GREATEST CREDITOR

Sun (Auckland), Volume III, Issue 748, 22 August 1929, Page 9

GREATEST CREDITOR

BRITAIN’S £4,000,000,000 IN FOREIGN LANDS CHURCHILL ON PROSPERITY (Australian and N.Z. Press Association) (United Service) Reed. 11.40 a.m. REGINA, Wednesday. Addressing the Canadian Club here on Wednesday, Mr. Winston Churchill, dealing with the financial situation of Great Britain, declared that the Mother Country had regained her status as a creditor nation, and that the £4,000,000,000 of foreign investments which Britain had had at the outset of the war were exceeded. ‘“We are today the world’s greatest creditor nation,” he said. The speaker said the Mother Country, regardless of the impression many people had, was not “down and out.” She was steadily growing in wealth, health, power, and education. There never was a time of such prosperity. Mr. Churchill said there was unemployment in Britain, but in summing up the pessimistic reports on that situation he said there was nothing which should lead anyone to believe they were true. The miners were symbols of the power of the British race, and the man-power and endurance of Britain. The dole, Mr. Churchill described, in the words of Mr. J. H. Thomas, as “the most perfect scheme for the support of the unemployed in any State or country.”