WORLD FACES CHAOS

Wanganui Chronicle, Volume 83, Issue 169, 20 July 1939, Page 7

WORLD FACES CHAOS

SIR GEORGE PAISH’S WARNING ECONOMIC COLLABORATION IMPERATIVE GERMANY’S HAND AT TIENTSIN (By Telegraph—Press Association—Copyright) Received July 20, 1 a.m. LONDON, July 19/ The British economist. Sir George Paisli. former economic adviser to the Treasury, in a speech at Manchester, said that after several month-, of residence in Japan he was convinced that Japan was acting almost entirely under the direction of Germany in the Tientsin incident, reflecting Germany’s world-wide campaign against Britain in order to confront her with the greatest possible difficulties. Japan was facing acute economic • problems and her businessmen fore- ; saw disaster if she was unsuccessful in ' China. World-wide economic collaboration was imperative.” he said. “We are within sight of a complete breakdown i In world trad?, whicn is absolutely inevitable unless international collaboration is undertaken.” Sir George said that nearly 40 per ; cent, of the world's spending power, was based on borrowing. It was frightening to contemplate what. would happen when the borrowing stopped. Economic co-operation alone would save Europe from ’.ar and induce Japan to hold her hand in China. I