SIGN OF THE TIMES

Evening Post, Volume CX, Issue 134, 4 December 1930, Page 8

SIGN OF THE TIMES

AUSTRALIAN DEPRESSION

OLD STORE'S PATE

(From "The Post's" Representative.) SYDNEY, 20th November. Hard times, uproarious shareholders' meetings,. and now the receivers—the Commonwealth Bank, whose move marks the last dramatic chapter in the j sad story of one of Sydney's oldest and best-known businesses, the Civil Service Stores. That the axe has fallen on this old city concern is a sign of the times. Its fato is an exemplification of the fact that there is a right and a wrong side of a street for business. It was at the zenith of its prosperity when it left its old site in Pitt street, and shifted to palatial new buildings in George street on that side of the street to which it is difficult to attract shoppers. Since then it appears to have had more than its fair share of troubles. The history of the old Civil Service Stores is largely the story of Sydney in its latter years of development. Not merely was it on the wrong shopping side, but, to many shoppers who might otherwise have been attracted to it, it looked too genteel. In its new home, it had that well-bred, somewhat exclusive appearance, that does not always pay in business. , The announcement that the shareholders will shortly be called together to put into voluntary liquidation the well-known Sydney real estate business known as Arthur Eickard and Co., Ltd., as a result of difficulties arising ont of the depression, has evoked very sincere and widespread sympathy in the city for the head of'the firm, Sir Arthur Riekard. The fact that this extensive and well-managed business finds itself up against things is yet another.answer to the argument in many quarters that the depression is either largely makebelief or the work of designing bankers and capitalists. Since he is joined personally in the covenants of mortgages, and has guaranteed various sums aggregating a very large amount, Sir Arthur Riekard's position, and that of his family, who are also large shareholders, can readily bo imagined. Sir Arthur— a likeable man and an influence for good in the community'—has had more than his share of bad hick lately. There is no question but that he will rise superior to his and his company's difficulties once tho outlook improves. Cure has been taken to protect tho interests of Eiekard's land buyers under the liquidation, proposals,