A HOPEFUL SIGN

Evening Post, Volume CXI, Issue 119, 22 May 1931, Page 8

A HOPEFUL SIGN

LOWERED BANK RATE

HEAVIER TAXATION HINT

"I snppooc.it is only-fitting that.l should make a few references to the period of depression that wo aic passing through—.l depression that has fallen upon ovory country in the world, just like a miasma, a poisonous mist, which almost stupeiic3 tlie mental outlook," said the president of the Associated Chambers of Commerce (Mi1. .11. T. Merritt, of Auckland) at a luncheon yesterday. "I would liko to remind you," he said, "that history is merely repeating itself. This depression is only one of many which have occurred in history. It is severe, wo all know, but we must not.believe that the present conditions' aro going to bo continuous." It was often darkest shortly before the dawn. A hopeful sign was the lowering of the bank rate in England. lie had been informed by ono authority 'that this would slowly but inevitably have its reflection in an increased price1 of the world's products. That was the only sure sign of improvement which lie was able to see at the present time. Regarding our own outlook, Parliament during the recent session had dealt seriously, and he thought efficiently, with the problems of economic adjustment. More was stillto be done. He Had received information that proposals were going to bo made in the near future which would be somewhat astounding in their severity on the taxpayers of the > country;' but the position had got to be faced; and we should face it with fortitude, and show an example in that respect, lie-trusted that on the next occasion he spoke at such a gathering he would have brighter words to say, and that improved conditions would be visible.