REPUDIATION SHEER LUNACY

Taranaki Daily News, 18 February 1931, Page 7

REPUDIATION SHEER LUNACY

COMMENT BY MR. E. G. THEODORE

UNEMPLOYMENT THE BASKL.TASK

By Telegriph—PreSß Assn. —Copyright.

Sydney, Feb. 17. Mr. Theddoto, interviewed at Sydney to-day, said: “I can hot hope to restore financial stability while one-fifth of our workers are unemployed qr a large proportion are working short time. The problem of getting the unemployed back to productive work is, therefore, the most outstanding matter for solution. If this necessitates balancing the Government Budget by reducing interest rates and supplying an increased voluble Of Bank credit for primary and secondary industries let us attend to •these things immediately. The responsibility lies with the Governments and banks. I believe the Government will do its part, . . . < “While tlie country can meet its just obligations it is sheer limacy for any Governpieilt to rush into repudiation. When a coiintry is driven to make default through uncontrollable circumstances it iri Usually considered a disaster, but that a Government should of its own volition declare that it shall not pay While it still has the means to pay is an act of ruinous folly. Repudiation will not solve a single one pf Australia’s problems, but Will increase unemployment and destitution through the interruption to business and industry.”