TRADE DEPRESSION

Hokitika Guardian, 18 December 1929, Page 6

TRADE DEPRESSION

STRIKES AND INCREASED TARIFFS BLAMED. AUCKLAND, Dec. 16. A falling off in returns from the sale of wool, higher taxation, increased tariff duties and dislocation caused by strikes were mentioned by business men who arrived by the Niagara to-day as factors in tlie present unpromising outlook in Australia. While it was not tlie intention of any to suggest that those conditions wore more than transitory, all agreed that they were causing fairly general concern and, in particular, that the out look in regard to the prevailing strikes was by no means pleasant. “Business is still good, hut not as good as it was,” said Mr E. J. Coote, of Sydney. “I estimated that the turnover in business establishments is about 20 per cent lower than it was a few months ago, a. condition which arises mainly from the lower returns from wool and the loss of trade owing to strikes. Some of the large establishments have recently carried out retrenchments. The outlook for Christmas is not as bright as it might have been,” Air Coote, who is regarded as afi authority on the subject, of land values, states that both values and rentals arc on the decline in the city area. With the optimism displayed bv others on the Niagara, he predicts that the unfavourable conditions will pass away and prosperity once more prevail.