SERIOUS CRISIS
FORETOLD BY LEAGUE EXPERTS WORLD-WIDE DECLINE IN ACTIVITY UNEMPLOYMENT INCREASING IN MOST COUNTRIES By Telegraph—Press Association. Copyright. LONDON, July 12. The Geneva correspondent of the “Manchester Guardian” says that the League’s financial experts, gloomily viewing the world’s economic situation in a report to the financial committee, are of the opinion that another serious crisis in imminent. The decline in commercial activity is so grave, at least in the United States, that it is no longer considered a slight recession which holds out hope of automatic recovery. During the first three months of 1938 world industrial production lost all the ground regained in the previous two years, being about 15 per cent below the 1929 level, and world commerce falling to 90 per cent of the 1929 level. Unemployment, adds the report, is increasing in most countries.
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Wairarapa Times-Age, 13 July 1938, Page 7
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138SERIOUS CRISIS Wairarapa Times-Age, 13 July 1938, Page 7
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