WORLD DEPRESSION
ROOT AND SUBSIDIARY CAUSES. (United Press Association —By Electric Telegraph—Copyright) LONDON, November 30. At the Englisli-Scottish-Australian Bank meeting, Mr Williamson, the president, said: “Economic evils, following the war, are the root cause of the world depression.” Subsidiary causes were prohibitive tariffs exchange restrictions, and maldistribution of gold, largely through gigantic war debts, of which the principal erdeitor refused payment in anything but gold, thus completely depreciating silver, which was reduced by approximately one half of its purchasing power.
“Deflation alone cannot restore purchasing power, but the scientific readjustment of currency on an international basis seems to be worthy of the closest expert consideration.”
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Hokitika Guardian, 1 December 1932, Page 5
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105WORLD DEPRESSION Hokitika Guardian, 1 December 1932, Page 5
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