The Week Number Four Page 2 Tritish Political Notes Dank Chairman Unhappy with Tory Policy

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In his statement circulated to sharcholders of Martins Dank Ltd., Sir John Nicholson, the bank's Chairman, had this to say about Tory policy: ",..Without being critical of the present policy of the Government the fear that there is for the moment too much emphasis on consumption cannot be dismissed as there are signs that the expenditure on new capital items like factories and heavy machinory is not proceed= ing as fast as could be wished to meet the required future expansion of production when all oxisting slack has been taken up. The effects on our export prices of recent awards in wages and hours of work cannot yot be precisely judged. There aro, therefore, still signs of some uncertainty in industry and in maintaining a reasonably strong balance of payments in our favour, but the recovery and expansion which have taken place have been more firmly based than previously...“