END OF DEPRESSION.

Manawatu Standard, Volume LI, Issue 117, 18 April 1931, Page 8

END OF DEPRESSION.

, ECONOAIIST’S BELIEF,

CHRISTCHURCH, April 15. There was as much money, or more, available as there was in 1929, said Professor Tocker, of the Chair of Economics at Canterbury College, speaking to the Canterbury branch of the Economic Society. Consequently there was little reason for anticipating at present any continuance of the decline in prices. It might be expected, he continued, that, world prices under present conditions would fluctuate above and below a level perhaps 25 per cent, above prewar level, and New Zealand export prices would require to swing decidedly upward to meet that level. With a greatly reduced national income, it was no longer possible to pay out the old" level of prices, so costs would have to be reduced. Some costs already had been, and as others were the position would improve. Until costs fell to such an extent that profitable employment of men in production was possible, there could be little recovery. Signs of better times were now being seen overseas. Share prices had beet, rising since the end of 1930 in Britain the United States, and Switzerland while iron and steel production }n*d increased in all the chief productn; countries except Britain. In the United States again building trad*and manufacture all appeared to ha" passed their lowest point and th' 1 opinion was gaining ground general!.' that throughout the world the bottom of the depression had at least horn reached and that improvement might be expected.