ECHO OF SECURITY SET-BACK

Timaru Herald, Volume CXLIII, Issue 20897, 29 November 1937, Page 9

ECHO OF SECURITY SET-BACK

TALK OF “MALIGNANT PESSIMISM ” OPTIMISM OF CHANCELLOR OF EXCHEQUER British Official Wireless (Received November 28, 6.30 p.m.) RUGBY, November 27. The Chancellor of Exchequer (Sir John Simon), speaking at Nottingham, referred to the “malignant pessimism,” characterising some of the prevalent comment on the recent setback in security and commodity markets. Sir John deprecated this attitude. The country was economically strong, and its recent history showed, with what firmness it could resist economic shocks and how great was its recuperative power. If in the future they were caUed upon to face a trade decline, they were in a far better position to meet it and deal with it, than they had been in the great collapse in 1931. Recovery from that depression was a solid fact, and industrial activity, Increase in national savings, and the productivity of revenue were aU reassuring signs. Sir John said that nothing would contribute more effectively to the ultimate foundations of world peace than the preservation and promotion of a good understanding between Great Britain and the United States. The announcement that preliminary discussions had gone far enough to justify the opening of negotiations for an Anglo-American trade treaty, gave new hope.

Referring to rearmament, Sir John said it had reinforced Britain’s influence and authority in world affairs. Armaments, however, necessary, were no substitute for political appeasement, which was the only real basis of peace, and which was the direct object of the Government’s constant endeavours. BRIGHT OUTLOOK AFRICA HAS NO FEAR OF DEPRESSION United Press Association—By Electric Telegraph—Copyright (Received November 28, 6.30 p.m.) CAPETOWN, November 27. The Minister of Justice, General Jan Smuts, speaking at Johannesburg, said “There is no reason for a depression in South Africa. The remainder of the world’s political troubles had not affected the economic gold position. There was no idea of war among the great Powers in the present turmoil, but a slow steady current, visibly trending to normal and peaceful conditions.