BOTTOM REACHED

Hokitika Guardian, 30 August 1933, Page 5

BOTTOM REACHED

NEW ZEALAND AND THE SLUMP. MR JNTT'GROSE’S^OPINION. (P?r Press Association — Copyrifht.) WELLINGTON, August 29. The opinion that New Zealand hap seen the worst of the depression, was expressed uf, the Rotorua, Rotary til'll) by Mr J. T Grose,, chairman of the Associated Banks, in the course .Pt an address on the methods of banking in the Dominion, Mr Grose said that in his opinion New Zealand was one oi the most fortunate countries in the world to live in. ’ '

“For some years,M he said, “we had been on a rising tide and had thought the prosperity would continue. We had been inclined first to meet current liabilities and not to reduce mortgages and other liabilities, which led us into the position of resting on our oars.”

This inclination had now been cured and he believed that New Zealand would work out of the difficulties which encompassed her, as she had done in former years. “I believe we have seen the bottom of the depression,’’ lie continued. ' ;

“Advice I have received from London indicates it is considered there the bottom has been reached, although it is thought probable that improvement will be slow. New Zealand has a sound country, people and banks and will pull through, and be better for it.”