NO PUBLIC WORK

Taranaki Daily News, 15 July 1933, Page 7

NO PUBLIC WORK

IMPROVEMENT IN REVENUE BRITAIN STATES POSITION METHOD TOO EXPENSIVE WILL NOT PROVIDE CAPITAL RESULTS OF EXPERIENCE British Wireless. Rugby, July 13. A statement of the British Government’s attitude towards the proposals for undertaking public works and other measures designed to diminish unemployment was made in the plenary session of the Economic Commission by Mr. Walter Runciman, President of the Board of Trade. He said that the question was one for each country to decide. The British Government held the view that at present nothing could b‘e gained by her attempting to extend the public works programme. “We in recent years have devoted hundreds of millions to schemes of the kind,” said Mr. Runciman. “ The result has been that on the average for every £1,000,000 expended we have employed 2000 men directly and 2000 indirectly. From that you will observe that this method of dealing with the problem is expensive. In our view it is unduly expensive, and it is an experiment we are not going to repeat. “We shall not re-open these schemes no matter what may be done elsewhere, and we do not think that we can usefully participate in any international scheme of a similar nature. “There are two ways in which the country may participate .in these .international schemes: One is by producing plans for the development of our own resources, or of their convenience; the other is by lending money for production development in other countries. “If we are asked whether we could participate in any schemes tor international public works we can say that as far as the schemes are concerned they are the affairs of each individual country, but .if we were asked as a capital market to provide money or raise loans for this purpose we could not do so. With the experience behind us of the last few years we have come to the conclusion, whether in our own country or elsewhere, that schemes of this kind of international public works are a most unremunerative way of dealing with the unemployment problem. If a committee is set up we could not participate in the deliberations.”