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Hokitika Guardian, 23 January 1932, Page 4

Indications available, to a large extent, in the opinion of the National Bank of Australasia, expressed in its monthly summary, give room for hope that the lowest levels of the depression have been reached. Australian conditions in the near future, however, it is pointed out, are largely dependent upon the course of events in other parts of the world. Grave difficulties are being experienced in many countries, and, though it is hoped that they may he .surmounted without any economic collapse, it is undoubted that further adverse movements in the Northern Hemisphere would be reflected in the trend of Australian affairs. Traders, generally, report ft more than seasonal increase ill retail turnovers timing December, and toward the end of the month the demand for Christmas, holiday, and ordinary consumption goods was far ahead of expectations. Apparently, a large volume of deferred purchases was made; also, a general eflurt to ensure that every member of the community should paiticipato in the pleasures of the Christmas period, led to a heavy increase in purchases of onliir.rv commodities. Tt was noticeable, however, that, though the number of 'sales increased, .their average value declined, while movement of luxury goods continued very slow. Since the holidays bus’ mss has been quiet. A more definite indication of trade movements will be availbalc during I'Vhnnry and .March. It is certain that, so far, there has In oil no marked ri rival in business confidence or willing) ess- to enter into new commitments. The election has now definitely allayed fear.' among the business section that some i°rm ol inflation or repudiation might ho forced upon the country bv certain extremists who had made themselves prominent

in Labour circles. The poll showed that large numbers of working class voters are definitely opposed to extreme doctrines, and cleared away some ferns that a large section of the community was imbudd with socialistic tendencies. The election result** have given rise to a marked feeling or relief and thankfulness among business men and investors. They are not yet confident that they can proceed with new ventures without undue risk of loos, but their outlook is much less gloomy, and they are looking to the future with some assurance.