CURE OF DEPRESSION

Hokitika Guardian, 7 May 1931, Page 4

CURE OF DEPRESSION

OPINION’ OF COMMERCIAL MEN. United Press Association.—By Electne Telegraph.—Copyright. 1 WASHINGTON, May 6. The .Australian Press Association interviewed Air Watts (ex-Australian statesman), who stated that of the several inferences concerning the world-wide depression contained in the address by delegates to the Internationa! Cham her of Commerce during the past two days, he had been most interested from, the Australian point of view in the widely-emphasised expression of th.e belie) that the Governmental operation of utilities in trades and business had proved a failure, and in the general agreement that the depression can be most feasibly counteracted through primary initiative on the part of business interests themselves. Governmental co-operation, though necessary, should be held to be of secondary importance,

It is believed, according to Mr Watts, that relief lies not in the domain of political action, for where leg. islative programmes for the cure of economic ills have been undertaken, State Socialism, with failure immeasurably worse, has been the result, since Governments cannot effectively suspend the operation of economic laws. AIT Watts hold that such opinions had been proved logical by repeated failures In the field of price regulation, and most recently, by the almost earn* plcte breakdown of economic eondi-. tions in Australia, and New Zealand, where Governmental ownership and operation had the most universal application. “Government co-operation is imperative,” he said, “but leadership must come from business.”