GREAT BRITAIN: Doped Hurdler?

As tightly as he fills his own bulging vest does Sir Josiah Charles Stamp fill his various important posts in London. As a Director of the Bank of England, this pink and pleasant knight is second only in reputation to Montagu Norman. He is also chairman of the London, Midland & Scottish Railway, a colonel of the Royal Engineers, general treasurer of the British Association for the Advancement of Science, and a much sought-after lecturer at Oxford and Cambridge.

In London last week, Sir Josiah, after some hesitation, gave newsmen a trenchant criticism of the New Deal.

“Frankly I am disappointed in it,” said the Briton. “We have in England many of the things that President Roosevelt has promised Labor in the United States, but it has taken years of steady evolution to get them. To try to force these things on business, already confused by restrictions of the New Deal, is asking too much of private enterprise.

“You cannot make profits under a new order unless first of all you are making them under some kind of order. First of all let private businessmen make profits—then trim these profits if you want to, under regulations of the NRA.

“Up to the present President Roosevelt seems to have provided plenty of material for confidence but none of the mechanics of confidence. . . .

“Unless confidence is restored you can give the patient brandy or a shot in the arm or whatever you choose to call it. but it will be only temporary encouragement.

“American business is a hurdler facing a series of new untried jumps. Of course you can dope him over some of the hurdles but sooner or later will come a crash.”