Finance Ministers

"It fell to my lot to orient our foreign policy during the period of bewilderingly rapid changes wherein one kind of world was ushered out and another kind was ushered in."

"He was an avid lover of Urdu language. He was appointed as the Chairman of Gujral Committee in the 1970s. The committee was envisaged the task of finding means and ways to promote the Urdu language and to provide adequate facilities for Urdu speaking people in educational, cultural and administrative matters....Gujral will long be remembered as a seasoned diplomat, articulate speaker and a true champion of the masses. MANUU owes a lot to this inspiring personality."

"He was a member of the Club of Madrid, an independent non-profit organization composed of 81 democratic former Presidents and Prime Ministers from 57 different countries."

"As India's representative, he personally met with Saddam Hussein. His hug with Hussein during the meeting remains a matter of controversy."

"Si cela n'est que difficile, c'est fait; si cela est impossible, nous verrons."

"The annual payment [of German reparations] will very likely spread over some thirty years at least. It would therefore be fair and logical for the military occupation of the left bank of the Rhine and the bridgeheads to last for the same length of time...There is, moreover, something quite unusual in the idea of renouncing a security before the amount secured has been completely paid...After the war of 1870, the Germans occupied various French provinces until they received the last centime of the indemnity imposed on France...It is argued that even when the occupation ceased, it could be resumed in the event of non-payment. This option to renew occupation may look tempting to-day on paper. But its bristling with drawbacks and risk. Let us imagine ourselves sixteen or seventeen years ahead. Germany has paid regularly for fifteen years. We have evacuated the whole left bank of the Rhine. We have returned to our side of the political frontiers which afford no military security. Imagine Germany again prey to Imperialism or imagine that she simply breaks faith. She suspends payment and we are obliged to reoccupy. We give the necessary orders, but who will vouch for our being able to carry them out without difficulty?"

"Our Socialists chuckled when Poincaré fell finally, beaten only by health. He specialized, they said, in upsetting apple-carts. Seemingly they were happier with Laval. I should have felt mean in joining the chorus of relief from the doughty little fellow. At least he was Someone—not to be called blind because he was resolute. In my boyhood the French seemed to cry vive everything but a government; Poincaré at moments looked durable. "The eternal and to me most repugnant Poincaré", Curzon called him; "when firmly handled he is amenable", Curzon added, forgetting his own tears. Poincaré was three or four things—not more—and amenable was the fourth. He died in 1934 respected by over half of his compatriots—an unusual proportion—because he always knew his own mind—an unusual attribute. He just was not our idea of a Frog. We supposed that Germans shout less than the French, so we entered the thirties unable to measure Sieg Heils as Frenchmen could."

"He was the only man I have ever known who at any moment, on any subject within his wide range, could make a speech, logically developed, exact in phrasing, fortified with every fact and figure, which could be taken down and printed without revisions."

"The most powerful figure in French politics after the retirement of Clemenceau was ex-President Poincaré. He disliked the Treaty [of Versailles] intensely. For several years after the withdrawal of Clemenceau, the policy of France was dominated by this rather sinister little man. He represented the vindictive and arrogant mood of the governing classes in France immediately after her terrible sacrifices and her astounding victory. He directly and indirectly governed France for years. All the Premiers who followed after Clemenceau feared Poincaré. Millerand was his creature. Briand, who was all for the League and a policy of appeasement, was thwarted at every turn by the intrigues of Poincaré. Under his influence, which continued for years after his death, the League became not an instrument of peace and goodwill amongst all men, including Germans; it was converted into an organisation for establishing on a permanent footing the military and thereby the diplomatic supremacy of France. That policy completely discredited the League as a body whose decisions on disputes between nations might be trusted to be as impartial as those of any ordinary tribunal in any civilised country. The obligations entered into by the Allies as to disarmament were not fulfilled. British Ministers put up no fight against the betrayal of the League and the pledges as to disarmament. Hence the Nazi Revolution, which has for the time—maybe for a long time—destroyed the hopes of a new era of peaceful co-operation amongst free nations."

