The Timaru Herald. MONDAY, AUGUST 29, 1932. THE BRIDGE TO RECOVERY.

Timaru Herald, Volume CXXXVII, Issue 19273, 29 August 1932, Page 6

The Timaru Herald. MONDAY, AUGUST 29, 1932. THE BRIDGE TO RECOVERY.

Notwithstanding the impression voiced by Mr Stanley Bruce, following his interview with President Hoover, that the World Economic Conference must be postponed, until the American political situation settles down, following the choice of the new President of the United States, it is generally agreed that the economic situation in America is so bad that only further injury can result from any prolonged delay on the part of the leading nations in facing the world's economic problems. It is interesting, to mention in this connection, that the world survey, issued last week by the Economic Intelligence Section of the League of Nations, reports that “unless there is a substantial scaling down of obligations, despite moratoriums and “standstill agreements,'’ there is little possibility of avoiding wholesale defaults oil a scale making future reconstruction exceedingly difficult.” The report points out, however, that signs of progress in the arrest of the decline and a readjustment of the equilibrium are seen only in Britain. No mention is made in the report, of course, of the United States, but it has remained for President Hoover to remind his fellow countrymen that “they cannot restore economic stability in the nation by continuing to siphon so large a part of private efforts into the coffers of the Government, since its abstraction from the people stifles the* productivity, the consumption and the recovery of employment.” Before the war, it is timely to point out, theoretically every man worked twenty-five days a year for the national, State and local government combined. Now he works sixty-one days. What this means can be seen for statistical comparison showing the tremendous increase in taxation in the United States, within recent years:

Totals . $4,800,000,000 $30,000,000,000 Obviously not even the local, State and national wealth of the United States can bear the increasing strain of the absorption of too great a proportion of the national income for the conduct of the country’s various branches of government; neither can the United States find economic stability by hiding its head in the sands by borrowing to cover government expenses, for thus the various activities draw the capital of the nation into public securities and draft it away from industry and commerce. As a matter of fact, the United States is now definitely among the stricken countries of the world, and the needs of the world are her needs. Domestic politics may be less difficult and more entertaining than the hard problem of international finance and the world's fiscal difficulties, but until the United States joins the nations of the world in an International Economic Conference and resolutely faces the problems of war debts, reparations, world armaments and all the pros and cons of international relations that in any way restrict the free flow of world trade, the financial and economic situation in the United States will move in the direction of an upheaval, the spread and temper of which it is impossible to foresee. Obviously the United States, following the hard row trodden by the British people, will be forced to adopt heroic measures. The other day Sir Austen Chamberlain made these observations on the change that has come upon Britain:

A year ago Britain’s budget was unbalanced, trade was declining and we were rapidly approaching one of the most critical financial situations our country ever had to meet. When the National Government appealed to the electors last autumn they were obliged to impose great sacrifices on the people, but by an overwhelming majority the electors affirmed the Government’s policy. To-day we are beginning to see the first fruits of that policy. We have made our sacrifices and are beginning to reap the reward. Instead of the feeling which was prevalent a year ago that Great Britain had lost the secret of her strength, and a feeling in friendly circles of sympathy and commiseration, every country is now noting with admiration the recovery which this country has made. . . .

There is not another nation whose credit has risen so rapidly in recent months and is now so secure as that of Britain.

This claim is now admitted in the report emanating from Geneva; indeed, Britain is the only country in the world with a balanced budget. It must therefore be obvious that if an International Economic Conference were held without delay and a decision made not only to follow Britain’s wonderful lead, but to scale down the obligations of all nations—for this is not only the pressing need of all countries, but the universal demand of the hour—-

the gap to world recovery that seems so wide at the moment may not be found impossible of bridg ing through plans inspired by international understanding and co-operation*

PUBLICATION OF RADIO NEWS. Some days ago the over-officious spokesman of the powers that be addressed the following communication to all newspapers: “1 have to inform you that it has come UndeT my notice that certain newspapers have been publishing news which has been broadcast from radio stations. I desire to draw your attention to the provisions of Regulation 63 of the Radio Regulations 1932, which reads as follows: “Except with the permission of the Minister, no person shall commit to writing for the purpose of publication in a newspaper any matter transmitted from any radio station.” The term "radio station” means any station equipped for the purpose of effecting radio-communications, whether by transmission or reception, or both, and includes, therefore, radiobroadcasting stations. I should be glad if you would please ensure that the regulation is strictly observed. The effect of this edict is that no newspaper may publish news picked up by radio, without the consent of the PostmasterGeneral. This almost arrogant assumption of atutocratic authority lias resulted in the complete elimination of radio news of all descriptions from the columns of the newspapers. •Fust what this means can be gauged by the mere mention of what happened on Friday night.

By the courtesy of the N.B. Corporation of America, and Amalgamated Wireless, Ltd., Australia, Mr J. A. Mollison spoke specially to Australian listeners. He had a ten minutes' talk from 10.45 to

10.55 o’clock (7.15 to 7.25 a.m., New York time). The transmission was from W2XAF short wave station, and the reception was 100 per cent, good in New Zealand. But no new simper dared divulge the interesting story of a memorable Atlantic flight “put over” by the famous “Flying Scotsman,” because the Post-master-General has wholly prohibited the publication of radio news. It is doubtful if any country in the world is so backward in radio sense as is officialdom in New Zealand, for while many millions of listeners in all parts of the world picked up the radio

conversation, and thousands of newspapers will publish the wonderful story, the Press of New Zealand was not able to record “Jimmy” Mollison \s message, because the Postmaster-General has, by the enactment of regulations, forbidden the newspapers to publish for the information and enlightenment of their readers the wonderfully informative news service which is coming to New Zealand every day from countries where the enlightenment of the people is considered of more importance than the whims and fancies of the out-of-

date officialism which inspired the Ministerial prohibition of the publication of radio news.

Taxation in U.S.A. 1913 1930 $ $ Federal 700,000.000 4,200.000,000 State .. .. 400,000,000 2,300,000,000 Local . .. 1,800,000,000 7,500,000,000 Totals . $2,900,000,000 $14,000,000,000 Outstanding Debts. 1913 1930 $ $ Federal .. 1.000,000,000 16,200,000,000 State .. .. 300,000,000 1,800,000,000 Local . .. 3,500,000,000 12,600,000.000