ECONOMIC POSITION.

Waikato Times, Volume 109, Issue 18258, 20 February 1931, Page 7

ECONOMIC POSITION.

MR CHURCHILL’S REVIEW

LIBERAL LEADER LAMPOONED

RECENT SPEECH CONDEMNED

United Press Assn.—Elec. Tel. Copyright,

LONDON, Feb. 18. In the House of Commons, Mr. Winston Churchill covered the whole range of unemployment. Despite Labour cries that he should keep to the subject under discussion, he declared that the Government could truly and honestly proclaim that it had, by every device and dodge, managed to continue paying for the longest time in the loosest fashion the largest dole to the largest number. He attacked Mr Lloyd George's scheme, which he declared had been rejected and spat upon by every expert and every responsible minister. Dealing with Mr Lloyd George’s recent speech on the City, Mr Churchill declared that as the result of it a loss of between £70,000,000 and £80,000,000 would be indicted on the British funds at a time when delicate handling was essential. He pointed to the effect of such a speech in Australia, where a tremendous struggle was going forward, in which the whole of the people were involved for sound honest methods of finance.

The contempt of such speeches and the atmosphere in which they were delivered was not understood abroad.

Turning to the causes of the great economic collapse, Mr Churchill said it could be described in one word, “Asia.” He added “China is in a state of anarchy, and India is seething with unrest, while Russia constitutes an economic factory stronger and more menacing than anything we have witnessed. Nevertheless the resources, strength, energy, and comradeship of these islands is unsurpassed, perhaps unequalled in the world, Much will have to be endured, but we have ridden through many a gale. We must reach out our hands in special cooperation with our kin throughout the world, and when the economic revival of the Western world comes, as it surely will, despite Asia, we willl be borne forward to the forefront, and normal industry will reabsorb the unemployed until it is reduced to manageable dimensions.” Mr Lloyd George, answering the charge that his City speech, has resulted in a fall in securities, reminded Mr Churchill that not even the joint efforts of the Chancellor of the Exchequer, Mr P. Snowden, and himself had reduced securities as low as they were when Mr Churchill was in office. They were higher even now than when he left office.

Mr Lloyd George said he wondered why Mr Churchill made a speech which was entirely irrelevant to the bill, with the exception of a few phrases tacked to the end, to give an air of statesmanship. It was an excellent comic turn.

Air Jack Jones,- Labour member for Silvertown, combating Opposition statements that there was no money in the country, referred to the speedy success of the Indian loan. If the devil himself would lloat a loan at 5 per cent, on the flames of hell, the money would be raised. The House roared with laughter. The division was then taken.

The bill was read a second time by 279 votes to 21S.