TOUCHED BOTTOM

Auckland Star, Volume LXIV, Issue 204, 30 August 1933, Page 9

TOUCHED BOTTOM

i, s » r BANKER CONFIDENT. r _____ e DEPRESSION MAINLY OVER. I INDICATIONS FROM LONDON. il j (By Telegraph.—Own Correspondent.) r ROTORUA, Tuesday. "I believe we have seen the bottom of the depression," declared Mr. J. T. e Grose, president of the Associated Banks '' of New Zealand, in the course of an , address to the Rotorua Rotary Club, j Mr. Grose spoke generally upon banke ing and the various systems in operaa tion in different parts of the world, and y declared that in his opinion New Zealand was one of the most fortunate e countries of the world. For some years '» we had been on a rising tide and had a thought that such "prosperity would continue; we were inclined at first to ' meet current liabilities and not reduce r mortgages and other liabilities, which r led us into a condition of resting on our k oars. This inclination had now been fc cured, and he believed New Zealand would work out of the difficulties which encompassed it, as it had done in former n y ears - . ' ; "Advice which I have received from e London," said Mr. Grose, "indicates that t it is considered there that the bottom d 'has been reached, although it is thought - possible that an improvement will be e slow. New Zealand is a sound country 1 and the people and the banks will pull :. through." Touching on interest rates, Mr. Grose >, said that these had been rigorously - pared down within the last eighteen - months by 2 per cent. Difficulty had s been experienced in bringing the rates - down any sooner owing to. the competi- " tion of deposits and the rates offered by e the Government. If all the facts of New s Zealand taxation were taken into .1 account it would be seen that the bank rates were not-too high. ■