"The fact that he was a Lorrainer, born and brought up in sight of the German eagle waving over the ravished provinces of France, bred in him an implacable enmity for Germany and all Germans. Anti-clericalism was with him a conviction; anti-Germanism was a passion. That gave him a special hold on France that had been ravaged by the German legions in the Great War. It was a disaster to France and to Europe. Where a statesman was needed who realised that if it is to be wisely exploited victory must be utilised with clemency and restraint, Poincaré made it impossible for any French Prime Minister to exert these qualities. He would not tolerate any compromise, concession or conciliation. He was bent on keeping Germany down. He was more responsible than any other man for the refusal of France to implement the disarmament provisions of the Treaty of Versailles. He stimulated and subsidised the armaments of Poland and Czecho-Slovakia which created such a ferment of uneasiness in disarmed Germany. He encouraged insurrection in the Rhineland against the authority of the Reich. He intrigued with the anti-German elements in Britain to thwart every effort in the direction of restoring goodwill in Europe and he completely baffled Briand's endeavour in that direction. He is the true creator of modern Germany with its great and growing armaments, and should this end in another conflict the catastrophe will have been engineered by Poincaré. His dead hand lies heavy on Europe to-day."

"Of Clemenceau he [Woodrow Wilson] spoke in kindly terms. But when the name of Poincaré was mentioned, all the bitterness of his nature burst into a sentence of concentrated hatred. "He is a cheat and a liar," he exclaimed. He repeated the phrase with fierce emphasis. Poincaré disliked and distrusted him and the detestation was mutual."

"Poincaré was unquestionably the ablest and most strong-willed statesman to occupy the Elysée Palace since Thiers. But what endeared him to Bainville above all was his attitude in matters of foreign policy and national defense. His Lorraine origins rendered him implacably antagonistic to Germany, his bourgeois good sense inoculated him against the disease of idealistic pacifism, and his public declarations in favor of strengthening the power of the executive suggested a desire to rescue France from the evils of legislative omnipotence (and incompetence) that Maurras and his associates had been denouncing. It appeared that France had, by some miracle, acquired a president who possessed "all the powers of a king" and was prepared to use them."

"Had Lloyd George supported whole-heartedly the maximum demands of the French in 1919 could we have escaped 1939? No confident answer to this question is possible, and popular opinion today cannot avoid importing into its verdict on his policy knowledge not available to him at the time. It is plain today that Poincaré had a clearer understanding of the dangers of a resurgent Germany than had Lloyd George."

"Poincaré, the strongest figure who succeeded Clemenceau, attempted to make an independent Rhineland under the patronage and control of France. This had no chance of success. He did not hesitate to try to enforce reparations on Germany by the invasion of the Ruhr. This certainly imposed compliance with the Treaties on Germany; but it was severely condemned by British and American opinion. As a result of the general financial and political disorganisation of Germany, together with reparation payments during the years 1919 to 1923, the mark rapidly collapsed. The rage aroused in Germany by the French occupation of the Ruhr led to a vast, reckless printing of paper notes with the deliberate object of destroying the whole basis of the currency. In the final stages of the inflation the mark stood at forty-three million millions to the pound sterling. The social and economic consequences of this inflation were deadly and far-reaching. The savings of the middle classes were wiped out, and a natural following was thus provided for the banners of National Socialism. The whole structure of German industry was distorted by the growth of mushroom trusts. The entire working capital of the country disappeared. The internal national debt and the debt of industry in the form of fixed capital charges and mortgages were, of course, simultaneously liquidated or repudiated. But this was no compensation for the loss of working capital. All led directly to the large-scale borrowings of a bankrupt nation abroad which were the feature of ensuing years. German sufferings and bitterness marched forward together – as they do today... ...A rift opened between Lloyd George and Poincaré, whose bristling personality hampered his firm and far-sighted policies."

"Only now do I understand the harm done our nation's best interests by the rebuff administered to Poincaré's policy in 1924."

"M. Poincaré has been a great, a very great president...Posterity...will ratify this judgment, and its admiration will increase with the revelation of documents in which the clear-sighted patriotism, the tenacity, the patience, the courageous confidence of the outgoing president are affirmed. It is known what he said...and he was an incomparable orator. It is hardly suspected how much good he did and how much evil he prevented, without ever departing from constitutional correctness."

"I recall the nomination of M. Poincaré seven years ago. It was almost a revolution...A man of great talent, sprung from a family of high morality and worthy in every respect...The coming of M. Poincaré was greeted as announcing the dawn of a new era. A patriotic policy was about to succeed a regime of diminution and debasement. It was expected that this Lorrainer, an orator, an upright man, a patriot...would revive the country...I do not hesitate to say that the total good in his activity is greater than the total of bad...he never weakened...his influence and his action were judicious, useful, and even very effective...Finally, if the country has maintained an honorable and worthy appearance, it is because he who represented it knew how to be worthy and honest himself."

"What remains of the emotion, of the underhanded but incontestable hostility with which certain republican circles greeted his election to the supreme magistracy on January 17, 1913? Nothing, except perhaps the conviction, shared by all republican patriots from the most moderate to the most extreme, that the decision of the congress was the happiest and most judicious choice."

