Britain’s Credit.

Waikato Times, Volume 110, Issue 18407, 14 August 1931, Page 7

Britain’s Credit.

A GRAVE SITUATION. LEADERS HURRY TO LONDON. NO NATIONAL CABINET. United Press Assn.—Elec. Tel. Copyright. LONDON. August 13. The Conservative leader, Mr Stanley Baldwin, who was spending a holiday at Aix-les-Balns, unexpectedly returned to I.ondon to-day. This strengthens the belief that a threeparty conference on national economy will be held next week. Mr Neville Chamberlain has also returned to London. The Citly regards his return as a timely recognition of the gravity of the financial situation.

The Dally Telegraph says it understands that while the Conservatives are not unwilling to participate In a three-party conference on economy the rsponslbillty must be the Government's. Any proposal In the direction of forming a National Government would be rejected.

LATER. CONFERENCE OF LEADERS. United Press Assn.—Elec. Tel. Copyright. (Received August 14, 8.50 a.m.) LONDON, August 13. Mr Stanley Baldwin and Mr Neville Chamberlain had a half-hour conference with Mr Ramsay MacDonald at Downing Street. Sir Herbert Samuel also conferred with Mr MacDonald and Mr Philip Snowden, Chancellor of the Exchequer. ALL-ROUND SACRIFICES. DECISION OF THE COMMITTEE. CABINET SUMMONED. United Press Assn.—Elec. Tel. Copyright. (Received August 14, 9.30 a. in.) LONDON, August 13. Following to-day’s conferences of the Economy Committee at Downing Street it has been virtually agreed to Introduce a plan involving allround sacrifices. The Cabinet has been summoned to meet on Wednesday. NEED FOR UNITY. COMMITTEE’S INVESTIGATION. EARLY SESSION POSSIBLE. (Official Wireless.) (Received AUG. 14, 12.30 p.m.) RUGBY, Aug. 13. The Cabinet sub-committee, which is to devise plans for balancing tlie budget, has resumed its deliberations. The progress of Hie committee's examination of the economy proposals will not for the present be disclosed, and some time must necessarily elapse before the task is completed. Mr Philip Snowden .Chancellor of the Exchequer) is anxious to launch a conversion scheme when conditions arc favourable. Special interest attaches to the nature of the help the Government is expecting from the Opposition parties in Its economic plans. It is generally assumed that meetings of the Cabinet Committee will be followed by an invitation to representatives of other political parties to a conference. Sir Donald Mac Lean (Liberal— Cornwall) in a speech referring to the financial situation, said:

“Our budget Is the key to the situation not only here, but Internationally; wo are still the centre of International financial stability —ln fact wo aro the bankers of the world. It Is necessary at present to prepare for a budget so balanced that everyone can see that the facta hava been faced and the necessary sacrifices made. The task must bo undertaken as was the war—by the nation as a whole.”

Mr Ramsay MacDonald returned to Scotland this evening. It is generally recognised that the economy measures must involve sacrifices on all sections of the community, and the plans now engaging attention are understood to be designed to secure as far as possible an even distribution of the burden. The heads of national expenditure were examined by the Cabinet Committee, which it is reported drafted in broad outline certain proposals which arc to be examined in detail by the treasury. The situation is an emergency one, ami emergency methods must be found for dealing with It. The Prime Minister will return to London to attend the next meeting of the Cabinet Committee on Monday, when a more precise examination of the proposals will be undertaken. A full Cabinet meeting has been summoned for Wednesday.

Urgent legislation may be necessary to give effect lo some of the decisions and it is recalled that the motion for the adjournment of the House of Commons provided that if it appeared to the Speaker that the public interest demanded the reassembly of Parliament before October, he might fix the date for an earlier meeting.