FAR-REACHING EFFECTS

Sun (Auckland), Volume III, Issue 909, 28 February 1930, Page 11

FAR-REACHING EFFECTS

AMERICAN STOCK CRASH CITIZENS OPTIMISTIC “The collapse of the Vnited States stock market had very far-reaching effects, much greater than the outbid* world know®,” said Mr. W. A. Boucher of Auckland on his arrival here this morning from the quarantine station at Motuihi Island. One of the Aorangi’s passengers, he has juet returned from a business trip to Canada and the United States. He said that almost every type of American citizen speculates to a greater or a lesser degree, even down to the hotel bell-boys. The col la pee has brought no ruin in its train but there has been a reduction in spending power, with the result that the sale of luxuries has decreaeed considerably. The wonderfully optimistic nature of the American, promises a good readjustment of conditions. One businessman had said to him: “We are whistling to keep cheerful.” Giving his impression* of Canada, the traveller said that conditions there are generally good, although some worry has been caused by the “wheat pool’s” action in withholding such an enormous quantity of the grain. Canadian businessmen are dubious as to the successful outcome of the scheme. Canada has been only lightly affected by the Americap stock market collapse. Mr. Boucher is glad to be back in a warm climate again after many weeks of snow and ice with the thermometer often below zero.