PASSED THE CRISIS.

Ashburton Guardian, Volume 50, Issue 171, 3 May 1930, Page 5

PASSED THE CRISIS.

INDUSTRY IN UNITED STATES.

MR HOOVER’S OPTIMISM

(United Press Association —Copyright.)

WASHINGTON, May 1. President Hoover, addressing the United States’ Chamber of Commerce, said that the country! had passed through the worst of the great economic crisis and would recover. He oropcsed the creation of a body to study the recent experience and try to devise measures for its prevention -in the future and! a remedy. Mi* Hoover added that building construction had been accelerated beyond hopes and unemployment thereby decreased, but building at home had not progressed because credit had not been available. He asserted that statistics enabled many to read the warning signals, and avoid a maelstrom of speculation. “All slumps are the inexorable consequences of the destructive force of booms,” he said. “The natural optimism of our people brings into being the spirit of undue speculation against the future and stimulates waste, extravagance, and untold enterprise with their Inevitable collapse in panic. We are not yet entirely through the difficulties of our situation. We have need to maintain every agency and every force until we are far along the road to stable prosperity.”