LEAN YEARS OVER

Taranaki Central Press, Volume IV, Issue 397, 2 April 1937, Page 5

LEAN YEARS OVER

America’s Economic Prosperity. Press Association —Copyright. London, April 1. Economic statistics of the years 1929 to 1936 support the general view that America is on the verge ot regaining in 1937, after a cycle of seven lean years, all the real economic prosperity of 1929 and in some directions exceeding it, declares the report of the British commercial counsellor at Washington, published by the Department of Overseas Trade. In some directions, however, notably in employment and public finance, the standards of 1929 have not yet been attained. The restoration of foreign trade lags behind that of domestic. Also, there is a danger of a.speculative inflationary boom. The New Deal policy of reflation by public spending, however, has been justified. Moreover, the United States will not return to the unfettered individualism preceding 1933. The report pays tribute to the lowering of high tariffs at time when other nations were erecting new barriers. Britain was a large gainer from the return of American posperity, though visible exports to America were still only half those of 1929.