"If I do not yet see the light of day it is because the scaffolding of London still blocks my view of the rising sun. And what worries me the most is that this scaffolding rests upon quicksand: the good faith of Germany, the good faith, not only of the present government in Berlin, but of all those governments that will follow it."

"Those of your fellow countrymen who believe that France dreams or has dreams of the political or economic annihilation of Germany are mistaken...no reasonable Frenchman has ever dreamt of annexing a parcel of German territory."

"Germany's population was increasing, her industries were intact, she had no factories to reconstruct, she had no flooded mines. Her resources were intact, above and below ground... In fifteen or twenty years Germany would be mistress of Europe. In front of her would be France with a population scarcely increased."

"Judging others by themselves, the English, who are blinded by their loyalty, have always thought that the Germans did not abide by their pledges inscribed in the Versailles Treaty because they had not frankly agreed to them... We, on the contrary, believe that if Germany, far from making the slightest effort to carry out the treaty of peace, has always tried to escape her obligations, it is because until now she has not been convinced of her defeat... We are also certain that Germany, as a nation, resigns herself to keep her pledged word only under the impact of necessity."

"You who witnessed these horrors, you who saw your parents, wives, children fall under German bullets, how could you be expected to understand and stand idly by if today, after our victory, there were people sufficiently blind to advise you to leave unpunished the actions of such outrages, and to allow Germany to keep the indemnities she owes...That kind of behaviour...was encouraged or tolerated by all Germans; all Germans abetted the sacking and firing of the unfortunate provinces in the North and East...We shall see to it that they repair the damage"

"And, further, shall we be sure of finding the left bank free from German troops? Germany is supposedly going to undertake to have neither troops nor fortresses on the left bank and within a zone extending 50 km. east of the Rhine. But the Treaty does not provide for any permanent supervision of troops and armaments, on the left bank any more than elsewhere in Germany. In the absence of this permanent supervision, the clause stipulating that the League of Nations may order enquiries to be undertaken is in danger of being purely illusory. We can thus have no guarantee that after the expiry of the fifteen years and the evacuation of the left bank, the Germans will not filter troops by degrees into this district. Even supposing they have not previously done so, how can we prevent them doing it at the moment when we intend to re-occupy on account of their default? It will be simple for them to leap to the Rhine in a night and to seize this natural military frontier well ahead of us. The option to renew the occupation should not therefore from any point of view be substituted for occupation. It will then be simple for them to leap to the Rhine in a night and to seize this natural military frontier well ahead of us."

"It was for all the members of the Cabinet a relief. Never before had a declaration of war been welcomed with such satisfaction. France having done all that was incumbent upon her to maintain peace and war having nevertheless become inevitable, it was a hundred times better that we should not have been led, even by repeated violation of our frontiers, to declare it ourselves. It was indispensable that Germany, who was entirely responsible for the aggression, should be led into publicly confessing her intentions. If we had had to declare war ourselves, the Russian alliance would have been contested, national unanimity would have been smashed, it would probably have meant Italy would have been forced by the clauses of the Triple Alliance to side against us."

"We are expecting, of course, a German attack through Belgium, as our High Command has always predicted. We have constantly recommended to General Joffre not to permit any crossing of the Belgian frontier nor over-flying of Belgium until further notice. On that depends the support of England and the attitude of Belgium. When King Albert came to Paris, he promised that Belgium would defend herself against Germany. Let us do nothing which could discourage that good will."

"Yesterday Paris gave a sad spectacle which contrasts with the sang-froid of these last days and with the sang-froid of the whole of France. There were many incidents of pillaging of shops. The dairies of the Maggi company were widely plundered; it is true that the cause of this violence is competition between this company and small milk suppliers. But, on top of this, German and Austrian shops were looted; and the police stood passively by these scenes of disorder: officers even watched them with a certain complicity. I instructed Malvy [Minister of the Interior] to ask Hennion [Prefect of Police] to be merciless and to maintain public order at all costs. The fomenters will appear before a war tribunal."

"Excellent attitude of the socialists, even of the revolutionaries and of the CGT...We have not had arrested any of the individuals registered in the Carnet B, apart from a few rare exceptions, when the Préfets believed themselves confronted with dangerous anarchists."

"Jaurès had over the last 8 days expiated many faults. He had helped the government in its diplomacy and, if war breaks out, he would have been amongst those who would have known how to do their duty...Quel crime abominable et sot!"

"The reduction of the executive power is the wish of neither the chambers nor the country...During all my magistracy, I will see, in accord with the responsible ministers, that the government of the republic maintains intact, under the control of parliament, the authority which it must have...It is possible for a people to be effectively pacific only on condition that they are always ready for war. A diminished France, a France exposed through her own fault to challenges or humiliations, would no longer be France."

