AN OVERHAUL

Stratford Evening Post, Issue 15, 3 October 1929, Page 3

AN OVERHAUL

THE BANK OF ENGLAND 1: IS EFFICIENCY IN DOUBT? . DR. BEAGLEHOLE’S OPINIONS. d /' ; WELLINGTON, Oct. 2, • i A Royal Coijiunissiou to investigate / the position of the Bank of England, is anticipated at an early date, states . Dr. J. C. Beaglehole, who has just rcy fumed Zealand after three years’.study at ’London University. Ur. Beaglehole who did post-graduate work in England and took his Eh. D. degree, gives a s ‘the reason for this step, the grave suspicion that the bank is not able to meet modern requirements in the matter of i -finance and that new machinery is needed. (i Grave .problems face the country if England'is to recover jfrom her present position,’'’ said Ur. ‘Beaglehole to-day. *‘.A great deal'-of her industrial organisation's .inefficient, and in some large industries the plant and methods in use are hopelessly outmoded. In cotton and in coal the position is shockingly bad, Istrgeiy owing to lack 1 intelligent dilution ;on the part w the employers. The one idea of the cotton manufacturers for the betterment of the industry, appears to have been to j reduce wages. “At the same time, there is a more ' optimistic feeling in the country since the adVeht 'df 'the Labour ‘Government. It is nftt rettihifcd in New Zealand what an intense purpose almost spiritual in quality, underlies the acts of the Labi our Party, The roots of that Party arc deep in The soil of the country, and its rapid rfse’is evidence of its powerful appeal 4o the-English mind. It us indeed, more than a party; it is a religion. The .Party has, of course, grown mostly' at the expense of the Liberals,, an'd-xt is anticipated that as a Parliamentdry body, the Liberal Party -will not dong survive Lloyd George. The .’Efforts of the Liberals to keep their i'hold dn the country led to the -expenditure of large sums of money duringCthe last election —a total of aboiit £750)000, whereas the Labour Party’s expenditure, apart from local effort, ‘Only in the .region of £20,000. TtfWardhTthe Liberals -the Labour Party a policy of no quarter,: as it realises .that if it is to .grow further, it must,‘be by incorporating .the Liberals . therfiscivesi The spirit of Liberalism, naturally, will be preserved, but -’the Party'Sc'eins' doomed ’to extinction. The Liberals in ’Parliament are highly'viftteil%eht,' bat they suffer from an overplus of leadership, and though they - have lately concentrated oh, very Valuable research work into the needs cif- the oburitry they have always bdefc -^trifle-lute with their remc dies for tfeaaßting ills. Lloyd. George’s unemployment policy, for instance, was, anticipated 4by the Labour Party almost beforejthc end of the war. brilliant Men. “The Labour Party has some brilliant men in its ranks, and outstanding young men are joining it rapidly. Some of them' a£e probably careerists but i there remain some fine figures. The party has fa solid, intellectual background, whjph is not at 'all characteristic of ’•Labour Parties of Australia or New .-Zealand,.rwhoso ‘lack of line thinking seems, iff,, comparison, appalling. ,-Epr Instance," two of the junior members of, the Cabinet, lesser known in New Zealand, are Ur. 'Hugh Union and Philip Noel Baker. ’Dr. .Dalton has been n lecturer at ’the London Suhobl of Economics and is extremely brilliant and Noel .Bakety;till he was elected for Coventry, held the chair in international .relations in the University of London. -|sSj was once described by Ur. Nansen' (greater fcuowS ledge of international relations tuun any Ethels'."knew. Behind the Party Jstand’ {gfylat figures in con- ’ temporary British, and world thought — Harold Laski, ‘C. M. Lloyd, G. U. 11. Cole and R. H. Tawuey; outstanding men in -political taoieiico to-day. Another mam jfirho does not seem to be appreciated in New Zealand, is Arthur JJendersony.who is proving the ideal man irutha-Party Wx the portfolio of Foreign Affairs., I.believe it is true to say that most ■officials connected with the League of Nations wore hoping that he would receive the portfolio. Ho is a great administrator, knows the Continent intima'tely,’ and lias 'not the slightest .craving foj. praise or recognition. . jpr. “The attitude the new Government was very. .Mvpurablo, and the general opinion seeled .to be that if they were forced to' go to the country without a reasonable chance of 'developing ‘their policy, -they would, ‘be assured >df a return iyith an absolute majority. .This time there : will be no Zinovieff letter. The ..problems which are facing them and though • Mr J. H. /Thomas was. hailed as the saviour of the country, .fit will be interesting to ‘see just Low inuch he .cam do towards freeing Britain from the load of past-years. It seems unlikely that they will abandpn England’s free trade policy. They are unlikely to repeal the McKenna duties, but when these lapse it seems fairly -certain that they will not be renewed. Lord Beaverbrook has commenced a newspaper campaign for protection, or for an .economic imperialism, and it is interesting to note that Dr. R. M. Campbell, who ’has beci working in London while on leave from the New Zealand iPrimo Minister % vdCiptirtment, has made an exhaustive study, B imperial preference aUd has put forward tho conclusion 'that to 'England, imperial preference .makes no difference, that •edonomicaliy it is an irrelevance—a gesture and a wasteful gesture. At the same time, Dr. Campbell -ad■\r vances the opinion that there may be something in favour of an Imperial Zollvercin. ’ ’