OUTLOOK BRIGHTER

Dominion, Volume 26, Issue 103, 25 January 1933, Page 8

OUTLOOK BRIGHTER

Conditions in Australia BUSINESSMAN’S OPINION “There is undoubtedly considerable improvement in the outlook generally throughout Australia,” said Mr F. F. Mcßryde, assistant general manager of the A.M.P. Society, in an interview with “The Dominion,” yesterday. “1 know this from personal experience in New South Wales,” Mr. Mcßryde said, “and when I visited Victoria, South Australia and West Australia recently, the reports on future prospects were much better than I anticipated. “Confidence in the future,” he said, “is largely displayed, but this cannot be maintained unless the * Premiers’ Plan is strictly adhered to'; any departure from its terms would undoubtedly be a backward step, and lead to trouble for the Commonwealth. We have had bounteous harvests, and the seasons have been good for pastoral and other industries, ' but although costs of production have been reduced, we must have an improvement 'in prices all round for wool, wheat and dairy produce before we can return to real prosperity. “If the Federal and State Governments carry out the Premiers’ Plan effectively, and make the balancing of the budget a first consideration, I feel we should have no doubts as regards the future. The failure of the recent loan was due solely to the low rate of interest, which should have been not less than 4 per cent. “Judging by the -society’s experience in Australia and New Zealand, I should say that the former is in the better position,” Mr. Mcßryde said. “Our new business for 1932 has increased by more than 25 per cent, in Australia, as compared with 1931, whereas in New Zealand business is slightly less. We anticipate a still further improvement in the society’s business during the current year, and at the same time a general improvement in the position of both the Commonwealth and New* Zealand. “There is too much' pessimism in New Zealand at present, and we should all join the same optimistic brigade, as prosperity is largely a question of confidence in ourselves and our business. “As regards the society’s financial position, I may say that with the improvement in the market value of our securities much above the book value, the large special reserves and the low rate at which we value our policy liabilities, the society’s position has never been so impregnable as at present.”