"WAVE OF BUYING"

Hauraki Plains Gazette, Volume XXXXII, Issue 2806, 27 November 1931, Page 3 (Supplement)

"WAVE OF BUYING"

A BUSINESS MAN'S FORECAST. “ The potential markets of the world are becoming larger every day, and we shall shortly see a wave of buying, due to consumers in the past having refused to buy necessary commodities owing to uncertainty of the future,” said Mr E. A. Beverley, managing director of the Texas Oil Company, who arrived in Sydney recently. Mr Beverley said that in every country of the world people were afraid to buy anything but the barest necessities. This was shown by the increasing deposits in savings and ordinary banks in almost every country. Consumers were wearing their clothes until they almost dropped from them. They were not painting their houses or buying necessary furniture for their homes. Mr Beverley said that the whole of the consumers throughout the world would shortly be faced with the necessity of buying goods that they had to have. The depression had been short, and the clothes, motor cars, and countless other articles that had been bought before the depression had lasted some time. Now buyers had practically exhausted their goods, bought a year or two ago. Shortly they would be forced to buy an immense range of articles. “ This applies to a wide variety of other expenditure,” continued Mr Beverley. “ Business men are in much the same position. Replacements to * machinery, repairs to buildings, painting, and innumerable other items of expenditure, which every firm has to allow for on its depreciation accounts, have been neglected. Companies are now face to face with the necessity of spending money to carry out these necessary repairs.”