Recession ‘ending’
(N.Z. Press Association)
WELLINGTON. Business and trade were improving and the world recession was ending, the managing director of the Port of London Authority (Mr William Bowey) said on Monday. “I’m quite satisfied about that—although it might take a couple of years—and I see no reason for gloom and despondency,” he said. In the last six months the balance of payments in Britain had improved considerably. New Zealand was suffering from a balance of payments, but so were most countries. Mr Bowey said inflation was being lowered throughout the world. In Britain it had been reduced from 25 to 13 per cent, and some European countries, such as Germany, where doing even better. The enormous increase in the price of oil had worked its way now through most economics, and trade was increasing.
“I don’t see any need for gloom—but the need for people to roll their sleeves up and get on with the job,” he said.
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Bibliographic details
Press, Volume CXVI, Issue 34104, 17 March 1976, Page 7
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159Recession ‘ending’ Press, Volume CXVI, Issue 34104, 17 March 1976, Page 7
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