CAUSE OF THE SLUMP
by u.s.a. financier
(United Press Association.—By' Electric .? v Telegraph.—Copyright.) ' ' WASHINGTON, October 30. Mr Albert Wiggin, Chairman of the Chase National Bank, I and chairman of ,the German Committee, for the Bank of International Settlements, discussing the depression before the Senate Economic Committee stated“ Stripped of all technicalties, the ‘feneration Ef credit in Europe depends upon a rapprochement between Jtraiipe and -Germany, and upon reductions in the •reparations and the inter-allied debts, and reductions in tariffs.” 'Mr i Wiggins'asserted that the chief causes of the depression were as follows. —- (1) Excessive tariffs. (2) Other restrictive policies impeding international trade. (3) Abnormalities in certain commodity. markets, due ; 'to governmental and private attempts at valorisation. ' (4) .Low money rates, and excessive credit, leading to the , diversion of bank funds into slow speculative busi■(s) Political difficulties and the tardiness wherewith the wholesale"- prices on finished goods, -retaild prices, wages and rentals/adjusted themselves to last year’s sharp fall.
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Hokitika Guardian, 2 November 1931, Page 5
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157CAUSE OF THE SLUMP Hokitika Guardian, 2 November 1931, Page 5
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