EARLY RECOVERY

Hokitika Guardian, 28 September 1931, Page 6

EARLY RECOVERY

FINANCES OF AUSTRALIA AND NEW ZEALAND. AGENT-GENERAL’S RELIEF. . WELLINGTON, September 25. On his arrival in Wellington yesterday by the Corinthic, Sir Edward Macartney, who for the last two years has been Agent-General for Queensland at London, spoke of the general financial situation. The general opinion at the time he left, he said, was that both Australia and Aew Zealand would quickly recover from the effects of the economic depression. Sir Edward has for many years been prominent in Queensland politics, and was Leader Of the Opposition in 1915 and 1918. He took up his position as Agent-General in London in July, 1929, and has been there ever since. He said yesterday that he was return ng on leave. When asked whether it was possible' that h© would not return to London, he said that no arrangements had been come to, and none would until he had reported to the Premier. Through having been at sea for some time, and without very complete messages from England,' he did not feel competent to speak of the political crisis in England, the Coalition Government, or other recent developments. But for quite a long time past, he said, there had been an uneasy and anxious feeling in London in reference ‘to the position of things generally, apparently accentuated to some extent by the Australian position. It had not been surprising to hear that drastic steps had been found necessary. ANXIETY OYER N.S.W. “The development of the Australian crisis,’’ Sir Edward \said, ‘‘was gradual, and created quite a lot of anxiety in manufacturing and financial circles. This, state of affairs continued and was very much affected from time to time by the consideration of political differences vhich arose and which subsequently were more or less centred in New South Wales, More recently the New South Wales positon created more anxiety than any other feature, but there is a strong belief in the financial world generally in London that the Australian and New Zealand position will quickly reover, and that under more favourable conditions in the last one or two years would easily have been on the way to recovery. “I think that New Zealand is particularly well represented in London by Sir Thomas Wilford. The • offices arc very well placed for making the best of it. New Zealand produce can be heard about on all sides, but one does not hear so much of Australian produce.

BURDEN OF THE DOLE. “In England the conditions of unemployment are very serious. The numoei of unemployed workers has increased, during the last 12 months by a very, very large number, and the call on the Treasury in connection with the dole, which appears to have been.much abused, has been extremely great, and has in considerable measure contributed to the unsatisfactory position of the British Budget. The political parties are as yet divided on the question of tariffs, and until some understanding or agreement is come to, the preference for the Dominions which has been so much discussed during the last year or two will necessarily be deferred. One cannot help thinking that the position is sucb in England to-day that all parties have become anxious and seized with the necessity for combined patriotic action to create a better situation. “There is a very friendly feeling toward Australia and New Zealand in England,” Sir Edward said. “They only want us to square the ledger, and I am quite satisfied that auy moneys we require will be available for us on. reasonable terms. I am quite sure, also, that there will be capital available for private enterprise.” Sir Edward would discuss neither the Australian situation nor her political or market outlook before reporting to the Premier in Queensland. He "'ill for Sydney by the Maungaimi to-morrow from Auckland.