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PASSING OF OLD YEAR.

AN UNHAPPY MEMORY. CAUSES OF DEPRESSION. OPPOSING OPINIONS. COMMENTS IN LONDON. By Teli'firnph—Press Association—Copyright. (Received January 2, 12.5 a.m.) LONDON. Jan. 1. Tho Now Year was heralded with the usual festivities. Tho crowd outside St. Paul's Cathedral at midnight was huge, but not so large as it was last year. A feature of tho Chelsea Arts Ball at the Albert Hall was a gigantic cracker, from which when it was pulled sprang a number of girl students. Newspaper comments correctly reflect the opinion of the country that 1930 was a disastrous year. It is hoped that 1931 will bo better, but the prospect is not too bright. Tho Daily Tolegraph describes the old year as decrepit and discredited, tho worst of modern times. It says a bad year has been made immeasurably worse through the Government's being in incapable hands. No Government was ever so utterly discredited.

The Prime Minister, Mr. MncDonald, in an interview in the Daily Horald, said it had been a bard year, with never such a tragic demonstration of the truth of tho Socialist caso that the machinery of capitalism was bound to break down. A few financiers in New York, London and Paris were pursuing their own ends and their own fortunes, and were able to destroy the fruits of the good harvests and tho productive accomplishments of human energy, with the result that prices fell and a sense of insecurity spread over the world, which has descended steadily into the darkest depression. Fortunately there were signs that the country had reached bottom, and an upward move was beginning. The Morning Post says there were two main causes of the depression, Socialism, which means wages without work, and Communism, meaning work without wages. World conditions, it says, are to Mr. Mac Donald what predestination was to his Calvinist forefathers, namely, a sufficient substitute for good works.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/NZH19310102.2.96

Bibliographic details

New Zealand Herald, Volume LXVIII, Issue 20761, 2 January 1931, Page 10

Word Count
315

PASSING OF OLD YEAR. New Zealand Herald, Volume LXVIII, Issue 20761, 2 January 1931, Page 10

PASSING OF OLD YEAR. New Zealand Herald, Volume LXVIII, Issue 20761, 2 January 1931, Page 10

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