AUSTRALIAN RECOVERY.

Manawatu Standard, Volume LIII, Issue 257, 27 September 1933, Page 5

AUSTRALIAN RECOVERY.

AN AMERICAN APPRECIATION. Abroad it is recognised that Australia has turned the corner and is on the road to recovery. The Index, a publication of tho New York Trust Company, in voicing this opinion lays emphasis on the application of orthodox economic principles to Australian conditions being a reason for the success of the Premiers’ Plan. “Providing striking constrast with the programme evolved for revival within the United States,” the Index writes, “the Australian Commonwealth has demonstrated, to the present time, at least, the success which may accompany a sincere reversion to the practice of orthodox economic principles. Among the first of the countries to feel the effects of the severe world-wide business depression, Australia was also among the first to take effective action to combat the disruption which it caused. Australian financial position has not been completely restored, hut, as a consequence of the steps taken toward rehabilitation, the Commonwealth’s position, both domestic and abroad, lias been substantially improved. For this reason, it appeal's altogether probable that the year 1932 will be considered as marking a turning point in the economic and financial history of Australia. The revival of confidence in that country, therefore, make profitable a brief review of Australia’s difficulties and the action taken to surmount them.” The Index then proceeds to outline the conditions prevailing in Australia and the plans which have been made and which, m execution, "are for bringing about a revival.