FINANCIAL STRESS.

Ashburton Guardian, Volume 50, Issue 71, 4 January 1930, Page 3

FINANCIAL STRESS.

THE WALL STREET COLLAPSE. t, A VISITOR’S OPINIONS. (Special to the “Guardian.”) CHRISTCHURCH, January 3. How 1 the American nation handled the serious economic troubles caused bv the hig collapse on the Stock exchange in Wall Street in No\\ loik in October last made a deep impression on the mind of Mr J. R. Templin, of Christchurch, who returned to-day from n five months* tour of the l nitoi* States and Canada. Mr Templin said in an interview that the collapse ol' the Stock Exchange was long overdue, and the consequences might have been most disastrous to the whole American nation if it had not lieen for the wonderful way in which the situation was tackled by President Hoover. '“There was strong feeling that there might be a very serious panic resulting from the financial collapse, and I take my hat off to President Hoover for his great courage in coming forward with a big programme of Government expenditure in order to restore confidence. This programme was much larger than in previous years, and in addition to the expenditure by the Federal Government, the President called the memliers of the various State and municipal governments together, ar.d obtained their co-operation in carrying out public works in order to provide employment. He also was assisted by the railway organisations and the big business undertakings, and a« a result of his efforts work costing billions of dollars was put in hand and will be continued during tlie next 12 months. ' . . ■ “In this way a panic' was avoided and confidence was restored. There was not a word in the newspapers about nanic, and, although very considerable -unemployment was caused bv the financial collapse, everyone was full of optimism- Quite a number of ministries were fit a low ebb when i left the United States, but the impression is general that the depression is only temporary. An enormous amount of work has been provided to tide the people over the difficult times, and this is haring n remarkably good influoneo throughout the whole- country. Mr Hoover’s work was simply wonderful; he tackled the problem, not so much as a politician bfft as nn engineer. One of the industries that was hit the hardest, was the motor industry, hut there was a feeling that it will get hack to normal production earlv this year.” Mr Templin said he thought the American ppople were finite sincere iii regard to disarmament. They f?lt that expenditure nn armaments wa<l a waste of money, and as havd-honced business men they wanted to reduce it as much as possible. Mr Ramsay MacDonald had received a truly remarkable reception on his visit to the United States! The welcome accorded to him was stated to have never been equalled before when a foreign representative yisited the United States.