GOOD FOR AMERICA

Sun (Auckland), Volume III, Issue 858, 30 December 1929, Page 10

GOOD FOR AMERICA

RECENT FINANCIAL CRASH WILL ELIMINATE SPECULATORS “The big financial crash in New York recently has done a great deal of good. The bubble which burst should have done so six months before it did.” Thus Mr. Horace G. Miller, who arrived by the Aorangi last evening to take over the managership of the Firestone Tyre and Rubber Company in New Zealand. Speaking of the Wall Street crash, details of which appeared in the cable news some weeks ago, Mr. Miller said that it had done a great deal of good really. It would take some months for the stock market to get back to normal again, but business generally was good. Before the crash everybody, from bankers to clerks, had been speculating. Now they were all saving their money instead of embarking on “get rich quick” speculations in which they hoped to become wealthy overnight. The crash would result in sounder business and do away with many of the speculators. Millions of small investors had been ruined, but in the opinion of Mr. Miller fully threequarters of the profits had just been on paper. For many years Mr. Miller represented his company in Singapore, China, India and other countries in the East. He had contemplated visiting New Zealand this year on holiday, but his appointment forestalled the trip. While in the East Mr. Miller heard a great deal about New Zealand. Everyone spoke highly of the Dominion there and it was this whole-hearted praise which decided him to make the trip. New Zealanders visiting the East always made a good impression on the people they met and thus helped a great deal in advertising the Dominion there.