SENSATIONAL REPORT

Wanganui Chronicle, Volume 74, Issue 143, 19 June 1931, Page 7

SENSATIONAL REPORT

THE TRADE DEPRESSION BRITISH EXPERTS’ VIEWS BANK OF ENGLAND POLICY STRONG CRITICISM LEVELLED LOWER WAGES I' OT THE CURE (By Telegraph—Press Association —Copyright.l Received Ju.*c IS. 10.25 p.m. LONDON, June 18. The lobby correspondent of the Daily Herald saps that the report. >f the MacMillan committee on finance and commerce, which was appointed in November, 1929, will be presented to the Government this week. The writer forecasts that there will be a majority report severely eritieis ing the Bank cf England policy during the trade depression and suggesting that the Bank at. present could mate.ally improve trade by making credit more easily available ar- increasing th** amount of money circulating, this policy should, oe carried out in co operation with the Central Reserve Bunk of America, the Bank of. France, and other greet central banks. The report does not advocate wage and salary reduction as a practical remedy for the trade crisis, which is diametrically opposed to the view expressed bv Dr. Sproule in an address to the Statistical Society, in which he declared that the central bankers are of opinion that they can do nothing for trade until drastic cuts in wages ind salaries are effected. The report is likely to create a sensation as the Bank of England’s policy will be openly condemned by a committee including some of the greatest fin ancial experts in Britain. There will also be minority reports one of which will propose protection and the establishment of a national investment board to issue both short -nd long-term loans to industry. ARMY OF UNEMPLOYED GOVERNMENT'S INACTION Received June IS. 10.50 p.m. LONDON, June 18. Commenting on ur employment, with the total of unemployed registered at •’ 602,898 at a time when it should hit- shown seasonal improvement, the Times says: “There is still no sign by the Gov ernment of any constructive policy to help industry and provide work tor wanes: still no sign that it has taken to 'heart the lessons of the crisis in Australia.” ~ The editorial strongly urges he adoption of the principle of co-opera-tion and advocates that groups and firms who maintain selling organisations overseas should recognise that the i.ler that the Dominions devote themselves exclusively to the production nt food and raw materials is out of date.