BRITISH INDUSTRIES

Otago Daily Times, Issue 19001, 25 October 1923, Page 7

BRITISH INDUSTRIES

EFFECT OF CURRENCY PROBLEMS. EXPERT COMMISSION SUGGESTED. Press Association—By T«legi»ph—Copyright LONDON, October 23. Sir Eric Geddes, in addressing a meeting of the British Federation of Industries at Glasgow, said: “ Whatever Britain does she must now face a period of immense difficulty; but I believe that it might be wise to 'emove one burden until more normal times return —namely, the sacrifice involved in maintaining the continuous appreciation of our currency. We have been deflating our currency heavily for several years. Our taxation is enormous, and there should surely be some connection. between the country’s financial policy and the trade situation. We cannot control inflation in foreign countries, but we can control our own continuous deflation, which increases the burden of the national debt, dislocates business, 'and involves continuous effort to adjust wages costs. This burden could be alleviated by a policy less exclusively directed tio the improvement of the American exchange and more concentrated on the restoration of stable business conditions.” fsir Eric Geddes said he felt strongly that they were entitled to demand a more careful re-examination of the question by the most eminent commission which could be appointed, including financial and economic experts and representatives of industry and Labour.—A. and N.Z. Cable.