GRAVE OUTLOOK

Southland Times, Issue 21715, 30 May 1932, Page 7

GRAVE OUTLOOK

POSITION IN EUROPE COMPLETE COLLAPSE FEARED MR AMERY’S PREDICTION ,United Press Assn.—Telegraph Copyright.) (Roc. 5.5 p.m.) London, May 28. “A complete collapse is likely in Europe among the next few months, and we may face a graver situation than the United States,” said Mr L. S. Amery at Oxford. ‘‘The monetary standard of the world cannot soon be restored, and little can be expected from the Lausanne Conference in the immediate future, while the relief would only be slight even if war debts were remitted. There is little hope here of that because France is unlikely to give anything to Germany, which may soon be governed by Herr Hitler. “The United States could help the world if she changed her fiscal policy and was readier to lend money, but unfortunately the United States is unlikely to lend money outside the British Empire. Our policy of shutting up the Empire might do more to restore the world’s monetary system than it would cause damage by excluding competitors. The only step to meet the difficulty is the establishment of a British system of sterling and a central bank of the Empire.” DISMAL SPEECHES MINOR MINISTERS ASSAILED. (Rec. 11.0 p.m.) London, May 29. Mr J. L. Garvin, writing m the Observer, scornfully upbraids minor ministers for “tones usually associated with wet blankets and cold feet.” He says: “Dismal speeches are an unnecessary setback to confidence. The country could certainly stand no more expenditure, and any ministers who imagine the possibility of higher taxation are living in a fool's paradise. One-tenth of the present expenditure must be cut out. To say this cannot be done is nonsense. No one knows what will happen to the Continent of Europe in the next few months. Britain nnd the Empire must do their best for themselves. They cannot safely depend on anything else.”