SANE POLICY.

Auckland Star, Volume LXV, Issue 277, 22 November 1934, Page 24

SANE POLICY.

ECONOMICS IN AUSTRALIA.

SIR GEORGE PEARCE'S VIEWS. (By Telegraph.—Press Association.) WELLINGTON, Wednesday. Commenting on the economic situation in Australia, Sir George Pearce, Federal Minister for External Affairs, who arrived by the WanganeHa from Sydney to-day, said it was a full justification

of the sane policy which had been pursued by the Australian Government during the last three years. That policy entailed sacrifices by the people, but it liad absolutely justified itself, and the Commonwealth to-dav was in a comparatively sound position. They were not out of the wood by any means,'but that could be said of all other countries, as prosperity could only come by an uplift in world conditions.

The number of unemployed had been reduced by half, and during the last 12 months the Post Office Savings Bank deposits had increased by £10,000,000, said Sir George. Prior to that there had heen a' gradual decrease. The increase was the best barometer that the mass of the people were in a position to save money. Nevertheless, the unemployment position was still a problem for the Government, and the plight of the rural industries was still a matter of grave concern.