BY THE POPE
THE Holy Father offered some practical advice on capital investment and money-lending when he addressed 400 hankers from 46 countries at Castel (randolfo last week. The bankers had just concluded an international conference held in
The Pope began with this pointed reference to what he called " idle money ": " There will always he pleasure-seekers and wastrels. just as there will always be misers and people who are narrowly cautious.
" But there would be less of both if owners of capital, big and small. could be persuaded to invest it wisely and profitably."
Help of credit
His Holiness suggested that if simple depositors were given the chance of owning stocks and shares —thus becoming " collaborators in industry "—this state of affairs could be remedied.
About the normal risks involved in lending money for backing new undertakings. the Pope stressed the need for sound discrimination between practicable and utopian schemes. But he added this warning: There have been in the past many men of genius — intelligent industrious and generous beings — who have died in poverty and discouragement, leaving behind them ideas which others shrewder than they have known how to exploit for their own gain."
Bringing the argument to hear on the present, the Holy Father added: "1 here are also those who run into difficulties through no fault of their own: through sickness, a had year, crops that have failed, or losses sustained in war or by revolution. With the help of credit, such people can recover and in time pay off their debts."
In a crisis
Finally, the Pope touched on the vital role of capital investment in times of unemployment and labour crises:
" According to the amount of capital invested in this way, the conscientious worker will find a job more easily, rising output will make slowly but surely for economic equilibrium. and the many hardships and disorders resulting from unemployment
will be overcome to the great benefit of a sound family, social and moral life."