BARCLAY’S BANK

Southland Times, Issue 22489, 25 January 1935, Page 7

BARCLAY’S BANK

CHAIRMAN’S ADDRESS INTERNATIONAL TRADE CRAMPED BAR TO PROGRESS (United Press Assn—Telegraph Copyright.) London, January 23. At the annual meeting of Barclay s Bank, Mr W. F. Tuke, presiding, • said he feared the full tide of prosperity such as would enable unemployment to be reduced to a normal level was not yet in sight. . “Britain’s progress since 1931 nas been the envy of other countries, he said, “but it is idle to think we can obtain the standard of well-being which is our aim, while international trade is cramped and restricted as at present by tariffs, quotas, exchange difficulties, the breakdown of overseas lending, the restriction of production, political uneasiness and extreme Nationalism. There are developments which suggest that the world is gradually emerging from the depression, but much has yet to be done before we can hope for a return to the level of prosperity which the progress of science and invention has made possible. We must have a stable basis for international trade before its volume can be substantially increased, and gold is the only practicable basis. But it would be a mistake of the first magnitude for Britain to return to gold until the difficulties previously mentioned have been adjusted.