SOCIALISM FAILS

Dominion, Volume 24, Issue 189, 8 May 1931, Page 9

SOCIALISM FAILS

Cannot Cure Existing Economic Ills

BUSINESS MUST LEAD

By Telegraph—Press Assn.—Copyright

Wellington, May 6.

The Australian delegate at the International Chamber, of Commerce Conference in an interview stated that of the inferences concerning world-wide depression contained in the addresses by delegates to the conference during the past two days, he had been most interested from an Australian point of view in the widely emphasised expression of belief that the Governmental operation of utilities in trades and business had proved a failure; also in the general agreement that the depression could be most feasibly counteracted through the primary initiative on the part of the business interests themselves.

It was thought that Governmental co-operation, though necessary, should be held of secondary importance.

It was believed, according to the Australian representative, that relief lay not in the domain of political action, because where legislative programmes for the cure of economic ills had been undertaken by State Socialism, failure immeasurably worse had been the result, since Governments could not effectively suspend the operation of economic laws. The delegate held that such opinions had been proved logical by the repeated failures in the field of price regulation and most recently by the almost complete breakdown of economic conditions in Australia and New Zealand, where governmental ownership and operation had most universal application. The position is summed up: Government co-operation is imperative, but leadership must come from business.”