Magnitude of World Crisis

Manawatu Times, Volume LV, Issue 7039, 24 December 1932, Page 7

Magnitude of World Crisis

Average Fall of One-Third in Values Countries Threatened With Starvation United Press Assn.—By Electric Telegraph.—Copyright. GENEVA, December 22. According to the League of Nations’ trade review for the first half of 1932, as compared with the corresponding period of 1931, the following changes took place:— United States trade dropped in value by 67.5 per cent.; Germany’s by 60 per cent.; British by 57 per cent., and French by 54 per cent. The average world drop was one-third. Prices of foodstuffs and raw material have now declined 50 per cent., and wheat and wool have suffered more heavily; whereas the prices of manufactured goods have not conformed with the general decline. The review emphasised that if trade disorganisation is not checked, many countries will be unable to maintain their already low standard of living. Fewer Dollars m Uncle Sam’s Purse INCOMES HALVED IN TWO YEARS. Received Friday, 7.55 p.m. WASHINGTON, Dec. 23. Preliminary income tax statistics for 1931 show an amazing curtailment of incomes. It is reported that last year’s figures were 13,000,000,000 dollars as compared with 17,000,000,000 in 1930 and 25,000,000 in 1929. Tax returns listing “speculative profits” totalled only 253,000,000 dollars for 1931, compared with 755,000,000 in 1930 and 2,044,000,000 in 1929. BRITAIN’S LEAD TO WORLD. SYDNEY, Dec. 23. Upon his arrival at Sydney from abroad, Mr. W. M. Hughes said: “I am of opinion that things have distinctly improved throughout the Commonwealth.” Referring to the economic situation, Mr. Hughes said that the only hope for Australia was that Britain should give a lead to the world. He had become aware of a more hopeful tone among men of affairs with a revival of confidence generally, which, if slight, was distinct. Mr. Hughes considered that unless wool and wheat prices went up, it would be very difficult indeed for the country to get out of its troubles.