17 OCTOBER 1931, Page 32


I cannot help thinking, however, that in the present instance the view which is taken by the City of the forth- coming contest is the right one, and I want to set it out very briefly because I think that it may be helpful to many who are perplexed by the innumerable issues which seem to be involved in the forthcoming contest. In the

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Finance—Public and Private

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first place, let it be remembered that by long-standing tradition the bankers and the City generally have stood for Free Trade. . It is true that during recent years these views have become considerably modified in the face .of certain developments, but,". in the, main, it is still true that while many leading bankers are now in favour of tariffs, many bankers and a large part of the City, still stand firm to Free Trade principles. And yet, however divided the City may be on this particular point, there is absolute unanimity as, to the vital. necessity for: returning the. Nationalists to power by a large working majority. This is due to the fact that the City recognizes that, at the present moment there are issues involved even more important and, urgent than those affecting the, fiscal controversy, and it will be well -if these main points are kept in view. The present contest, as I have already said, is, perhaps, more confused and involved than most Of its predecessors. I think that the position will be greatly simplified by a remembrance of the events of the past two years and a realization of the present Manifesto by the Socialist Party. •