BRIGHTER OUTLOOK

Rotorua Morning Post, Volume 1, Issue 60, 2 November 1931, Page 3

BRIGHTER OUTLOOK

(Press Assn.-

MR. HOOVER'S SUMMARY OF WORLD ECONOMIC CONDITIONS EVIDENCE OF RECOVERY

— By Telegraph — Copyright).

Rec. Oct. 31, 5/. 5 p.m. WASHINGTON, Friday. The President, Mr. Herbert Hoover, summarising the assertion in Government circles that improved ecoonomic conditions are apparent, asserted that there is a "very great change evident in the credit situabon since the announcement of the financial balance of October 7. "Following the abandonment of the Sold standard in England," he said, a wave of great apprehension swept the United States." Although he offered no speculative opinions, he stated that the upward frend in the prices of cotton and Wheat reflected a recovery. This is supported by the fact that country tank failures have practically ceased. rhe hoarding of currency is apparent'y checked. This week 24,000,000 iollars in money actually returned to the banks. Mr. Hoover also pointed out that toreign exchanges had returned to a yasis on which gold shipment abro'ad ls no longer deemed advantageous. "oreover Governmental and financial fircles hold that the Banlc of Engand's announcement that it is ready 0 repay £20,000,000 of the £50,000,jJO lent -by the United States and trance is a highly favourable indicahon of the improved conditions. One prominent ofiicial assert'ed: That is a good demonstration of the ability of England to meet her ob%ations,"