BOTTOM OF DEPRESSION

King Country Chronicle, Volume XXV, Issue 3304, 16 May 1931, Page 5

BOTTOM OF DEPRESSION

IN ENGLAND AND UNITED STATES. While addressing the Palmerston North Citizens’ Lunch Club, the American Trade Commissioner (Mr. Julian Foster), in the course of his remarks stated: — “You will be interested to learn that during the week I have had cables to say that in the United States and England the bottom in the depression has been reached. The United States is now in the convalescent stage. New Zealand is tied to other countries by reason of her overseas trade, but the effect of the depression will begin to slacken here in six or seven months’ time.” Continuing, Mr. Foster stated that one often heard that America sells about twice as much to New Zealand as she buys. For instance, if America sold £7,000,000 worth of goods to New Zealand, she bought in retuim about £3,500,000 worth. There were several facts to be considered, however. Of the £7,000,000 worth of goods sold to New Zealand, 10 per cent, of the sum was taken in Customs and other duties, leaving approximately £6,300,000. After an investigation it was found that America annually bought about £1,500,000 worth of New Zealand wool, hides and produce through England on account of it being recognised as the clearing house.