AUSTRALIA’S BAD YEAR

Sun (Auckland), Volume III, Issue 782, 1 October 1929, Page 9

AUSTRALIA’S BAD YEAR

FINANCIAL DEPRESSION AND ELECTION SYDNEY REMAINS GAY “There is a depression in financial circles in Australia. It is expected that there will be a decrease of £30,000,000 in the national income this year.” So said Mr. William Anderson, a prominent member of the Christchurch Stock Exchange, who returned by the Ulimaroa today after a visit to Sydney. The outlook for the wool trade this year was not good. Not only was the price lower but the wool was light and thin. “Sydney is just as usual—it looks extravagant. I would almost say the city was overbuilt, too. There is a tremendous number of business flat premises to let. But no casual observer would see much difference. The Sydney public always has plenty of money for cabarets, races, movie shows and theatres.” Asked what effect the political situation was having on the business life of the country, Mr. Anderson said it undoubtedly assisted in creating depression. “The general opinion is that Labour will go in for a short term,” he said. “In many high places it is thought it would be a good time for Labour to have a trial. A Labour Government won’t run as long as if times were good.” It was a fierce campaign, he said. Mr. ’’Bruce was flying everywhere and the other parties were copying his idea. All the country districts had been done by plane. “No, Australia is not in the happiest position just now,” Mr. Anderson concluded.