QUICK RECOVERY

Hokitika Guardian, 22 May 1931, Page 3

QUICK RECOVERY

BRITISH DOMINIONS. CONFIDENCE OVERSEAS. AUCKLAND, May 18. The impression that countries hke Australia and New Zealand will recover far more quickly than others from the present world-wide depression is held by overseas financial interests according to Mr Thomas Hughes, oi Sydney, who was a through passenger by tbe Aorangi, which reached Am kland from Vancouver on .Sunday. Mr Hughes, who represents British financial interests in Australia and Now Zealand, is returning from a business trip to London and the United States. Mr Hughes said this confidence in the recovery of the Dominions was widely held. He was in London when the announcement, was made that New South Wales intended to default, in the payment of interest on loans. In the city the report was recevied with amazed incredulity, Mr Hughes said. Although many of those financially interested did not know sufficient of the position to differentiate between tin* State of New South Wales and Australia and New Zealand generally, there was an underlying feeling that the position was due to political cir< umstances of a temporary nature. “On many sides the remark was made that the Government of a British country bad never been known to default.” said Mr Hughes. “Although a reassuring statement was made a few days later by the Commonwealth Government, the incident pi'<>foimdly affected all colonial stocks.”

Mr Hughes said that, throughout most, of the United States there was

an amazing ignorance of conditions in Australia and New Zealand and th enormous potentialities o. these countries. He strongly* advocated a forward policy of advertising, and said this could best be done by the co-op-

eration o. adv, rtisii g<*b',:ie...i..\ li;roughen l the States. The result of Mr Zaito Grey’s visits bad been to give peopie in America the impression that New Zealand was a good fishing resort.