STATE AND BUSINESS.

New Zealand Herald, Volume LXVIII, Issue 20866, 7 May 1931, Page 9

STATE AND BUSINESS.

INTERVENTION INJURIOUS. FACTOR IN THE DEPRESSION. (Received May G, G. 45 p.m.) WASHINGTON, May 5. An Australian delegate to the conference of the International Chambers of Commerce, Mr. Watts, stated in an interview that of the inferences concerning the world-wide depression contained in the addresses by delegates at the conference in the past two days, he had been most interested in the widely emphasised expression of belief that control by Government of the utility trades and business had proved a failure and in the general agreement that the depression could most feasibly be counteracted through the initiative of business interests themselves. Government co-operation, although necessary, should be held of secondary importance. It is believed, according to Mr. Watts, that relief does not lie in the domain of political action, for where legislative programmes for the cure of economic ills are undertaken State Socialism, with failure immeasurably worse, has been the result, since Governments cannot effectively or efficiently suspend the operation of economic laws. Mr. Watts says such opinions are proved to be logical by the repeated failures in the field of price regulation, and most recently by the almost complete breakdown in conditions in Australia, where Government ownership and operation have the most universal application. N Government co-operation, he said, was imperative, but the leadership must come from business men.