"What justice also demands, inspired by the same feeling, is the punishment of the guilty and effective guaranties against an active return of the spirit by which they were tempted; and it is logical to demand that these guaranties should be given, above all, to the nations that have been, and might again be most exposed to aggressions or threats, to those who have many times stood in danger of being submerged by the periodic tide of the same invasions. What justice banishes is the dream of conquest and imperialism, contempt for national will, the arbitrary exchange of provinces between states as though peoples were but articles of furniture or pawns in a game. The time is no more when diplomatists could meet to redraw with authority the map of the empires on the corner of a table. If you are to remake the map of the world it is in the name of the peoples, and on condition that you shall faithfully interpret their thoughts, and respect the right of nations, small and great, to dispose of themselves, and to reconcile it with the right, equally sacred, of ethnical and religious minorities - a formidable task, which science and history, your two advisers, will contribute to illumine and facilitate."

"From the very beginning of hostilities, came into conflict the two ideas which for fifty months were to struggle for the dominion of the world - the idea of sovereign force, which accepts neither control nor check, and the idea of justice, which depends on the sword only to prevent or repress the abuse of strength...the war gradually attained the fullness of its first significance, and became, in the fullest sense of the term, a crusade of humanity for Right; and if anything can console us in part at least, for the losses we have suffered, it is assuredly the thought that our victory is also the victory of Right. This victory is complete, for the enemy only asked for the armistice to escape from an irretrievable military disaster...And in the light of those truths you intend to accomplish your mission. You will, therefore, seek nothing but justice, "justice that has no favourites," justice in territorial problems, justice in financial problems, justice in economic problems. But justice is not inert, it does not submit to injustice. What it demands first, when it has been violated, are restitution and reparation for the peoples and individuals who have been despoiled or maltreated. In formulating this lawful claim, it obeys neither hatred nor an instinctive or thoughtless desire for reprisals. It pursues a twofold object - to render to each his due, and not to encourage crime through leaving it unpunished."

"I had spoken of the [illegible] of things and added that at last we could release the cry, until now smothered in our breasts: Vive l'Alsace Lorraine. Thomson and Angagneur rightly pointed out to me that that it would be better, vis-à-vis foreign countries and even vis-à-vis part of French public opinion, to say nothing which could detract from the strictly defensive nature of the war. I bowed to their observations."

"There comes a time when the nation is more important than an individual."

"A man of great determination, fortitude and one who wanted to exceed his targets."

"There is no political or moral yardstick by which the court can measure its judgment in the case of nationalization of the oil industry in Iran [...] under no condition we will accept the jurisdiction of the court on the subject. We cannot put ourselves in the dangerous situation which might arise out of the court's decision."

"Since the 1950s, several democratically elected socialist governments have nationalized large parts of their extractive sectors and begun to redistribute to the poor and middle class the wealth that had previously hemorrhaged into foreign bank accounts, most notably Mohammad Mosaddegh in Iran and Salvador Allende in Chile. But those experiments were interrupted by foreign-sponsored coups d'état before reaching their potential."

"The moral aspect of oil nationalization is more important than its economic aspect."

"Yes, my sin — my greater sin and even my greatest sin is that I nationalized Iran's oil industry and discarded the system of political and economic exploitation by the world's greatest empire. This at the cost to myself, my family; and at the risk of losing my life, my honor and my property. With God's blessing and the will of the people, I fought this savage and dreadful system of international espionage and colonialism."

"I was particularly struck in this context by my honourable Friend, Mr K. S. Lo's concern at the decline in the enamelware industry as an example of the effect of lost advantages, as if this decline were a loss rather than a gain to the community. It has declined, I believe, because we have learned to use our resources of enterprise, capital and labour in other more profitable directions. That is progress. We would be in a sorry way if enamelware was still our fourth biggest industry."

"What mystifies me is how he or any one else can determine what is a desirable type of industry such as should qualify for special assistance of this kind. In my own simple way I should have thought that a desirable industry was, almost by definition, one which could establish itself and thrive without special assistance in ordinary market conditions. Anything else suggests a degree of omniscience which I, at least, am not prepared to credit even the most expert with. I trust the commercial judgment only of those who are themselves taking the risks."

