CREDIT OF BRITAIN

Wanganui Chronicle, Volume 74, Issue 190, 13 August 1931, Page 7

CREDIT OF BRITAIN

NEED FOR ECONOMIES I HURRIED CONFERENCES HELD POLITICIANS AND BANKERS i [By Telegraph—Pre.. Association— Copyiighi.l Received Aug. 12, 9.20 p.m. LONDON, Aug. 12. The Times’ political writer says that , prominent bankers have attended, during the past five hours, a conference between Messrs Ma. .tonaid and Snowden. Both are absolutely determined to ba ance the Budget in 1932 ano it Las been decided to summon the Cabinet Economy Committee to-mor- ( row instead of the end of the month. The meetings probably will be followed by a conference between members of Cabinet and representatives of the Conservative and Liberal Parties, though there is no question of inviting ( the other parties to join in a National Government. The Daily Telegraph gathers that the Government hopes, possibly next week, to arrange a joint conference with the leaders of t-.e Conservative and Liberal Parties regarding measures necessary to reduce the abnormal expenditure, in which event Air Neville Chamber.ain will represent the Conservative, and Air Herbert Samuel, ;he Liberals. The carrying out of the recommenlatiuus of tiic economy report mvo-ves muteutioub legislation for which the whole House of Commons must bear the responsibility. The Daily Mail’s city editor says that one of the chief reasons why Sir MacDonald hurried back to London was a serious letter addressed to the Government by the City of London bankers, couched in the plainest terms ami urging drastic retrenchment in order to re-establish Britain’s credit. ECONOMY COMMITTEE'S REPORT GOVERNMENT’S INDECISION [British Official Wireless. J RUGBY, Aug. 11. The Prime Minister arrived in London and met the Chancellor of the Exchequer. In an interview Mr MacDonald said he had completed his study of the report of the Economy Committee, but emphasised that the Government’s attitude would not be decided until a meeting of the special Cabinet sub committee ;.t the end of the month.