OVERSEAS OPINIONS

Timaru Herald, Volume CXXXVII, Issue 19512, 10 June 1933, Page 9

OVERSEAS OPINIONS

SOME INTERESTING VIEWPOINTS. Under-Consumption. “The economic troubles of the world are not due to over-production alone: there is also under-consumption,” said Mr. J. H. Thomas in a recent speech. “The real explanation of it is this: if there were lined up every man, woman, and child in the world, every fourth would be a Chinese, every fifth would be an Indian, every seventh a Russian. Put these three together and you have 48 per cent, of the total world’s population all in turmoil. If those 48 per cent, were brought into the comity of nations, sharing and taking responsibility, we would very soon solve the problem of over-production—-because it would be over-consumption then.” The Eye-Opener. % “For years, the threat of a general panic has hung over the country. Now it has happened, and the way is open at last to face honestly the fact of insolvency and to begin to climb out of the pit. This is not to say, by any means, that the worst of our troubles are over. The same greedy :apitalists who were chiefly responsible for bringing us to our present plights still weild vast influence, despite Mr. Roosevelt’s cheerful assurance that the moneychangers have abdicated. They will fight to the last limits of their strength against the creation of a banking system in the public interest and against every other effort to dislodge entrenched private privilege from its position. In our opinion the public cannot be blamed if it decides to have nothing more to do with a banking system so ill designued as ours and with banks some of which have harboured such short-sighted scoundrels. No time should belost in building a unified, nationalised banking system, from the management of which the opportunity for private jrofit is banished. It may indeed be necessary to do this in order to have any banking system at all.”— “The New Republic” (New York).