FULL OF PESSIMISTS

Sun (Auckland), Volume III, Issue 900, 18 February 1930, Page 10

FULL OF PESSIMISTS

ROUND THE CORNER IN 12 MONTHS AUSTRALIA TODAY “Australia is full of pessimists just now and there is no justification for them.” This is the reply of Mr. Henry Berry, of Berry and Co., merchants, Sydney, to some of the depressing stories about the state of the Commonwealth today. “We have passed through periods of financial stress in years gone by, but Australia has always risen out of them,” he said on the Uiimaroa this morning. “Our present position is serious, but it is not so serious as the big bank crisis of some years ago.” Mr. Berry said the opinion of the bank managers and the best of the stock-brokers is that Australia, in 12 months' time, will start to turn the corner again. Patience is the only thing which will pull the country through. “The best cure for the present trouble is for people to live more simply and not to waste on luxury as they are doing at present,” he continued. “In all probability the present trouble will be a blessing in disguise to the whole country. “We will simply have to dig into our own pockets,” said Mr. Berry in reply to a question regarding the refusal of overseas loans. The recent £10,000,000 loan is having a remarkable reception. The rate is high—--6 per cent. —but that is the value of money today throughout the world. The rate will fall in about 12 months’ time. “Australia will have to live on her own money, as she should do. The 6 per cent, loan is loosening the pockets of the moneyed men. There is plenty of money in Australia; the Commonwealth will never go bankrupt.” Mr. Berry stated that the banks generally, as far as possible, are refusing assistance to any unremunerative speculation, and are endeavouring to conserve as much of the funds as possible for legitimate business, from the great primary industries down to the smallest shopkeepers.