MORE OPTIMISTIC

Sun (Auckland), Volume IV, Issue 930, 25 March 1930, Page 8

MORE OPTIMISTIC

FINANCIAL CRISIS IS OBJECT LESSON EXPRESSIONS OF OPINION Businessmen from Australia are more optimistic regarding the future of the Commonwealth than they were a few months ago. All agree that the present financial position is the best thing which could happen to Australia and that it will prove to be a much-needed object lesson to the youth of this generation. “We realise that we are goinp through a difficult financial period,” said Mr. W. J. Blyth, managing director of Gollin and Company, Sydney, this morning on the MaunganuL “The position warrants the closest attention and. I think the whole situation is being handled efficiently by the banks and the Government.” Mr. Blyth considered-that the action of the banks in reducing overdrafts and restricting letters of credit was warranted and lie thought it would have the desired result of keeping money in Australia. “We wi'.l have to straighten oat our balance-sheet, but it will be a good lesson to the younger generation find to the Commonwealth generally. EXTRAVAGANT PERIOD “The youth of today has com© through an extravagant period. We have all been living beyond our means. However, Xew Zealand can rest assured that the position is being tackled seriously. It may take a year or more to right itself, but Australia will eventually come through.’ Mr. J. s. Emanuel, an Auckland b usiness man who returned by tho Maunganui, stated that conditions in Australia had not altered since be w*as there three months ago. Business men were now resigned to a period of depression.

The general expression of opinion w*as that the present crisis would be good thing for the Commonwealth change was anticipated for at least nine months. Everyone in business circles agreed that Australia would be more prosperous than ever when she had regained her financial position. The wheat crop was excellent this year and the rains had brought with them a new feeling of optimism. Mr. Emanuel said that it was amusing to hear people speak of the prosperity of New Zealand. He was frequently told how foriunate the Dominion was in having such a good trade balance.