GOAL OF PROSPERITY.

New Zealand Herald, Volume LXVIII, Issue 20888, 2 June 1931, Page 10

GOAL OF PROSPERITY.

WORLD-WIDE PROBLEMS. EFFORTS IN AUSTRALIA. GROWING RESOLVE EVIDENT. The belief that the primary producing countries of the world would lie the first to feel the effects of improved world conditions was expressed l>y Mr. C. L. Baillicu, of London and Melbourne, who arrived at Auckland yesterday on the Monowai on his way to London. Mr. Baillicu, who is a director on the London board of the English, Scottish and Australian Rank, the New Zealand Loan and Mercantile Agency Company, Ltd., and the Dunlop Rubber Company of England, is returning after a visit to Australia-on business and private affairs. Mr. Baillicu said thai while ho prefer! f>d not to comment upon the financial condition of Australia, owing to the position there having reached a critical and delicate stage, he had noted before he left that there was a general feeling of hopefulness that a scheme acceptable to all parties might bo evolved at the conference of Premiers now sitting. 'I he suggested reduction in interest rates was a thorny problem that involved the questions of timo and method of approach. It would not be possible to deal with this matter except in its proper sequence.

Australia and New Zealand were involved in a depression, the causes of which were world-wide, and emergence from the present difficulties could only be part and parcel of a general forward move. It was obvious that general commodity prices had reached a level at which they would reflect any relatively slight improvement in general conditions." Just as the full blast of the world economic crisis in the first instance adversely affected the primary producing countries so, with any improvement in world conditions, these countries should be the first to benefit.

11l all classes of the community in Australia there was a gj owing realisation of tile seriousness of the present situation and there was clear evidence of a deepening resolve on the part of the nation to face its difficulties. ■

MORE HOPEFUL OUTLOOK. HOPES OF RECORD WOOL CLIP. .Although it could not be said that trade was good there was now a more hopeful outlook in Australia, said Mr. G. H. Jeffrey, an Australian wool merchant, who arrived at Auckland on the Monowai from Sydney yesterday on his way to the United States. While prices were maintained the outlook remained brighter and in addition a record wool clip was anticipated in New South Wales this season.