SPENDING MORE

Grey River Argus, 17 September 1932, Page 6

SPENDING MORE

“A Duty,” Says Mr Forbes (Per Press Association). CHRISTCHURCH, September 16. An optimistic note for the future was sounded by the Prime Minister (Mr Forbes) at the annual meeting of the Canterbury Chamber of Commerce. After referring to the difficulties that had been faced in the past year, he said he thought there was an improvement to be noted in the regaining of confidence in business circles. He declared that the depression had been accentuated by people withholding expenditure within their means. He appealed to citizens, as a duty to spend whenever their means permitted.

Mr Forbes said: “There is nothing like times, such as these, to bring home the duties of citizenship. Anyone in a position to be able to make expenditure, has a duty to do it, at the present time. If that is carried out right throughout the country, then it will bring about a revival that will help to relieve the burden in regard to unemployment. I think that is well within our means, and I do believe that at the present time, it is in operation.”

Return To Prosperity SOUTH AFRICA EXPECTS TO LEAD. MR. lIERTZOG’S PREDICTION. CAPETOWN, September 15. Mr Hertzog, speaking at the Nationalist Congress, reiterated that the depression had touched the bottom. He predicted that South Africa would lead the world in the return to prosperity. He emphasised that there was no leaving the gold standard or devaluation, while the Nationalists were in power. Imports for the eight months had decreased by £15,000,000, and exports by £4,000,000, compared with the same period in 1931. The Government, must raise a loan in London to meet bank advances and other commitments overseas. The general revenue and railways indicate that each would fall short of the estimate by £2,000,000. Bad Money LAUDED BY PROFESSOR COPLAND. MELBOURNE, September 15. Professor Copland, who is Dean of I the Faculty of Commerce at the University, giving evidence, before the Committee inquiring into the wool industry, said that Australia’s depreciated currency had been extraordinarily helpful to primary production, which was also aided by seasonal conditions, exports having increased by 26 per cent. There was no reason whatever for reducing the exchange rate. Depreciation of currency had also been accompanied by reduction in costs. He pointed out that depreciation of currency and rise in exchange rate were regarded as symptomatic of unsound conditions. At the present time, Australia was 60 per cent, off the gold standard, and 25 per cent, off sterling, ; iand any attempt to increase the rate of exchange should be accompanied by an explanation of the real position. GOLD MINING SHARES. LEAP IN VALUE. MELBOURNE, September 16. Shares of The Granites, paid to £1 rose to £42 on stock exchange. This spectacular jump followed reports that, options had been secured over fourteen leases by a gold prospecting party. These shares were £lB at the close of “business on Wednesday and £lO on. Tuesday.