"One of the things that most surprises me about my honourable Friend’s remarks is that he characterizes his proposal for state intervention in, and control of, industry as “innovation and a spirit of adventure” and condemns free private enterprise as “prosaic precedent”. This is a strange paradox. I would put it precisely the other way round. What he advocates is based on the “prosaic precedent” of many of our rivals who have to resort to wooing industry with artificial aids and have had remarkably little success at it. Recent events have shown that enterprising spirits still prefer our economic freedom to the restrictive swaddling clothes offered elsewhere. Possibly I am a romantic in this but I, for one, do not believe that our spirit of adventure is in need of artificial stimulation — nor do I believe that we can afford the wasteful application of our scarce resources which they would entail—we are neither desperate enough, nor rich enough, for such expedients to make economic sense. It is, of course, all the fashion today to cry in any commercial difficulty, “why doesn’t the Government do something about it”. But I would rather go back to the old days when even the most modest attempt by Government to intervene in commerce and industry was rudely rebuffed."

"But what I really believe is that both he and Mr Wong are innocently guilty of the twentieth century fallacy that technology can be applied to the conduct of human affairs. They cannot believe that anything can work efficiently unless it has been programmed by a computer and have lost faith in the forces of the market and the human actions and reactions that make it up. But no computer has yet been devised which will produce accurate results from a diet of opinion and emotion. We suffer a great deal today from the bogus certainties and precisions of the pseudo-sciences which include all the social sciences including economics. An article I recently read referred to the academic’s “infernal economic arithmetic which ignores human responses”. Technology is admirable on the factory floor but largely irrelevant to human affairs."

"If people want consultative government, the price is increased complexity and delay in arriving at decisions. If they want speed of government, then they must accept a greater degree of authoritarianism. I suspect that the real answer is that most people prefer the latter so long, that is, as government’s decisions conform with their own views."

"What gives me concern in so much of the comment is the implication that the people of Hong Kong have to be given a reward, like children, for being good last year, and bribed, like children, into being good next year. I myself repudiate this paternalistic, indeed colonialist, attitude as a gross insult to our people"

"I myself have no doubt in the past tended to appear to many to be more concerned with the creation of wealth than with its distribution. I must confess that there is a degree of truth in this, but to the extent that it is true, it has been because of my conviction that the rapid growth of the economy, and the pressure that comes with it on demand for labour, both produces a rapid and substantial redistribution of income directly of itself and also makes it possible to assist more generously those who are not, from misfortune temporary or permanent, sharing in the general advance. The history of our last fifteen years or so demonstrates this conclusively."

"There was a plea from honourable Members relating to the need for formal Gross National Product figures. Such figures are very inexact even in the most sophisticated countries I think they do not have a great deal of meaning, even as a basis of comparison between economies. That other countries make use of them is not, I think, necessarily a good reason to suppose that we need them. But, although I am not entirely clear what practical purpose they would serve in Hong Kong, I am sure they would be of interest. I suspect myself, however, that the need arises in other countries because high taxation and more or less detailed Government intervention in the economy have made it essential to be able to judge (or to hope to be able to judge) the effect of policies, and of changes in policies, on the economy. One of the honourable Members who spoke on this subject, said outright, as a confirmed planner, that he thought that they were desirable for the planning of our future economic policy. But we are in the happy position, happier at least for the Financial Secretary where the leverage exercised by Government on the economy is so small that it is not necessary, nor even of any particular value, to have these figures available for the formulation of policy. We might indeed be right to be apprehensive lest the availability of such figures might lead, by a reversal of cause and effect, to policies designed to have a direct effect on the economy. I would myself deplore this."

"I cannot myself believe that anyone in this Chamber, and very few in the community as a whole, would wish to reverse all our previous policies and choose stabilization rather than growth; and it would certainly go contrary to the other views expressed by honourable Members about the need to promote the further growth of trade and industry. Not only would we be fore-going the creation of additional wealth and what this can bring, and has brought, in social advance, but we would also, I believe, permanently damage that climate of economic activity which has taken us so far and so fast. This would be particularly unwise, I suggest, in the face of those relatively darker clouds referred to by Your Excellency."

"I must confess my distaste for any proposal to use public funds for the support of selected, and thereby, privileged, industrialists, the more particularly if this is to be based on bureaucratic views of what is good and what is bad by way of industrial development, but I have been studying the report referred to with some interest."

"I find odd the view that a Government institution is better placed to evaluate "the technical and financial viability" of a project than a commercial bank. It may well be that our banks are deficient in the kind of expertize required for assessing projects but then what we should be doing is encouraging banks to acquire such expertize or to make use of outside, commercial, expertize. I do not believe in any case that a Government machine can provide a reliable judgement on such matters, an opinion the banking members of the committee appear to have shared, for they have prudently refused to commit themselves to accepting its advice. I myself tend to mistrust the judgement of anyone not involved in the actual process of risktaking."