8 pages, 4to, punch hole top left, with red-ink emendations in another hand." />
6 December 2013
CHURCHILL, Winston S. Draft typescript signed ("Winston S. Churchill"), n.d., [ca. 1931]. 8 pages, 4to, punch hole top left, with red-ink emendations in another hand.
"GREAT BRITAIN IS STILL THE WORLD'S GREATEST CREDITOR NATION. HOW THEN IS IT THAT THIS PANIC HAS BROKEN OUT?"
Churchill tries to rally the confidence of his readers in the British financial markets during the depths of the Great Depression. "Great Britain is still the world's greatest creditor nation," he writes in this draft article for an American newspaper syndicate." How then is it that this panic has broken out?" He blames the "impotence and futility" of "a so-called Socialist Government devoid alike of public confidence and a parliamentary majority." Labour Party policy sapped economic confidence. Investors "assumed that the disease of Socialism was uncheckable and would carry all before it." The left's "class prejudices, and Party feelings" must be subordinated to the task of preserving and sustaining "the financial life of London....The British nation has now woken up to the fact that its slip-shod, easy, happy-go-lucky method of handling its affairs...has got to be replaced forthwith by a far more tense and clearly focussed system of politics and government...We may confidently expect that 1932 will see Great Britain aroused, alert and active in the closest co-operation with the United States in the work of restoring her own prosperity and that of the world." London's days as the world's financial center were far from over. "The City of London and its activities are the greatest asset, glory and bread-winner that Great Britain possesses...The ceaseless rise in wealth and power of New York has only shown that there is room for both these great agencies, and that all their strength is required, not in vain rivalry but in increasing cooperation, to sustain the commerce of mankind."
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