FINANCE

Hawke's Bay Tribune, Volume XVII, Issue 213, 23 August 1927, Page 5

FINANCE

DEPENDENCE ON NEW YORK DIFFICULT SITUATION IN BRITAIN. QUEENSLAND PREMIER’S IMPRESSIONS, [By Cable —Press Assn. — Copyright.) (Received 23, 12.55 p.m.) Brisbane, Aug. 23. The Premier, Mr. McCormack, speaking of his recent financial mission abroad, said it was obvious to him that Australia would have to depend more and more on New York instead of London for financial accommodation. They would be actually helping Britain if they secured financial requirements in New York because the financial situation m Britain was most difficult. She was standing on her feet again, but the resources which existed prior to the war were no longer available. Speaking of the industrial position in the United States, he said there was evidence of prosperity on all sides. They were prone to believe on such evidence that America was the most wonderful country in the world, but he wanted to tell his hearers that America was not that. Prosperity existed among the higher paid classes of labour, and businessmen had money to burn, but at the bottom, among the industrial masses, the position was very different.