FINANCIAL RECOVERY

Wanganui Chronicle, Volume 72, Issue 200, 23 August 1929, Page 7

FINANCIAL RECOVERY

INVESTMENTS BY BRITISH GREATEST CREDITOR NATION. [Australian Press assn.] OTTAWA, Aug. 21. Addressing the Canadian Club at Regina (Saskatchewan), to-day, Mr Churchill, dealing with th'e financial situation in Great Britain, declared that the Mother Country had regained her status as a creditor nation, and that the four billions sterling of foreign investments which Britain had at the outset of the war were exceeded. He added: “We arc to-day the world’s greatest creditor nation.” NOT DOWN AND OUT MR. CHURCHILL OPTIMISTIC. [ Australian Press Assn. —United Service. ] OTTAWA, Aug. 20. Speaking at Winnipeg, Mr Winston Churchill was optimistic concerning the present status of the British Empire. The Mother Country, regardless of the opinion held by many people, was not down and out . “Britain was steadily growing in wealth, health, power and education. There never was a time of such prosperity,” he asserted. There was unemployment, but summing up the pessimistic reports on the situation, he i said: —“There is nothing which should lead anyone to believe these reports are true. The miners are a symbol of the power of our race—man power and endurance.” The dole he describes in the words of Mr J. H. Thomas, as “the most perfect scheme for the support of unemployed in any State or country.”

TRADE WITH BRITAIN. MR. THOMAS’ MISSION. (Australian Press Assn.--United Service.) MONTREAL, Aug. 21. In an interview the Lord Privy Seal, Mr J. H. Thomas, said Canadians might derive considerable satisfaction from the knowledge that they would be making a considerable contribution to the alleviation of the suffering and misery among Britons unemployed by purchasing a larger proportion of their requirements from that country. “We buy 50 per cent, of your wheat, and it is not given to us either. On tho other hand, you are buying three times as much from the United States in raw and manufactured products as you are purchasing from us. If our people s spending power be increased, it would mean much towards a solution of our greatest problem.” Mr Thomas intimated that he had a conference with the Dominion Cabinet at Ottawa during his stay at Ottawa on the subjects of emigration, an Empire Economic Conference, and better trade relations with the Empire. He considered that satisfactory progress had been made.