THE CORNER TURNED

Rotorua Morning Post, Volume 1, Issue 128, 22 January 1932, Page 5

THE CORNER TURNED

AUSTRALIA HAS REACHED THE LOWE.3T LEVEL OF DEPRESSION SIR MARK SHELDON'S VIEWS A well known figure- in the commercial world of Australia and New Zealand, Sir Mark Sheldon, managing directov of Garmichael and Co., Ltd., Sydney, is paying a hrief visit to" Rotorua, in continuation of a tour of the whole Dominion. Sir Mark arrived yesterday evening by motorcar from Gisborne and is staying at the Grand Hotel. Apart from his position as head of Garmichael and Co., he holds many important commercial and financial positions in the Commonwealth. Among others he is a director of such well known business firnis as Anthony Horden's and Dalton Bros., and until the merger took place was chairman of directors of the Australian Bank of Commerce. His opinion upon the outlook across the Tasman is, therefore, decidedly instructive. Beginning of Depresslon Discussing prevailing conditions in Australia with a "Post" representative Sir Mark said the position there began to show signs of depression and decline about the end of 1929. Early in 1930 the situation became aggravated, hut no attempt was made to face it until the end of 1930 when the Bruce-Page Government told the people of the drift. What was said made the position so clear that they were turned down hy a majority never 'before lcnown in Australian politics. Signs Alarmmg. In 1931 the position was further aggravated to an extrcme degroe. Instead of the eonstaut Ijo'TwvImt wh'eh '..u/.tvslia and Nev/ Zealand h^.d made a praetiee of for many ysars /izstralia had been flcating bills on the 'London and local markets until the signs became alarming. Debt had gone on increasing. The position, however, eame home to the people at the elections when the party which had only been in twci years was turned down. It was a most extraordinary reversal of confidenee in the party which had been in so short a time. The Outlook What they looked for now was a further tightening up of finances, but they had probably reached the lowest ring on the ladder of depression and if the Government of New South Wales played the game he thought they must, before long see a recovery. It world not be to the standard of 192728, but it would, at least, he to prosperity. Adjustmeilts would be necessary. As an instance he referred to the cabled statement of Mr. Lyons .n which the new leader pointed out ffiat hasic wages varied in the Commonwealth from £3*3s a v/eek for 48 hours in South Australia to £4 2s 6d i week for 44 hours in New South Wales. It could _ be quite understood that either one rate was too high or the other was too low, but, undoubtedly, while that state of things existed the rate in New South Wales was too high to-day. Wonderful Season. He was pleased to say, however, hat Australia had enjoyed.a wonder*ul season. The year 1931 had been 5s good as ever experienced by the primary producers. This had been an enormous help to the country and had come at a most opportune time. f they were fortunatfe enough to enjoy another season equal to the last, or even approaching it, the whole position of the country should be changed. It was, nevertheless, necessary to get down to sane Government. Anyone could see that who was behind publie opinion in New South Wales for it had to be rememhered that they had there, 40 per cent. of the population, and 40 per cent. of the country of the Commonwealth.