HIT BY SLUMP

Sun (Auckland), Volume IV, Issue 992, 7 June 1930, Page 9

HIT BY SLUMP

FALLING PRICES MAKE ENGLAND UNEASY SEARCHING FOR BEDROCK LONDON. Friday. The question is being asked everywhere, when will the decline in prices of commodities end? Some persons are of opinion that bedrock will be reached in September, when the effects of the relaxation of credit restriction will be felt, and the disturbing elements of the international monetary situation removed. The “Daily Express” says immense fortunes have been lost. Even the slump in 1907-8 pales into insignificance compared with the present colossal fall in values.

The newspaper illustrates the big drops In rubber, silver, zinc, foodstuffs, textiles and metals, and adds that all interests involved will attend a conference at the Guildhall on June 17, when the Prime Minister, Mr. MacDonald, will preside.

CRISIS IN GERMANY

ALL-ROUND SACRIFICE TO MEET EMERGENCY BERLIN, Friday. In order to meet the economic crisis, industrialists and trade union leaders will submit to'the President, Marshal von Hindenburg, personally a joint appeal, in which they indicate their preparedness to make pecuniary sacrifices. provided the affluent classes agree to make an emergency offering or to a special levy, in order to balance this year’s Budget.

It is regarded as likely that the President will approve. The Cabinet sat all night to devise measures to avert a financial crisis. It was decided to expedite the public works construction programmes, and to increase by one-half of 1 per cent, the workers’ contributions to unemployment insurance, which will thus total 4J per cent.

There will also be a tax on salaries secured by contracts up to 10 per cent., and a special tax on bachelors.