THE DEPRESSION

Hokitika Guardian, 1 April 1933, Page 2

THE DEPRESSION

“LIFTING” SIGNS APPARENT. EXPERIENCE OF BUSINESS MANWELLINGTON, March 30. “I think Australia, and New Zealand ,a ; i’e well ahead of the United States iu the process of recovery from the depression,” said Sir John Vicars, a prominent wool .broker, of Sydney, who, with Lady Vicars, was a through passenger by the Monterey yesterday on Uts return to Sydney. Sir John, who made the round trip in the Monterey for health reasons, said that in the few days he was in the United States everything seemed to happen. The new President was installed, there was the financial crisis and tihe earthquake. The United States appeared • to have ,a particularly slack banking system, h e said, Itg multitude of small ban** would appear to create a dangerous position during times of financial stringency. When the crash -came tho banks were closed overnight without warning and people found themselves short of ready money. This wue particularly

awkward for visitors, who were unable to get money for several days, Ther© seemed to b e considerable difficulty in evolving a goheme to get currency circulating again. It appeared to be a general experience of visitors, ho were, that Ihotol proprietors voluntarily came to the rescue and offered to advance money for necessities, and did everything on their power to prevent inconvenience 'to their guests. , For many people this helped considerably in allaying anxiety. “Compared with such a greatly populated country aw the United States,” said Sir John, “the troubles of Australia and New Zealand seem very small, but. we seem to be coping with, and have coped with, somewhat simjav ; in a more successful manner. ’ There wa ri no woollen industry on the Pacific Coast of America and he had not therefore been in touch With developments - in the,* wool trace. He thought, however, that the general depression had started to lift, and with tlhe (improvement ■ that should follow benefits should be reflected in the wool industry. ■ '