1947 NOT A YEAR OF PROGRESS FOR THE BRITISH, SAYS BANKER

Wanganui Chronicle, 30 January 1948, Page 5

1947 NOT A YEAR OF PROGRESS FOR THE BRITISH, SAYS BANKER

(Special N.Z.P.A. Correspondent) Recd. 6 p.m. London, Jan. 29 Another chairman of one of Britain’s big banks has disclaimed Lord Linlithgow’s view that 1947 was a year of solid progress. He is Mr. Rupert Beckett, of the Westminster Bank, who says that last year, from Britain s point of view can only be described as “one of great disappointment.’' He sees 1948 as a year of challenge. Britain, he said, has employed neither the time nor her resources to the best advantage. He adds: "It is time for everyone to realise how near we are living to the poverty line. Britain’s future depends solely on individual efforts.” He regrets that the example of extra hours set recently by the miners has not been followed by all workers. Two events in 1947, Mr. Beckett declares, ’’clearly demonstrated that we had not succeeded even in relaying the foundations of our economy.” They are: /D T! 1 ® disastrous fuel crisis—showed how internal affairs in Britain had failed to put first things first. Suspension of sterling convertiaft£r llttle more than a month So collapsed the hopes which, not without misgivings, we had entertained when the credit was granted that by the middle of last year our foreign trade.would have made real progress towards stability,’’ he said.