ECONOMIC DEPRESSION.

New Zealand Herald, Volume LXVIII, Issue 20875, 18 May 1931, Page 10

ECONOMIC DEPRESSION.

CREDIT OF DOMINIONS. OVERSEAS FINANCIAL VIEW. The impression that countries like Australia and New Zealand will recover far more quickly than others from the present world-wide depression is held by overseas financial interests, according to Mr. Thomas Hughes, of Sydney, who is :i through passenger by the Aorangi, which reached Auckland from Vancouver yesterday. Mr. Hughes, who represents British financial interests in Australia and New Zealand, is returning from n business trip to London and the United States. Mr. Hughes said this confidence in the recovery of the Dominions was widely held. lie was in London when the announcement was mado that New South Wales intended to default in the payment of interest on loans. In the city the report was received with amazed incredulity, Mr. Hughes said. Although many of those financially interested did not know sufficient of the position to differentiate between the State of New South Wales and Australia and New Zealand generally, there was an underlying feeling that the position was one to political circumstances of a temporary nal lira. "On many sides the remark was made that the Government of a British country had never been known to default," said Mr. Hughes. "Although a reassuring statement was made a few days later by the Commonwealth Government, the incident profoundly affected all colonial stocks." Mr. Ilughes said that throughout most of the United States there was an amazing ignorance of conditions in Australia and New Zealand and the enormous potentialities of theso countries. lie strongly advocated a forward policy of advertising, and said this could best he done by the co-operation of advertising bureaux throughout the States. The result of Mr. Zano Grey's visits had been to give people j in America the impression that Now Zealand was a good fishing resort.