A SILVER LINING

Rotorua Morning Post, Volume 3, Issue 622, 29 August 1933, Page 6

A SILVER LINING

VISITING BANKER CONSIDERS BOTTOM OF DEPRESSION REACHED The opinion that New Zealand has seen the worst of the depression was expressed to members of the Rotorua Rotary Club at its weekly luncheon yesterday by Mr. J. T. Grose, president of the Associated Banks of New Zealand in the course of an address on the methods of banking in the Dominion. Mr. Grose said that in his opinion New Zealand was one of the most fortunate countries in the world to live in. For some years we had been on a rising tide and had thought that prosperity would continue. We were inclined to first meet current liabilities and not reduce mortgages and other liabilities, which led us into a position of resting on our oars. This inclination had now been cured and h'e said that he believed that New Zealand would work out of the difficulties which encompassed it, as it had done in former years. "I believe we have seen the bottom of the depression," continued the speaker. "Advice I* have received from: London indicates that it is considered there that the bottom has been reached, although' it was thought possible that an improvement would be slow. New Zealand has a sound country, people and banks and will pull through, and be the better for it.'"