more actual privation in one city than in the whole of Britain, in support of this view. In spite of the drop in the pound sterling ■" there was no fear of any such catastrophe in Britain as had overwhelmed protectionist countries, and, in fact, many industrial areas in Britain were rejoicing in a flow of orders since the pound had been released from "the golden shackles imposed by the last Conservative Govcrn- - jnent." STERLING EXCHANGE.

STEADINESS IN MARKET. HELP IN WORLD TRADE. British Wireless RUGBY. Oct. 16. The City editor of the Times, commenting on the remarkable steadiness of the pound sterling in terms of the principal gold currencies, suggests that this may give rise to the impression that the rate is being "pegged." or artificially maintained. "This, however," he says, "is not the case. Since Britain temporarily suspended gold payments on September 21, the exchange has been free to find its own level as determined by the state of the market. The steadiness of the pound implies that the demand for pounds by holders of dollars and francs has been roughly equal to the sales of sterling a gainst the purchases of dollars and francs. 'This steadiness is a very gratifying feature of the situation and is a distinct boon to international trade and international finance."