‘GOOD OLD WORD—WORK’

Sun (Auckland), Volume III, Issue 839, 6 December 1929, Page 9

‘GOOD OLD WORD—WORK’

PRESIDENT DIAGNOSES AMERICA’S ILLS

CONFIDENT STATEMENT Received 9.5 a.m. Lnited I*.A.—By Telegraph—Copyright WASHINGTON, Thursday. Addressing a business conference called at his request by the United States Chamber of Commerce, President Hoover suggested work as the best prescription for the country’s economic ills, both real and imagined. The President predicted greater construction for 1930 than in the present year. He reviewed the start which had been made through a series of White House conferences, and declared that these had removed the fear of unemployment from American homes. He said:—“The employers* promise not to cut wages, and the labour leaders’ promise not to start wage conflicts, not only assure the consuming power of the country, but remove a fear from millions of homes.

“I have no desire to preach; but I may, however, mention one good old word—work.” After referring to the recent stock market disaster. President Hoover said: “We have fortunately, since our previous crashes, established the Federal Reserve system. The first step in recovering confidence was made by the powerful effectiveness of that system and the strong position of the banks, the result of which has been steadily diminishing the interest rates, with a smooth and rapid return into the channels of business of money previously absorbed in the speculative market. This is a reversal of our historic experience, and a magnificent tribute to the system. Capital is becoming more abundant in all parts of the country. The bond market is growing stronger each day, and already public issues held back for months have begun to appear.”