AUSTRALIA'S FINANCES.

Auckland Star, Volume LXII, Issue 36, 12 February 1931, Page 11

AUSTRALIA'S FINANCES.

PESSIMISTIC TALK HARMFUL. "NATION SOUND AT- CORE." Mr. J. T. Thompson, of Melbourne, managing director of the T. and G. Mutual Life Assurance Society, is on a.tour, of inspection in New Zealand. Speaking at a: gathering of the society's Auckland field, staff on Tuesday evening, jte said that although the financial outr look in Australia: wa-s not rosy, he could say that things were not quite so hopeless 'as the cable 'Messages might imply, A great deal of harm" was resulting from the pessimistic mass-thought of all seer tions of . the. community in Australia. "When a nation,, or' a group of States, became obsessed with the notion that a ,crash wfis,.imminent in national and private; finance, .that crash was being foolishlyhurried on by that line of thought. "Those-in Australia with their fingers on the financial pulse knew that Australia was quite sound at the core, and that it required .'only time and sane financial administration on the part of all public men, coupled with reasonable private economy, for that potentially great country to take her plq-ce once more, _in the ' sun. . A realisation that things were not so black as some had fainted . them would have an important psychological effect, in a restoration to normal conditions."